Estimate the monthly principal and interest payment on a rental property loan, and see exactly how much interest you'll pay over the life of the mortgage.
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A mortgage payment calculator tells you the fixed monthly payment on an amortizing loan: the amount that covers both interest and principal so the loan is fully paid off by the end of its term. For landlords, this is the single biggest line in your monthly carrying cost, so getting it right is the starting point for every other return calculation.
Where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (years × 12).
| Loan amount | $200,000 |
| Interest rate | 6.5% / year |
| Term | 30 years (360 payments) |
| Total paid over the term | $455,089 |
| Total interest | $255,089 |
| Monthly payment | $1,264.14 |
Notice that over 30 years you pay more in interest than the original loan amount. That's why the term and rate matter as much as the price you pay for the property.
A fixed mortgage payment covers both interest and principal so the loan is fully paid off by the end of its term. Early on, most of each payment goes to interest; over time the balance shifts toward principal. The monthly amount depends on three things: the loan amount, the interest rate, and the term in years.
For a landlord, principal and interest is usually the single largest line in your monthly carrying cost, so small changes in rate or term can meaningfully change your cash flow. Lengthening the term lowers the monthly payment but raises total interest paid over the life of the loan.