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Mortgage Interest Calculator

How much interest will you pay over the life of your mortgage? This calculator shows the total interest cost, first-month breakdown, and how extra payments save you thousands.

Mortgage Interest Calculator

See how much interest you'll pay over the life of your mortgage

💳Monthly Payment
$1,896
📈Total Interest Paid
$382,633
📊Interest to Loan Ratio
127.5%
💰Total Cost
$682,633
📋First Month Interest
$1,625
Loan Amount$300,000
Monthly Payment$1,896
Total Payments360
Total Paid$682,633
Total Interest$382,633

First Month Breakdown

Principal Payment$271
Interest Payment$1,625
Total Payment$1,896
Principal of Payment14.3%
Interest of Payment85.7%

Uses the standard amortization formula. Early in the loan, a larger portion goes toward interest. Does not include taxes, insurance, PMI, or HOA fees. Consult a mortgage professional for exact figures.

Frequently Asked Questions

How much interest do I pay on a 30-year mortgage?+

At 6.5% on a $300,000 loan, you'll pay $382,535 in interest over 30 years — more than the loan itself. Total repayment: $682,535. In year 1, 83% of your payment goes to interest. By year 20, it flips to 83% going to principal.

How can I reduce the total interest on my mortgage?+

Three strategies: (1) Make biweekly payments (13 payments/year instead of 12). (2) Add $100-500/month to principal. (3) Refinance to a 15-year term. A $300k loan at 6.5% saves $130,000+ in interest by switching to 15-year.

When does refinancing make sense?+

Refinance when rates drop 0.75-1%+ below your current rate, you plan to stay 3+ years, and closing costs are recouped within that time. Example: $300k loan, 7% → 6% saves $180/year per $100k = $540/year on $300k. Break-even in 2-3 years.

How much interest do I pay on a 30-year mortgage?

At 6.5% on a $300,000 loan, you'll pay $382,535 in interest over 30 years — more than the loan itself. Total repayment: $682,535. In year 1, 83% of your payment goes to interest. By year 20, it flips to 83% going to principal.