Monthly mortgage payment calculator
See how much you'll pay for your home
Your loan
|
---|
Loan amount |
$
|
Loan terms (in years) |
|
Interest rate |
%
|
Fill out the form and click on “Calculate” to see your estimated monthly payment.
or
Compare lendersBased on your loan terms
Principal | $ |
---|---|
Interest | $ |
Total Cost | $ |
Monthly payments on a $250,000 mortgage
At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $1,663 a month, while a 15-year might cost $2,247 a month.
Compare mortgage lenders
Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates. Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
Your total interest on a $250,000 mortgage
On a 30-year mortgage with a 7.00% fixed interest rate, you’ll pay $348,772 in interest over your loan’s life. That’s about two-thirds of what you borrowed in interest.
If you instead opt for a 15-year mortgage, you’ll pay $154,473 in interest over your loan’s life — or about 46% of the interest you’d pay on a 30-year mortgage.
Amortization schedule
When you take out a mortgage, you agree to pay the principal and interest over the loan’s life. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.
Amortization means that at the beginning of your loan, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your balance.
Estimate your monthly loan repayments on a $250,000 mortgage at 7.00% fixed interest with our amortization schedule over 15 and 30 years.
Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
---|---|---|---|---|---|---|
1 | $250,000 | $1,663 | $17,420 | $2,540 | $19,959 | $247,460 |
2 | $247,460 | $1,663 | $17,236 | $2,723 | $19,959 | $244,737 |
3 | $244,737 | $1,663 | $17,039 | $2,920 | $19,959 | $241,817 |
4 | $241,817 | $1,663 | $16,828 | $3,131 | $19,959 | $238,686 |
5 | $238,686 | $1,663 | $16,602 | $3,357 | $19,959 | $235,329 |
6 | $235,329 | $1,663 | $16,359 | $3,600 | $19,959 | $231,729 |
7 | $231,729 | $1,663 | $16,099 | $3,860 | $19,959 | $227,869 |
8 | $227,869 | $1,663 | $15,820 | $4,139 | $19,959 | $223,729 |
9 | $223,729 | $1,663 | $15,520 | $4,439 | $19,959 | $219,290 |
10 | $219,290 | $1,663 | $15,200 | $4,760 | $19,959 | $214,531 |
11 | $214,531 | $1,663 | $14,855 | $5,104 | $19,959 | $209,427 |
12 | $209,427 | $1,663 | $14,487 | $5,473 | $19,959 | $203,955 |
13 | $203,955 | $1,663 | $14,091 | $5,868 | $19,959 | $198,087 |
14 | $198,087 | $1,663 | $13,667 | $6,292 | $19,959 | $191,794 |
15 | $191,794 | $1,663 | $13,212 | $6,747 | $19,959 | $185,047 |
16 | $185,047 | $1,663 | $12,724 | $7,235 | $19,959 | $177,812 |
17 | $177,812 | $1,663 | $12,201 | $7,758 | $19,959 | $170,054 |
18 | $170,054 | $1,663 | $11,640 | $8,319 | $19,959 | $161,735 |
19 | $161,735 | $1,663 | $11,039 | $8,920 | $19,959 | $152,815 |
20 | $152,815 | $1,663 | $10,394 | $9,565 | $19,959 | $143,250 |
21 | $143,250 | $1,663 | $9,703 | $10,256 | $19,959 | $132,994 |
22 | $132,994 | $1,663 | $8,961 | $10,998 | $19,959 | $121,996 |
23 | $121,996 | $1,663 | $8,166 | $11,793 | $19,959 | $110,203 |
24 | $110,203 | $1,663 | $7,314 | $12,645 | $19,959 | $97,557 |
25 | $97,557 | $1,663 | $6,399 | $13,560 | $19,959 | $83,998 |
26 | $83,998 | $1,663 | $5,419 | $14,540 | $19,959 | $69,458 |
27 | $69,458 | $1,663 | $4,368 | $15,591 | $19,959 | $53,867 |
28 | $53,867 | $1,663 | $3,241 | $16,718 | $19,959 | $37,149 |
29 | $37,149 | $1,663 | $2,033 | $17,927 | $19,959 | $19,222 |
30 | $19,222 | $1,663 | $737 | $19,222 | $19,959 | $0 |
Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
---|---|---|---|---|---|---|
1 | $250,000 | $2,247 | $17,190 | $9,774 | $26,965 | $240,226 |
2 | $240,226 | $2,247 | $16,484 | $10,481 | $26,965 | $229,744 |
3 | $229,744 | $2,247 | $15,726 | $11,239 | $26,965 | $218,506 |
4 | $218,506 | $2,247 | $14,914 | $12,051 | $26,965 | $206,454 |
5 | $206,454 | $2,247 | $14,042 | $12,922 | $26,965 | $193,532 |
6 | $193,532 | $2,247 | $13,108 | $13,857 | $26,965 | $179,675 |
7 | $179,675 | $2,247 | $12,107 | $14,858 | $26,965 | $164,817 |
8 | $164,817 | $2,247 | $11,032 | $15,932 | $26,965 | $148,885 |
9 | $148,885 | $2,247 | $9,881 | $17,084 | $26,965 | $131,801 |
10 | $131,801 | $2,247 | $8,646 | $18,319 | $26,965 | $113,482 |
11 | $113,482 | $2,247 | $7,321 | $19,643 | $26,965 | $93,838 |
12 | $93,838 | $2,247 | $5,901 | $21,063 | $26,965 | $72,775 |
13 | $72,775 | $2,247 | $4,379 | $22,586 | $26,965 | $50,189 |
14 | $50,189 | $2,247 | $2,746 | $24,219 | $26,965 | $25,970 |
15 | $25,970 | $2,247 | $995 | $25,970 | $26,965 | $0 |
More guides on Finder
-
What is a Hybrid Mortgage?
A hybrid mortgage combines elements of fixed-rate loans and adjustable-rate mortgages.
-
Should you prepay a mortgage or invest extra money?
Comparing investment returns vs. mortgage savings.
-
Cornerstone Home Lending mortgage review
Cornerstone Home Lending offers a standard list of mortgage loans with some portfolio options, but you have to contact a loan officer for rates and fees.
-
Getting a mortgage when you’re over 60
Learn what to look for in a mortgage, what to avoid and what to research if you’re thinking about moving into a retirement community.
-
Best mortgage lenders of 2024
Shopping for a new home? Here are seven of the best mortgage lenders in America.
-
Property transfer process and fees
How to successfully transfer your property to someone else.
-
Want to live like royalty? Here’s how to buy your own castle
It’s not just a fairy tale — you can really buy your own castle.
-
How is interest calculated on a mortgage?
Working out how interest is calculated on a home loan can help you figure out how much you can borrow and how to pay it off sooner.
-
How to remove someone’s name from a property deed
A change in personal circumstances may make it necessary to remove a name from a property deed. Here’s how to go about it.
Ask a question