Free online Calculators

Mortgage Calculator

Monthly Payment
$2k
Loan Amount
$280k
Total Interest
$357k
Monthly P&I
$2k
Total/Month
$2k
Total Interest
$357k
Loan Amount
$280k

Monthly Payment Breakdown

Principal & Interest$1,770
Property Tax$292
Home Insurance$100
Total Monthly$2,161

Loan Summary

Home Price$350,000
Down Payment$70,000 (20.0%)
Loan Amount$280,000
Interest Rate6.5%
Loan Term30 years

Lifetime Costs

Total of Payments$637,125
Total Interest$357,125
Down Payment$70,000
Total Cost$848,125

How to Use the Mortgage Calculator

This mortgage calculator helps you estimate your monthly payment and total loan cost. Enter your home price, down payment, interest rate, and loan term to see your results instantly.

Understanding Your Results

  • Monthly Payment: Your principal and interest payment each month
  • Loan Amount: The amount you're borrowing (home price minus down payment)
  • Total Interest: How much interest you'll pay over the life of the loan
  • Total Payment: The complete amount you'll pay (principal + interest)

Tips for Homebuyers

  • A larger down payment reduces your monthly payment and total interest
  • Aim for at least 20% down to avoid PMI (Private Mortgage Insurance)
  • Even a small difference in interest rate can significantly impact total cost
  • Shorter loan terms mean higher monthly payments but less total interest

Frequently Asked Questions

What's included in my monthly mortgage payment?

Your monthly payment typically includes principal, interest, property taxes, homeowners insurance, and possibly HOA fees. This calculator shows the principal and interest portion.

How much house can I afford?

Most experts recommend your monthly housing costs stay below 28% of your gross monthly income. Your total debt payments (including the mortgage) should be below 36% of your income.

What is a good interest rate?

Mortgage rates vary based on market conditions, your credit score, down payment, and loan type. Check current rates from multiple lenders to find the best deal.

Should I choose a 15-year or 30-year mortgage?

A 15-year mortgage has higher monthly payments but you'll pay much less interest over time. A 30-year mortgage has lower monthly payments but costs more in total interest. Choose based on your budget and financial goals.