Mortgage Calculator
Calculate your monthly mortgage payment and total interest paid.
✓ Plan your home purchase with confidence. Our mortgage calculator shows your monthly payment, total interest, and amortization schedule at a glance.
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Understanding Your Mortgage Payment
Your monthly mortgage payment includes principal (paying down the loan) and interest (lender's cost). Early payments are mostly interest, while later payments are mostly principal. This calculator assumes a fixed-rate mortgage where your payment stays the same every month.
Loan Term Comparison
15-Year Mortgage: Higher monthly payment but significantly less total interest. Good for those who can afford higher payments and want to pay off the home quickly.
30-Year Mortgage: Lower monthly payment but much more interest paid over the life of the loan. More common because it's more affordable month-to-month.
A difference in interest rate of just 0.5% can save you tens of thousands of dollars over the loan's lifetime.
Smart Mortgage Strategies
- Shop Multiple Lenders: Mortgage rates vary by lender. Get quotes from at least 3-5 lenders to find the best rate.
- Pay Points: You can pay upfront fees (points) to lower your interest rate. Worthwhile if you plan to keep the home long-term.
- Extra Payments: Even extra $200/month toward principal dramatically reduces total interest and loan term.
- Refinancing: If rates drop, refinancing can save you thousands. Compare refinancing costs vs. savings.
- Debt-to-Income Ratio: Lenders typically want housing costs under 28% of gross income. Account for taxes, insurance, and HOA fees.
Frequently Asked Questions
Get answers to common questions about this calculator
Q: What's included in my mortgage payment?▼
A: Your monthly payment typically includes principal and interest (P&I). Many lenders also require you to pay property taxes, homeowners insurance, and PMI (private mortgage insurance if down payment is less than 20%) as part of an escrow account. These costs can add 25-50% to your P&I payment.
Q: Should I get a 15-year or 30-year mortgage?▼
A: It depends on your financial situation. A 30-year mortgage has lower monthly payments, giving you more flexibility. A 15-year mortgage costs less overall in interest and builds equity faster. If you can comfortably afford a 15-year payment, it's the better choice economically.
Q: How much should I put down?▼
A: Aim for at least 20% down to avoid PMI (private mortgage insurance). However, putting down less (10-15%) is viable if it doesn't strain your finances. The lower your down payment, the more interest you'll pay over the loan's lifetime.
Q: What interest rate should I expect?▼
A: Mortgage rates fluctuate daily based on economic conditions and Federal Reserve policy. As of 2025, rates are typically in the 5.5-7% range for 30-year fixed mortgages, but this varies. Your personal rate depends on credit score, down payment, loan term, and lender.