Mortgage Calculator
Calculate monthly mortgage payments, total interest, and amortization schedule. Compare loan terms and see how extra payments save money.
Payment Breakdown
How the Mortgage Calculator Works
Enter the home price, your down payment, loan term, and interest rate. The calculator instantly shows your monthly payment, total interest paid over the life of the loan, and total cost. The formula used is the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n – 1], where P is the principal, r is the monthly interest rate, and n is the total number of payments.
How Much House Can I Afford?
A common guideline is that your monthly mortgage payment should not exceed 28% of your gross monthly income. For example, if you earn $5,000 per month before taxes, aim for a maximum monthly payment of $1,400. Use this calculator to find the home price that fits within that budget.
15-Year vs 30-Year Mortgage
A 15-year mortgage has higher monthly payments but dramatically lower total interest — often saving you tens of thousands of dollars. A 30-year mortgage has lower monthly payments, making it easier to budget, but you pay significantly more interest over time. Use this calculator to compare both options.
How Down Payment Affects Your Mortgage
A larger down payment reduces your loan amount, monthly payment, and total interest. Putting down 20% or more also helps you avoid Private Mortgage Insurance (PMI), which typically costs 0.5-1% of the loan amount annually. Even a small increase in your down payment can save thousands over the life of the loan.