Mortgage Calculator
Estimate your monthly mortgage payment, total payment, and total interest over the life of the loan.
The total purchase price of the home.
The amount paid upfront.
Annual interest rate (e.g. 6.5 for 6.5%).
Enter as decimal for partial years (e.g. 15.5).
For informational purposes only. Consult a lender for exact figures.
Frequently Asked Questions
What does a monthly mortgage payment include?
A typical mortgage payment includes principal (the amount borrowed), interest (the lender's charge), and often property taxes and homeowner's insurance — though this calculator focuses on principal and interest only.
How does a larger down payment affect my mortgage?
A larger down payment reduces the loan amount, which lowers your monthly payment and the total interest you pay over the life of the loan. It also helps you avoid private mortgage insurance (PMI), which is typically required when down payment is less than 20%.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly less total interest paid over the life of the loan. A 30-year mortgage has lower monthly payments but costs more in total interest because you're paying interest for a longer period.
How does choosing bi-weekly payments help?
Making bi-weekly (every two week) payments results in 26 half-payments per year — equivalent to 13 full monthly payments. This extra payment each year pays down your principal faster, shortening the loan term and saving money on total interest.