Mortgage payment calculator
See the monthly principal and interest on a fixed-rate mortgage, and the interest paid over the loan.
The result
A $320,000.00 loan at 6.5% for 30 years would cost $2,022.62 a month in principal and interest.
Over 360 payments, that would be $728,142.36 in all, $408,142.36 of it interest.
How it is worked out
M = L × i × (1 + i)n ÷ [(1 + i)n − 1]
- M
- the monthly payment
- L
- the loan: the price less the down payment
- i
- the yearly rate as a decimal, divided by 12
- n
- the number of monthly payments (years × 12)
Principal and interest only: property taxes, homeowners insurance and any mortgage insurance would add to the monthly cost.
Illustration, not a forecast. Not investment advice.