Mortgage Calculator
Updated on 6 Oct 2026 · Checked by Aotob
You pay about $2,023 a month.
That is for a $400,000 home with 20% down at 6.5% over 30 years, before taxes and insurance. Over the full term you pay $408,143 in interest, more than the $320,000 you borrow.
Monthly payment
$2,022.62/month
You will pay more in interest than you borrowed.
Show the working
M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1)
P = 320,000r = 6.5% ÷ 12 = 0.005417n = 30 × 12 = 360
M = 320,000 × 0.005417 × 6.9918 ÷ 5.9918 = 2,022.62
Payment schedule by year
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | 3,577 | 20,695 | 316,423 |
| 2 | 3,816 | 20,455 | 312,607 |
| 3 | 4,072 | 20,200 | 308,535 |
| … | … | … | … |
| 30 | 23,438 | 833 | 0 |
| Total | 320,000 | 408,143 |
Questions people ask
Does this include property tax and insurance?
Not by default. This is principal and interest only. Add your yearly property tax and home insurance under Advanced options to see the full monthly cost.
How much does a 1% lower rate save?
On $320,000 over 30 years, 5.5% instead of 6.5% cuts the payment by $206 a month and saves about $74,000 in interest.
Updated 6 Oct 2026Source: standard amortization (CFPB)Checked by AotobAn estimate, not financial adviceReport an issue