Mortgage Calculator
Estimate your monthly mortgage payment and total interest.
Input sheet
DIY at your own risk. Calcora's calculators and guides are general estimates and information only — not professional, engineering, legal, or safety advice. Always verify local building codes and permit requirements, and hire a licensed pro for electrical, gas, plumbing, structural, or any work you're not fully comfortable doing yourself.
Your mortgage payment is usually the biggest line in a household budget, and the interest you pay over 30 years can rival the home's price. This estimates the principal-and-interest payment and the total interest cost.
How it works
Standard amortization on the loan amount (price minus down payment) at the monthly interest rate over the term. Excludes taxes and insurance.
The calculation amortizes the loan amount — home price minus your down payment — over the term at the monthly interest rate. Early payments are mostly interest and only slowly chip at the principal; the balance flips toward principal in the back half of the loan.
This figure is principal and interest only. A real monthly housing payment (often called PITI) also includes property taxes, homeowners insurance, and any HOA dues or mortgage insurance. Budget for those on top of the number shown here — together they can add several hundred dollars a month.
Monthly payment = loan × monthly rate × (1 + monthly rate)^months ÷ ((1 + monthly rate)^months − 1), where loan = price − down payment
Worked examples
$350,000 home, 20% down, 6.5% rate, 30-year term → ≈ $1,770/mo principal & interest
20% down leaves a $280,000 loan; amortized at 6.5% over 360 months it runs about $1,770/mo, with roughly $357,000 in total interest over the full term.
Same $280,000 loan on a 15-year term at 6% → ≈ $2,363/mo, far less total interest
The higher monthly payment of a 15-year loan slashes lifetime interest from over $350k to roughly $145k because the balance clears in half the time.
Tips & gotchas
- A 15-year term costs much more per month but saves a fortune in interest — run both and decide which trade-off fits your cash flow.
- Each 0.5% change in rate moves a $300k payment by roughly $100/month, so shopping lenders genuinely pays off.
- Putting at least 20% down avoids private mortgage insurance, which can add $100–$300/month for nothing you keep.
- Always add property tax, insurance, and HOA to this estimate before deciding what you can afford — the full PITI payment is what hits your account.
FAQ
Does this include taxes and insurance?
No — this is principal and interest only. Add property tax, insurance, and any HOA for a full payment.
Why is so much of my early payment interest?
Interest is charged on the outstanding balance, which is largest at the start. As the balance falls, the interest portion shrinks and more of each payment goes to principal — this is the nature of amortization.
How much does the down payment change the payment?
It reduces the loan dollar-for-dollar, so a larger down payment lowers both the monthly payment and total interest, and 20%+ also drops PMI. Use the down payment calculator to size it.
Can extra payments save money here?
Substantially. Even modest extra principal each month shortens the term and cuts total interest — see the loan payoff (extra payment) calculator to quantify it.
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