Mortgage calculator with steps — monthly payment, balance, total interest

Step-by-step mortgage examples: compute monthly payment, remaining balance after a period, and total interest paid.

Tool

Use the main mortgage calculator for interactive calculations: Open mortgage calculator.

Examples

  1. Monthly payment (standard amortization)
    Problem: Loan P = $200,000, annual rate = 3.5% (0.035), term = 30 years
    1. Monthly rate r = 0.035 / 12 = 0.0029166667, N = 360 payments
    2. Payment formula: M = P * r*(1+r)^N / ((1+r)^N - 1)
    3. Compute M ≈ $898.09 (rounded)
    4. Answer: $898.09 per month (approx)
  2. Remaining balance after 5 years
    Problem: Same loan, after p = 60 payments
    1. Use amortization balance formula; with earlier factors, remaining balance ≈ $179,400 (approx)
    2. Answer: ≈ $179,400 remaining after 5 years (approx)
  3. Total interest paid over the loan
    Problem: Using M ≈ $898.09 for 360 months
    1. Total paid = M * N ≈ 898.09 * 360 = 323,312.40
    2. Total interest = Total paid − Principal = 323,312.40 − 200,000 = 123,312.40
    3. Answer: ≈ $123,312.40 total interest (approx)