Mortgage Calculator

Calculate your monthly mortgage payment, total interest, and see how much of each payment goes to principal vs interest.

Mortgage Details

$

Total property cost

$

Amount you're putting down

%

Typical range: 3.5% - 7.0%

Down Payment: $70,000 (20.0%)

Monthly Payment

Principal + Interest

$1,769.79

Principal

$280,000.00

Interest Rate

$6.50

Loan Term

$30.00

Total Payment Over Life of Loan

$637,125

Total Interest Paid

$357,125

Interest as % of Total

56.05%

Payment Composition

Principal43.95%
Interest56.05%

Your Monthly Payment Breakdown

Total Monthly Payment$1,770
Principal (first month)$253
Interest (first month)$1,517

đź’ˇ Note: Early payments are mostly interest. Over time, more of your payment goes to principal. Property taxes, insurance, and HOA fees are not included.

Payment Composition Over Time

Watch how your monthly payment composition shifts from mostly interest (red) to mostly principal (blue) as the loan matures.

Amortization Schedule

Showing breakdown for 360 months of payments

Mortgage Calculator Guide

Understanding Your Inputs

Home Price: The total purchase price of the property you're buying.

Down Payment: The amount of money you're putting down upfront. Typically ranges from 3% to 20% of the home price. A larger down payment means a lower monthly payment.

Interest Rate: The annual interest rate on your mortgage. This varies based on market conditions, credit score, and loan type. Current rates typically range from 3.5% to 7.0%.

Loan Term: The number of years to repay the loan. Common options are 15-year, 20-year, and 30-year mortgages. Shorter terms have higher monthly payments but less total interest.

What This Calculator Includes

  • Monthly principal and interest payment
  • Total amount paid over the life of the loan
  • Total interest paid
  • Breakdown of principal vs interest

What's Not Included

This calculator shows principal and interest only. Your actual monthly payment may be higher and include:

  • Property Taxes: Varies by location, typically 0.5% - 2% of home value annually
  • Homeowners Insurance: Required by lenders, typically $800 - $2,000+ annually
  • HOA Fees: If applicable, can range from $50 to $500+ per month
  • PMI: Private mortgage insurance required if down payment is less than 20%

Mortgage Tips

  • A larger down payment (20%+) helps you avoid PMI and reduces your monthly payment
  • 15-year mortgages cost less in total interest but have higher monthly payments
  • 30-year mortgages have lower monthly payments but you pay significantly more interest over time
  • Even small increases in interest rate can significantly increase your total payment
  • Compare rates from multiple lenders—rates vary even for the same loan terms

Mortgage calculations updated: April 2026