Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and see a full amortization breakdown. Compare 15-year vs 30-year loan terms.
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Monthly Payment
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Total Cost
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Total Interest
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Loan Amount
Mortgage Calculator FAQ
How is my monthly mortgage payment calculated?
Monthly payment = Loan × [r(1+r)^n] / [(1+r)^n – 1], where r is monthly interest rate and n is total months. Property tax and insurance are added separately.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves significantly on total interest. A 30-year mortgage has lower payments, giving more monthly flexibility.
How much should my down payment be?
Conventional loans typically require 3-20% down. Putting 20% down avoids PMI (Private Mortgage Insurance), which can add $100-300/month.