ECONOMY STUDIOMortgage calculator
Your monthly payment, total interest and payoff date, starting from this week's average 30-year rate: 7.18%.
- Principal and interest
- $2,167.79
- Loan amount
- $320,000
- Down payment
- $80,000
- Total interest
- $460,405
- Total paid, with down payment
- $860,405
- Paid off by
- November 2056
- Monthly with your extra payment
- No extra entered
- Interest saved by the extra
- —
- Loan ends early by
- —
Borrowing $320,000 for 30 years at 7.18% costs $2,167.79 a month in principal and interest.
Over the full loan you pay $460,405 in interest.
At last year's average rate (6.22%), the same loan would cost $1,964 a month: $204 less than at 7.18%.
Every 1 point higher rate adds about $221 to the monthly payment.
Payoff schedule, year by year
| Year | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| 1 | $3,139 | $22,874 | $316,861 |
| 2 | $3,372 | $22,641 | $313,488 |
| 3 | $3,623 | $22,391 | $309,865 |
| 4 | $3,892 | $22,122 | $305,974 |
| 5 | $4,180 | $21,833 | $301,793 |
| 6 | $4,491 | $21,523 | $297,303 |
| 7 | $4,824 | $21,190 | $292,479 |
| 8 | $5,182 | $20,832 | $287,297 |
| 9 | $5,566 | $20,447 | $281,731 |
| 10 | $5,979 | $20,034 | $275,751 |
| 11 | $6,423 | $19,590 | $269,328 |
| 12 | $6,900 | $19,114 | $262,428 |
| 13 | $7,412 | $18,602 | $255,016 |
| 14 | $7,962 | $18,052 | $247,054 |
| 15 | $8,553 | $17,461 | $238,501 |
| 16 | $9,188 | $16,826 | $229,314 |
| 17 | $9,869 | $16,144 | $219,445 |
| 18 | $10,602 | $15,412 | $208,843 |
| 19 | $11,389 | $14,625 | $197,454 |
| 20 | $12,234 | $13,780 | $185,221 |
| 21 | $13,142 | $12,872 | $172,079 |
| 22 | $14,117 | $11,897 | $157,962 |
| 23 | $15,164 | $10,849 | $142,798 |
| 24 | $16,290 | $9,724 | $126,508 |
| 25 | $17,499 | $8,515 | $109,010 |
| 26 | $18,797 | $7,216 | $90,212 |
| 27 | $20,192 | $5,821 | $70,020 |
| 28 | $21,691 | $4,323 | $48,330 |
| 29 | $23,300 | $2,713 | $25,029 |
| 30 | $25,029 | $984 | $0 |
How it works
The calculator uses the standard fixed-rate formula and builds the full payment schedule month by month. It starts from Freddie Mac's weekly average rate, which assumes strong credit and 20% down; the rate a lender offers you can be higher or lower.
Why rates matter so much: why borrowing is suddenly so expensive.
Questions
How is a mortgage payment calculated?
With the standard loan formula: payment = loan × r ÷ (1 − (1 + r)−n), where r is the yearly rate ÷ 12 and n is the number of monthly payments. Early payments are mostly interest; later ones mostly pay down the loan.
What is today's average mortgage rate?
7.18% for a 30-year fixed loan and 6.57% for a 15-year fixed loan in the week of November 5, 2026, according to Freddie Mac. See the latest rates.
How much does an extra payment save?
Extra money goes straight to the loan balance, so it cuts every future month's interest. Enter an amount in "Extra each month" to see the interest saved and how much sooner the loan ends.
What isn't included?
Private mortgage insurance (PMI), closing costs and changes in tax or insurance over time. Add your property tax, home insurance and HOA dues for a fuller monthly cost.
Sources
- Freddie Mac, Primary Mortgage Market Survey
- 30-year fixed rate (FRED MORTGAGE30US)
- 15-year fixed rate (FRED MORTGAGE15US)
- CFPB, What is private mortgage insurance?
Educational tool, not financial advice. Results are estimates from the numbers you enter; lenders and banks calculate in their own ways. Default rates update automatically from official data.