Mortgage Payment Calculator
Calculate your monthly principal and interest payment — plus total interest and loan cost — instantly.
How Mortgage Payments Work in 2026
Your monthly mortgage payment consists of principal (the amount reducing your loan balance) and interest (the lender's fee). In the early years of a mortgage, most of your payment is interest — for a $400,000 loan at 6.8%, your first payment is roughly 70% interest and only 30% principal.
In 2026, the average 30-year fixed mortgage rate hovers near 6.8%, making the monthly P&I payment on a $400,000 loan approximately $2,612. Over 30 years, you'll pay about $540,000 total — $140,000 in interest alone on top of your principal.
Principal vs Interest Over Time
Mortgage amortization works on a front-loaded schedule. Your payment amount stays constant, but the split between principal and interest shifts each month. By year 15 of a 30-year mortgage, roughly half of each payment goes to principal. This is why the 15-year mortgage saves so much interest — you reach the “50% principal” milestone in year 5-6.
What's Not Included in This Calculator
This calculator shows P&I only. Your actual monthly payment to the lender typically includes property taxes (escrowed, approximately 1.1% of value annually), homeowner's insurance (approximately 0.5% annually), and PMI if your down payment was under 20% (0.5-1.5% annually). These additions typically increase your payment by 20-35% above the P&I figure shown here.