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Published September 14, 2023

# Mortgage Calculator

Estimate your mortgage costs, including the principal amount, interest charges and mortgage insurance premiums.

## Edited By

Nerd Tip: Use the Compare feature of our calculator to view two different mortgage scenarios at once. For example, you might see how a 10% or 20% down payment affects the total mortgage amount, or how a 20-year amortization period affects your monthly mortgage costs compared to a 25-year amortization.

### Mortgage Summary

#### Estimated Payment

##### The following items show your expected payment schedule over the full amortization period.

Doughnut chart

\$2,763

Monthly Payment

Principal & Interest
\$2,762.62
Mortgage Insurance
\$0
##### Mortgage details
Home Price
\$500,000
Down Payment
\$25,000 (5%)
Total Loan Cost
\$828,787.10
Loan Amount
\$475,000
Total Interest Cost
\$353,787.10
Interest Rate
5%
Mortgage Term
5 Years
Amortization Period
25 Years
Payment Frequency
Monthly
No. of Payments
300

### Amortization Schedule

Balance remaining in undefined

#### Payments Breakdown

##### Balance
2023\$33,151.48\$9,866.97\$23,284.52\$465,133.03
2024\$33,151.48\$10,366.48\$22,785.00\$454,766.55
2025\$33,151.48\$10,891.29\$22,260.20\$443,875.26
2026\$33,151.48\$11,442.66\$21,708.83\$432,432.60
2027\$33,151.48\$12,021.94\$21,129.54\$420,410.66

Term Total

\$165,757.42\$54,589.34\$111,168.08\$420,410.66

The line above displays the totals at the end of your mortgage term. At this time, you will renew your mortgage and choose among the rates that are available. The following analysis assumes you will lock in the same rate for the remainder of the amortization period, which may not be possible.

2028\$33,151.48\$12,630.55\$20,520.93\$407,780.11
2029\$33,151.48\$13,269.98\$19,881.51\$394,510.13
2030\$33,151.48\$13,941.77\$19,209.72\$380,568.36
2031\$33,151.48\$14,647.57\$18,503.91\$365,920.79
2032\$33,151.48\$15,389.10\$17,762.38\$350,531.69
2033\$33,151.48\$16,168.18\$16,983.31\$334,363.51
2034\$33,151.48\$16,986.69\$16,164.79\$317,376.82
2035\$33,151.48\$17,846.64\$15,304.84\$299,530.18
2036\$33,151.48\$18,750.13\$14,401.36\$280,780.05
2037\$33,151.48\$19,699.35\$13,452.13\$261,080.70
2038\$33,151.48\$20,696.63\$12,454.85\$240,384.06
2039\$33,151.48\$21,744.40\$11,407.08\$218,639.66
2040\$33,151.48\$22,845.21\$10,306.27\$195,794.45
2041\$33,151.48\$24,001.75\$9,149.73\$171,792.70
2042\$33,151.48\$25,216.84\$7,934.65\$146,575.86
2043\$33,151.48\$26,493.44\$6,658.04\$120,082.42
2044\$33,151.48\$27,834.67\$5,316.81\$92,247.75
2045\$33,151.48\$29,243.80\$3,907.68\$63,003.95
2046\$33,151.48\$30,724.27\$2,427.22\$32,279.68
2047\$33,151.48\$32,279.68\$871.80\$0.00

## Find the right mortgage calculator to assist your home buying experience

### Mortgage affordability calculator

Our mortgage affordability calculator helps estimate whether your budget can handle a monthly mortgage payment.

Input your down payment savings, your monthly expenses and a few mortgage details and you’ll see how much a particular mortgage scenario might cost you, and whether you can afford it.

### Closing costs calculator

Closing costs, the one-time fees you’ll have to pay before taking possession of a newly purchased home, can really add up. Our closing costs calculator can help you budget for this major expense.

### Regional mortgage calculators

In addition to the mortgage payment calculator you see here, the following pages also offer specific information about regional housing markets and help define mortgage terms home buyers might want to understand.

How do I use a mortgage calculator?

Enter the required information in each box, and our calculator will generate an estimate that tells you how much your mortgage might cost you, both monthly and altogether. If you’re unsure what interest rate to enter, investigate current interest rates to find a reasonable number.

What is the monthly payment on a \$600,000 mortgage?

Your monthly payment will depend on the size of your down payment, the length of your amortization period and the interest rate your lender offers you. Because these elements are unique to your situation, experimenting with a mortgage calculator is one of the few ways to estimate a mortgage payment with any accuracy.

Clay Jarvis

Clay Jarvis is NerdWallet’s mortgage and real estate expert in Canada. Thus far, his entire professional writing career has revolved around real estate. Prior to joining NerdWallet, he was the…

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