What will my principal and interest payment be?

This calculator will tell you how much you will pay every month for principal and interest on a fixed interest rate loan. And, this calculator will help you determine how much principal and interest you will pay at different home prices, loan terms (years) and interest rates.

Your full monthly payment will most likely be higher than just principal and interest because homeowner insurance, property tax and mortgage insurance are generally included in your monthly mortgage loan payment. Therefore, although your principal and interest payment will stay the same over the life of the loan, your complete monthly payment will usually change, even with a fixed rate loan, when the cost of these other services are included. It is important to know how much of your payment is principal and interest so that you can work to control the other expenses included in your loan payment.

An amortized loan has periodic installment payments such as the monthly principal and interest payments of a mortgage loan. Payments toward an amortized loan are first applied toward reducing the interest portion of the loan and then towards the principal balance. You will notice on the amortization schedule, that in the early stages of the loan, a larger part of the payment goes toward the interest. As the loan is paid off, a larger part of the payment goes toward paying down the principal on the loan.

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