Mortgage Calculator
A mortgage payment on a $300,000 home at 6.5% for 30 years is approximately $1,896/month. Use the calculator below to estimate your own monthly payment, total interest, and amortization schedule.
Estimated Monthly Payment
Amortization Curve
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Month 1 | $1,520.12 | $216.12 | $1,304.00 | $239,783.88 |
| Month 12 | $1,520.12 | $229.39 | $1,290.73 | $237,327.66 |
| Month 24 | $1,520.12 | $244.80 | $1,275.32 | $234,475.77 |
| Month 36 | $1,520.12 | $261.25 | $1,258.87 | $231,432.27 |
| Month 48 | $1,520.12 | $278.80 | $1,241.32 | $228,184.28 |
| Month 60 | $1,520.12 | $297.54 | $1,222.58 | $224,718.08 |
| Month 72 | $1,520.12 | $317.52 | $1,202.60 | $221,019.02 |
| Month 84 | $1,520.12 | $338.86 | $1,181.26 | $217,071.44 |
| Month 96 | $1,520.12 | $361.62 | $1,158.50 | $212,858.64 |
| Month 108 | $1,520.12 | $385.92 | $1,134.20 | $208,362.82 |
| Month 120 | $1,520.12 | $411.85 | $1,108.27 | $203,564.93 |
| Month 132 | $1,520.12 | $439.52 | $1,080.60 | $198,444.70 |
| Month 144 | $1,520.12 | $469.04 | $1,051.08 | $192,980.48 |
| Month 156 | $1,520.12 | $500.56 | $1,019.56 | $187,149.15 |
| Month 168 | $1,520.12 | $534.19 | $985.93 | $180,926.05 |
| Month 180 | $1,520.12 | $570.07 | $950.05 | $174,284.86 |
| Month 192 | $1,520.12 | $608.37 | $911.75 | $167,197.48 |
| Month 204 | $1,520.12 | $649.25 | $870.87 | $159,633.94 |
| Month 216 | $1,520.12 | $692.87 | $827.25 | $151,562.25 |
| Month 228 | $1,520.12 | $739.42 | $780.70 | $142,948.28 |
| Month 240 | $1,520.12 | $789.09 | $731.03 | $133,755.61 |
| Month 252 | $1,520.12 | $842.11 | $678.01 | $123,945.31 |
| Month 264 | $1,520.12 | $898.68 | $621.44 | $113,475.92 |
| Month 276 | $1,520.12 | $959.06 | $561.06 | $102,303.14 |
| Month 288 | $1,520.12 | $1,023.50 | $496.62 | $90,379.74 |
| Month 300 | $1,520.12 | $1,092.26 | $427.86 | $77,655.26 |
| Month 312 | $1,520.12 | $1,165.64 | $354.48 | $64,075.91 |
| Month 324 | $1,520.12 | $1,243.95 | $276.17 | $49,584.26 |
| Month 336 | $1,520.12 | $1,327.53 | $192.59 | $34,118.99 |
| Month 348 | $1,520.12 | $1,416.72 | $103.40 | $17,614.69 |
| Month 360 | $1,521.70 | $1,513.48 | $8.22 | $0.00 |
How Much House Can I Afford?
Your overall housing affordability is ultimately anchored by your standard debt-to-income (DTI) ratio. Most institutional lenders restrict housing expenses to a maximum of 28% of your gross monthly income—covering principal, interest, taxes, and insurance (PITI). Utilizing a larger down payment directly expands your purchasing power by lowering your core loan principal and eliminating Private Mortgage Insurance requirements.
Methodology
This calculator employs month-by-month amortization with penny-accurate rounding, matching how lenders actually calculate billing schedules. The core mathematical payment derivation utilizes standard compound discounting:
* Default interest rates sourced via Federal Reserve Economic Data (FRED).
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Bret Mishler
Bret Mishler is the founder and lead developer of MoneyMage. As a Senior Software Engineer and Tech Lead specializing in enterprise-scale cloud billing systems, Bret brings production-grade financial engineering rigor to personal finance. He built MoneyMage to deliver mathematically transparent, lightning-fast financial tools — applying the same strict precision required to process billions of dollars in cloud infrastructure to your personal wealth.
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