Fixed-rate financing
Calculate a fixed-rate monthly mortgage payment, compare nearby rates and 15-, 20-, or 30-year terms, and review lifetime interest and amortization.
Decision question
How do the rate and term change this payment and its total cost?
Compare the same mortgage at nearby interest rates to see how rate changes affect monthly payment and lifetime interest. Price, down payment, term, and entered housing costs stay the same; PMI continues to follow the calculator’s production amortization model.
| Interest rate | Monthly P&I | Initial housing payment | Payment vs current | Total interest | Interest vs current | Total mortgage cost | Payoff duration |
|---|---|---|---|---|---|---|---|
| 5.5% | $1,816.92 | $2,366.92 | Decrease $205.69/mo | $334,093 | Decrease $74,049 | $654,093 | 30 years (360 payments) |
| 6% | $1,918.56 | $2,468.56 | Decrease $104.06/mo | $370,682 | Decrease $37,460 | $690,682 | 30 years (360 payments) |
| 6.5%Current | $2,022.62 | $2,572.62 | No change | $408,142 | No change | $728,142 | 30 years (360 payments) |
| 7% | $2,128.97 | $2,678.97 | Increase $106.35/mo | $446,428 | Increase $38,286 | $766,428 | 30 years (360 payments) |
| 7.5% | $2,237.49 | $2,787.49 | Increase $214.87/mo | $485,495 | Increase $77,353 | $805,495 | 30 years (360 payments) |
Swipe horizontally to review every comparison column.
A shorter term usually raises the required monthly payment while reducing the number of payments and lifetime interest. A longer term usually lowers the required payment but repays principal more slowly. Neither structure is automatically the right fit for every borrower or investment.
| Loan term | Monthly P&I | Initial housing payment | Payment vs current | Total interest | Interest vs current | Total mortgage cost | Payoff duration |
|---|---|---|---|---|---|---|---|
| 15 years | $2,787.54 | $3,337.54 | Increase $764.93/mo | $181,758 | Decrease $226,385 | $501,758 | 15 years (180 payments) |
| 20 years | $2,385.83 | $2,935.83 | Increase $363.22/mo | $252,600 | Decrease $155,542 | $572,600 | 20 years (240 payments) |
| 30 yearsCurrent | $2,022.62 | $2,572.62 | No change | $408,142 | No change | $728,142 | 30 years (360 payments) |
Swipe horizontally to review every comparison column.
Review how scheduled principal, interest, PMI, and the remaining loan balance change by year. Each table heading includes a definition of its output.
Cumulative principal is all scheduled principal repaid through each year. Cumulative interest is all scheduled interest paid through each year. Remaining balance is mortgage principal outstanding at year end. The table after the chart provides the same values and additional yearly details.
| Year | Principal paid | Interest paid | PMI paid | Ending balance | Cumulative principal | Cumulative interest |
|---|---|---|---|---|---|---|
| 1 | $3,577 | $20,695 | $0 | $316,423 | $3,577 | $20,695 |
| 2 | $3,816 | $20,455 | $0 | $312,607 | $7,393 | $41,150 |
| 3 | $4,072 | $20,200 | $0 | $308,535 | $11,465 | $61,349 |
| 4 | $4,345 | $19,927 | $0 | $304,191 | $15,809 | $81,276 |
| 5 | $4,636 | $19,636 | $0 | $299,555 | $20,445 | $100,912 |
| 6 | $4,946 | $19,325 | $0 | $294,609 | $25,391 | $120,238 |
| 7 | $5,277 | $18,994 | $0 | $289,332 | $30,668 | $139,232 |
| 8 | $5,631 | $18,641 | $0 | $283,701 | $36,299 | $157,873 |
| 9 | $6,008 | $18,264 | $0 | $277,694 | $42,306 | $176,136 |
| 10 | $6,410 | $17,861 | $0 | $271,284 | $48,716 | $193,998 |
| 11 | $6,839 | $17,432 | $0 | $264,444 | $55,556 | $211,430 |
| 12 | $7,297 | $16,974 | $0 | $257,147 | $62,853 | $228,404 |
| 13 | $7,786 | $16,485 | $0 | $249,361 | $70,639 | $244,889 |
| 14 | $8,308 | $15,964 | $0 | $241,053 | $78,947 | $260,853 |
| 15 | $8,864 | $15,407 | $0 | $232,189 | $87,811 | $276,260 |
| 16 | $9,458 | $14,814 | $0 | $222,732 | $97,268 | $291,074 |
| 17 | $10,091 | $14,180 | $0 | $212,641 | $107,359 | $305,255 |
| 18 | $10,767 | $13,505 | $0 | $201,874 | $118,126 | $318,759 |
| 19 | $11,488 | $12,784 | $0 | $190,386 | $129,614 | $331,543 |
| 20 | $12,257 | $12,014 | $0 | $178,129 | $141,871 | $343,557 |
| 21 | $13,078 | $11,193 | $0 | $165,051 | $154,949 | $354,750 |
| 22 | $13,954 | $10,317 | $0 | $151,097 | $168,903 | $365,068 |
| 23 | $14,888 | $9,383 | $0 | $136,208 | $183,792 | $374,451 |
| 24 | $15,886 | $8,386 | $0 | $120,323 | $199,677 | $382,837 |
| 25 | $16,949 | $7,322 | $0 | $103,373 | $216,627 | $390,159 |
| 26 | $18,085 | $6,187 | $0 | $85,289 | $234,711 | $396,345 |
| 27 | $19,296 | $4,976 | $0 | $65,993 | $254,007 | $401,321 |
| 28 | $20,588 | $3,683 | $0 | $45,405 | $274,595 | $405,004 |
| 29 | $21,967 | $2,305 | $0 | $23,438 | $296,562 | $407,309 |
| 30 | $23,438 | $833 | $0 | $0 | $320,000 | $408,142 |
Swipe horizontally to review every amortization column.
This calculator provides estimates and educational information for planning and comparison, not financial, investment, tax, legal, lending, or real estate advice.
Payment method
The loan payment and the broader monthly housing estimate answer different questions, so the calculator keeps their components visible.
Fixed-rate principal and interest
Payment = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1]
01
Subtract the down payment from the home price. The result is the principal used in the fixed-rate payment formula.
02
Interest is charged on the opening balance; the rest of the scheduled payment reduces principal. The balance changes each month.
03
Monthly tax, insurance, HOA, and applicable PMI are added to principal and interest for the initial payment estimate.
The schedule assumes the entered fixed rate and regular monthly payments for the full term. It does not model adjustable rates, extra payments, points, lender fees, refinancing, or future changes to taxes, insurance, HOA, and PMI rules.
Interpret the result
Use the submitted assumptions as a controlled baseline: each scenario changes one loan input while the other inputs stay fixed.
The mortgage rate affects more than the monthly payment. A small rate difference changes the interest charged against every outstanding balance and can produce a much larger lifetime difference. Higher rates generally increase the interest portion and total interest. The rate table keeps the submitted price, down payment, term, and housing-cost assumptions unchanged.
A 15-year term usually requires a higher monthly payment, pays principal faster, and produces less lifetime interest under the same rate structure. A 30-year term usually lowers the required payment, extends repayment, and can add lifetime interest. Neither term fits every budget or investment plan.
Review the full 15-year vs 30-year mortgage comparison.
Principal repays the loan balance and interest is the borrowing charge. YieldRoof adds the entered monthly share of property tax and homeowners insurance, monthly HOA fees, and modeled PMI when the down payment is below 20%. It shows each item separately so property costs and PMI are not mistaken for mortgage interest.
Evaluating rental coverage? Combine the payment with property income in the DSCR Calculator.
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