Mortgage Payment Calculator – Formula & Examples

Period	Principal paid	Interest paid	Balance
Year 1	4,023.81	23,281.53	355,976.19
Year 2	4,293.29	23,012.04	351,682.89
Year 3	4,580.82	22,724.51	347,102.07
Year 4	4,887.61	22,417.73	342,214.46
Year 5	5,214.94	22,090.4	336,999.52
Year 6	5,564.2	21,741.14	331,435.32
Year 7	5,936.84	21,368.5	325,498.48
Year 8	6,334.44	20,970.9	319,164.04
Year 9	6,758.67	20,546.67	312,405.37
Year 10	7,211.31	20,094.03	305,194.05
Year 11	7,694.27	19,611.07	297,499.79
Year 12	8,209.57	19,095.77	289,290.22
Year 13	8,759.38	18,545.96	280,530.84
Year 14	9,346.01	17,959.33	271,184.84
Year 15	9,971.93	17,333.41	261,212.91
Year 16	10,639.77	16,665.57	250,573.14
Year 17	11,352.33	15,953.01	239,220.81
Year 18	12,112.62	15,192.72	227,108.19
Year 19	12,923.82	14,381.52	214,184.37
Year 20	13,789.35	13,515.98	200,395.02
Year 21	14,712.85	12,592.49	185,682.16
Year 22	15,698.2	11,607.14	169,983.96
Year 23	16,749.54	10,555.8	153,234.43
Year 24	17,871.29	9,434.05	135,363.14
Year 25	19,068.16	8,237.18	116,294.98
Year 26	20,345.19	6,960.15	95,949.8
Year 27	21,707.74	5,597.6	74,242.05
Year 28	23,161.55	4,143.79	51,080.5
Year 29	24,712.72	2,592.62	26,367.78
Year 30	26,367.78	937.56	0

Period

Principal paid

Interest paid

Balance

Year 1

4,023.81

23,281.53

355,976.19

Year 2

4,293.29

23,012.04

351,682.89

Year 3

4,580.82

22,724.51

347,102.07

Year 4

4,887.61

22,417.73

342,214.46

Year 5

5,214.94

22,090.4

336,999.52

Year 6

5,564.2

21,741.14

331,435.32

Year 7

5,936.84

21,368.5

325,498.48

Year 8

6,334.44

20,970.9

319,164.04

Year 9

6,758.67

20,546.67

312,405.37

Year 10

7,211.31

20,094.03

305,194.05

Year 11

7,694.27

19,611.07

297,499.79

Year 12

8,209.57

19,095.77

289,290.22

Year 13

8,759.38

18,545.96

280,530.84

Year 14

9,346.01

17,959.33

271,184.84

Year 15

9,971.93

17,333.41

261,212.91

Year 16

10,639.77

16,665.57

250,573.14

Year 17

11,352.33

15,953.01

239,220.81

Year 18

12,112.62

15,192.72

227,108.19

Year 19

12,923.82

14,381.52

214,184.37

Year 20

13,789.35

13,515.98

200,395.02

Year 21

14,712.85

12,592.49

185,682.16

Year 22

15,698.2

11,607.14

169,983.96

Year 23

16,749.54

10,555.8

153,234.43

Year 24

17,871.29

9,434.05

135,363.14

Year 25

19,068.16

8,237.18

116,294.98

Year 26

20,345.19

6,960.15

95,949.8

Year 27

21,707.74

5,597.6

74,242.05

Year 28

23,161.55

4,143.79

51,080.5

Year 29

24,712.72

2,592.62

26,367.78

Year 30

26,367.78

937.56

About the Mortgage Payment Calculator

Principal-and-interest mortgage payment from home price, down payment, rate and term, with a yearly amortization schedule.

Also known as: mortgage payment formula, p&i payment, monthly mortgage payment.

How to use this calculator

Enter home price, down payment, interest rate (annual), loan term.
The result updates instantly as you type — press Calculate (or Enter) at any time.
Review the breakdown shown under the main result.
Use Copy result or Share to save the answer or send a link with your inputs.

Formula

EMI = P·r·(1 + r)ⁿ / ((1 + r)ⁿ − 1)

P: = principal borrowed
r: = monthly rate = annual rate ÷ 12
n: = number of monthly payments

Worked example

Using the values pre-filled in the calculator above:

Home price = 400,000
Down payment = 40,000
Interest rate (annual) = 6.5 %
Loan term = 30 years

the calculator returns:

Monthly payment (EMI): 2,275.44
Total interest: 459,160.16
Total repayment: 819,160.16
Amount financed: 360,000

Frequently asked questions

How is the monthly payment calculated?

With the standard amortization (EMI) formula M = P·r·(1 + r)ⁿ / ((1 + r)ⁿ − 1), where P is the loan amount, r the monthly interest rate (annual rate ÷ 12) and n the number of monthly payments.

Why is most of the early payment interest?

Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, more of each fixed payment goes to principal.