Learning how to calculate your mortgage payments and choosing the right kind of interest rate will come in handy when purchasing a home. You can set yourself up for a financially secure future in ...

Calculate Monthly Mortgage Payments in Excel Spreadsheet programs, such as Microsoft Excel and Google Sheets, include a payment function that can calculate the principal and interest on a mortgage.

The Detroit metropolitan area has the lowest average mortgage payment among the top 15 metro areas, at $1,577, according to the 2022 Census housing data. Monthly mortgage payments by loan size ...

Assuming a 30-year fixed-rate mortgage at 6.5% interest, including estimated property taxes and insurance, the payment on a $400,000 mortgage would be around $2,857 a month.

After putting $80,000 down on a $400,000 home, your monthly payment with these terms would be $2,773. With these terms, you'd pay a total of $179,288 in interest, and your loan would cost you ...

Private mortgage insurance (PMI) protects lenders in case a borrower defaults on their mortgage payments. If you put a down payment that’s less than 20% on your new home, you will have PMI.

If you got that same loan today—at the current 7.03% rate —your monthly payment would drop by more than $200 to $2,666. You’d also save around $75,000 on interest over the life of your loan.

If you put down $100,000 as a 20% down payment and then borrow $400,000 with a 30-year fixed-rate mortgage with an interest rate of 7.09%, your monthly payment on the loan would be $2,685.

In contrast, a 15-year mortgage means you’ll pay a lot less over the life of the mortgage, but you’ll have a much larger monthly payment. And with a 20-year mortgage, you split the difference.

A typical monthly mortgage payment rose to more than $2,000 last year, up from $1,000 three years ago, according to Lawrence Yun, chief economist at the National Association of Realtors.