Mortgage Calculator
Monthly P&I and total interest for a fixed-rate loan.
Monthly payment
$2,023
Principal & interest only
Total interest
$408,142
Over 30 years
- Loan amount
- $320,000
- Total interest
- $408,142
- Total paid (P&I)
- $728,142
Principal & interest only. Taxes, insurance, HOA, and PMI (if <20% down) are extra.
What the numbers mean
The standard amortization formula spreads payments so early years are mostly interest and later years mostly principal. Changing term or rate has a larger effect than most people expect; a 15-year term at the same rate typically costs far less total interest than 30 years.