Watcharu Finance

Mortgage payment calculator

Enter your loan amount, rate, and term to see the monthly payment and the lifetime interest. Add an extra monthly principal payment to see the effect on payoff time.

The calculator is pre-filled with the current average 30-year fixed rate of 6.76% (Freddie Mac, week of September 10, 2026) — the 15-year average over the same week is 6.09%. Adjust the rate to a quote you've been offered, or to the 15-year figure if you're comparing a shorter term.

$1,947.79 / month

Total interest
$401,203
Total paid
$701,203
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$75k$150k$225k$300k0612182430Year

How the monthly payment is calculated

A fixed-rate loan uses the standard amortization formula: the payment is the amount that reduces the balance to zero over the term, given a constant monthly interest rate. Early payments are mostly interest; later payments are mostly principal.

Explain it to a kid

A house usually costs way more than anyone has saved up, so people borrow the rest from a bank and pay it back a little every month for many years — often 30! In exchange for waiting for their money, the bank charges a bit extra, called interest, on top of what was borrowed.

Frequently asked questions

How is a monthly mortgage payment calculated?
A fixed-rate loan uses the amortization formula: the payment is the fixed amount that reduces the balance to zero over the term at a constant monthly interest rate. Early payments are mostly interest; the principal share grows every month.
What's included in a mortgage payment besides principal and interest?
A full 'PITI' payment also includes property taxes and homeowners insurance, usually collected monthly into an escrow account, plus private mortgage insurance if you put less than 20% down, and any HOA dues. This calculator focuses on principal and interest; the state pages add tax and insurance estimates.
How much does an extra monthly payment save?
Because extra principal skips all the future interest that dollar would have accrued, even $100–$200 a month can cut years off a 30-year loan and save tens of thousands in interest. Enter an amount above to see the effect on your loan.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan has a higher payment but a lower rate and far less total interest. A 30-year loan has a lower, more flexible payment. Some borrowers take the 30-year and pay extra when they can, keeping the option to drop back to the required payment.

Mortgage calculator by state

Each state page is pre-filled with the local property-tax rate, average insurance cost, and median home price for a full payment estimate.

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