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Mortgage Calculator

Calculate your monthly mortgage payment instantly. See exactly how much you'll pay in principal, interest, taxes, and insurance.

Quick start:
Loan Details
$
%
20%

$85,000

0%20% (No PMI)50%

Estimated Monthly Payment

$2,715.70

for 30 years at 6.5% interest

Principal & Interest$2,149.03
Property Tax$442.71
Insurance$123.96
Loan Amount

$340K

80% of home price

Total Interest

$434K

56.1% of payments

Total Cost

$774K

Principal + Interest

Payoff Date

2056

360 payments

Principal vs Interest Ratio43.9% goes to principal
Principal: $340KInterest: $434K
Loan Payoff Over Time
See how your balance decreases and equity builds

Instant Results

Get your monthly payment estimate in seconds

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Comprehensive Breakdown

See principal, interest, taxes, PMI & HOA fees

How to Use This Mortgage Calculator

Understanding Your Results

Estimated Monthly Payment: Your total monthly housing cost including principal, interest, taxes, insurance, and any PMI or HOA fees.

Amortization Schedule: Shows how each payment is divided between principal and interest over time. Early payments are mostly interest; later payments build equity faster.

Total Interest: The total amount you'll pay in interest over the life of the loan. A shorter term or larger down payment reduces this significantly.

Tips to Lower Your Payment
Increase your down payment to reduce loan amount and eliminate PMI
Improve your credit score to qualify for better interest rates
Compare rates from multiple lenders to find the best deal
Consider buying discount points to lower your rate
Choose a longer loan term for lower monthly payments

Comparing Loan Terms: 15-Year vs 30-Year Mortgage

Feature15-Year Mortgage30-Year Mortgage
Monthly PaymentHigherLower
Interest RateTypically 0.5-1% lowerHigher than 15-year
Total Interest PaidMuch lessSignificantly more
Equity BuildingFasterSlower
Best ForThose who can afford higher paymentsThose who need payment flexibility

Frequently Asked Questions

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