Mortgage
Estimate your monthly payment and the true lifetime cost of a home loan.
Principal & interest only — property tax, insurance, and HOA are extra.
Show amortization schedule
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $20,695 | $3,577 | $316,423 |
| 2 | $20,455 | $3,816 | $312,607 |
| 3 | $20,200 | $4,072 | $308,535 |
| 4 | $19,927 | $4,345 | $304,191 |
| 5 | $19,636 | $4,636 | $299,555 |
| 6 | $19,325 | $4,946 | $294,609 |
| 7 | $18,994 | $5,277 | $289,332 |
| 8 | $18,641 | $5,631 | $283,701 |
| 9 | $18,264 | $6,008 | $277,694 |
| 10 | $17,861 | $6,410 | $271,284 |
| 11 | $17,432 | $6,839 | $264,444 |
| 12 | $16,974 | $7,297 | $257,147 |
| 13 | $16,485 | $7,786 | $249,361 |
| 14 | $15,964 | $8,308 | $241,053 |
| 15 | $15,407 | $8,864 | $232,189 |
| 16 | $14,814 | $9,458 | $222,732 |
| 17 | $14,180 | $10,091 | $212,641 |
| 18 | $13,505 | $10,767 | $201,874 |
| 19 | $12,784 | $11,488 | $190,386 |
| 20 | $12,014 | $12,257 | $178,129 |
| 21 | $11,193 | $13,078 | $165,051 |
| 22 | $10,317 | $13,954 | $151,097 |
| 23 | $9,383 | $14,888 | $136,208 |
| 24 | $8,386 | $15,886 | $120,323 |
| 25 | $7,322 | $16,949 | $103,373 |
| 26 | $6,187 | $18,085 | $85,289 |
| 27 | $4,976 | $19,296 | $65,993 |
| 28 | $3,683 | $20,588 | $45,405 |
| 29 | $2,305 | $21,967 | $23,438 |
| 30 | $833 | $23,438 | $0 |
How to use this calculator
- Enter the home price and down payment20% down avoids PMI; the percentage updates as you type.
- Enter the rate and termCompare a 15- vs. 30-year term to see the interest tradeoff.
- Read the monthly P&I and total interestRemember property tax, insurance, and HOA are on top of this number.
For most people, a mortgage is the largest loan they will ever take, and small differences in the rate or term turn into tens of thousands of dollars over its life. The monthly payment a lender quotes is only the visible part — the calculator above shows the full cost so the number on the listing does not become a number you regret.
What your payment actually includes
A mortgage payment has up to four parts, often shortened to PITI: principal, interest, taxes, and insurance. This calculator estimates principal and interest — the loan itself. On top of that you will usually pay property taxes, homeowners insurance, and, if your down payment is under 20%, private mortgage insurance (PMI). Budget for all of it, not just P&I.
How rate and term drive the cost
Two levers move the total more than anything else. A higher interest rate raises every payment. A longer term lowers the monthly payment but raises the total interest dramatically, because you are borrowing the money for longer. A 30-year loan feels affordable month to month; a 15-year loan costs more monthly but can save six figures in interest.
A worked example
Borrow $320,000 (a $400,000 home with 20% down) at 6.5% over 30 years and you pay about $2,023 a month and roughly $408,000 in interest over the life of the loan — more than the house. Run the same loan over 15 years and the payment rises to about $2,787, but total interest falls to roughly $182,000. The shorter term costs more now and saves about $226,000 later. Move the term and rate above to see your own tradeoff.