Fixed-rate payment
Calculates a level monthly principal-and-interest estimate.
Enter a mortgage loan amount, annual interest rate, and loan term to estimate the principal-and-interest payment and total interest.
Monthly payment = principal x monthly rate / (1 - (1 + monthly rate)^(-number of payments)). Total interest = monthly payment x number of payments - principal.
Calculates a level monthly principal-and-interest estimate.
Shows the number of monthly payments and total paid.
Separates estimated borrowing cost from principal.
For a fixed-rate loan, enter the borrowed principal, the annual percentage interest rate, and the repayment term in years. The calculator converts the annual rate to a monthly rate and the term to monthly payments, then uses the standard level-payment amortization formula.
The displayed payment is principal and interest only. In early payments, a larger share generally goes to interest; over time, more goes to principal. Total interest shows the estimated cost of borrowing when the scheduled payment is made for the entire stated term without extra payments or changes.
Actual mortgage payments and lender schedules can include taxes, homeowners insurance, mortgage insurance, HOA assessments, escrow changes, points, closing costs, fees, temporary rate buydowns, and payment timing effects. Review the lender’s Loan Estimate, Closing Disclosure, note, and official amortization schedule before committing to a loan.
| Input | What it means | Planning note |
|---|---|---|
| Loan amount | Principal borrowed after down payment and financed items | Enter the amount actually financed, not necessarily the purchase price. |
| Annual interest rate | Nominal annual fixed rate | Use the loan rate; APR can include fees beyond interest. |
| Loan term | Scheduled repayment period in years | A shorter term generally raises payment and lowers total interest. |
| Monthly payment | Estimated principal and interest | Taxes, insurance, and other charges are excluded. |
Compare payments and interest across loan terms or rates.
Estimate the payment effect of a revised principal or rate.
Separate principal-and-interest estimates from other housing costs.
No. The result is principal and interest only.
Not necessarily. APR can include certain lender costs, while the formula uses the stated interest rate.
This version estimates the scheduled fixed payment; extra-principal scenarios need a separate payoff calculation.
Fees, escrow, payment timing, compounding conventions, and loan-specific terms can change an official payment.
Last reviewed: September 28, 2026. Outputs are estimates from the values entered. Confirm school rules, loan disclosures, payment schedules, fees, taxes, insurance, and lender terms before making a financial or academic decision.
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