Mortgage Calculator
Calculate monthly mortgage payments, total interest, and amortization schedule
Calculate your monthly mortgage payments and understand the total cost of your home loan. Our mortgage calculator helps you estimate payments based on loan amount, interest rate, and term length.
Calculator Inputs
Enter the total purchase price of the home
Amount you plan to pay upfront
Annual percentage rate (APR)
Length of the mortgage loan
Results
Enter values above to see your results
How It Works
Enter your home price, down payment, interest rate, and loan term. The calculator will show your monthly payment, total interest, and payoff date. You can also see property tax and insurance estimates.
Worked Examples
$400,000 Home with 20% Down
400,000 × 0.20= $80,000400,000 - 80,000= $320,0007.5% / 12= 0.625%Standard Amortization= $2,237.52Tips & Best Practices
- •A 20% down payment helps you avoid PMI (Private Mortgage Insurance)
- •Even a 0.5% difference in interest rate can save thousands over the loan term
- •15-year mortgages have higher payments but significantly less total interest
- •Consider all costs: property taxes, insurance, HOA fees, and maintenance
- •Get pre-approved to understand your actual rate and loan terms
Frequently Asked Questions
How much house can I afford?
Generally, your monthly housing payment should not exceed 28% of your gross monthly income. This includes principal, interest, property taxes, and insurance (PITI).
What is PMI and when do I need it?
Private Mortgage Insurance (PMI) is required when you put down less than 20%. It typically costs 0.3% to 1.5% of the original loan amount per year.
Should I choose a 15-year or 30-year mortgage?
15-year mortgages have higher monthly payments but much less total interest. 30-year mortgages offer lower payments but cost more over time.
How do interest rates affect my payment?
Interest rates significantly impact your monthly payment and total loan cost. A 1% rate difference on a $300,000 loan changes the payment by about $180/month.
Guides & Articles
The 2026 Homebuyer's Financial Guide: Mortgage, DTI, and Rent vs. Buy
Buying a home in 2026 requires more than just a down payment. We break down the math of DTI ratios, interest rate impacts, and the 'Rent vs. Buy' equation in today's market.
Protecting Your Wealth: Inflation, Salary, and Purchasing Power
A deep dive into how inflation erodes salary gains. Learn how to calculate your 'Real Wage' and adjust your financial strategy.
The Mathematics of Debt Freedom: Strategies for 2026
Debt is a mathematical emergency. We compare the Snowball vs. Avalanche methods and analyze the true cost of carrying a balance in a high-interest environment.
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