Mortgage Calculator

Enter your numbers below — your monthly payment updates instantly, with the full breakdown, total interest, payoff date, and a side-by-side 15 vs 30-year comparison. No sign-up. The exact formula is shown so you can verify every figure.

$
$
20% of price ·
%
Taxes, insurance & fees (optional)
$
$
$
%
Estimated monthly payment
$0
—
    Total interest paid$0
    Total of all payments$0
    Payoff date—

    How your balance falls over time

    Blue = remaining balance. Early payments are mostly interest; principal accelerates later.

    15 vs 20 vs 30-year — what each really costs you

    Same loan amount and rate. The shorter term costs more per month but saves you a fortune in interest.

    TermMonthly (P&I)Total interestTotal paid

    The exact formula — with your numbers plugged in

    This tool hides nothing. Your principal & interest payment is the standard amortization formula:

    M = P · r (1 + r)n(1 + r)n − 1

    P = loan amount · r = monthly rate (APR ÷ 12) · n = total monthly payments (years × 12). PMI, property tax, insurance and HOA are added on top of M and are not part of the amortization formula.

    How to use this mortgage calculator

    1. Home price & down payment. Your loan amount is price minus down payment. Putting 20% down avoids PMI.
    2. Interest rate. Use the APR your lender quoted. Even a 0.25% change moves the lifetime cost by thousands — try it.
    3. Term. Toggle 15/20/30 years and watch the comparison table to see the real interest trade-off.
    4. Add taxes & insurance for a true "all-in" monthly figure (PITI), not just principal & interest.

    What your result actually means

    The big number is your full monthly housing cost (often called PITI). Lenders generally want this to stay under about 28% of your gross monthly income. The total interest figure is the one most calculators bury — it's what the loan truly costs you on top of the home itself, and it's why a lower rate or shorter term matters so much.

    Frequently asked questions

    How is the monthly payment calculated?

    The principal & interest portion uses the amortization formula shown above. Property tax, insurance, PMI and HOA are added separately to give your all-in payment.

    Should I choose a 15 or 30-year mortgage?

    A 15-year loan means a higher monthly payment but dramatically less total interest. A 30-year loan is easier on monthly cash flow but costs much more overall. The comparison table above shows the exact gap for your numbers.

    When do I have to pay PMI?

    Usually when your down payment is below 20% of the home price. It's typically 0.3%–1.5% of the loan per year and drops off once you reach ~20% equity.

    Method & sources

    • Calculation: Standard fixed-rate amortization (formula shown above). Figures are estimates and exclude closing costs and rate changes.
    • PMI & DTI guidance based on Consumer Financial Protection Bureau (CFPB) homebuyer guidance.
    • Reviewed: · We update rates guidance and assumptions quarterly.

    This is an educational estimate, not financial advice. Confirm exact figures with your lender.