Calculate your monthly mortgage payment, total interest, and view an amortization schedule. Plan your home purchase with confidence.
A mortgage payment typically consists of four components, often called PITI:
This calculator focuses on Principal and Interest (PI). Add taxes and insurance for your total payment.
Given: $350,000 home with $35,000 (10%) down payment at 6.5% interest for 30 years.
Solution:
Loan Amount = $350,000 - $35,000 = $315,000
r = 0.065/12 = 0.00542, n = 360
Monthly P&I = $1,989.56
Total Payments = $716,241.60
Total Interest = $401,241.60
Given: $400,000 home with $80,000 (20%) down payment at 6.25% for 30 years.
Solution:
Loan Amount = $320,000
Monthly P&I = $1,969.29
Total Payments = $708,944.40
Total Interest = $388,944.40
20% down avoids PMI and reduces interest significantly!
Given: $300,000 loan at 6% interest - compare 15-year vs 30-year terms.
30-Year:
Monthly: $1,798.65 | Total Interest: $347,514.57
15-Year:
Monthly: $2,531.57 | Total Interest: $155,682.45
Result: 15-year saves $191,832 in interest with $733 more monthly!
Given: $250,000 loan, 6.5% rate, 30 years, $3,600 annual taxes, $1,200 annual insurance.
Solution:
Monthly P&I = $1,580.17
Monthly Taxes = $3,600 / 12 = $300
Monthly Insurance = $1,200 / 12 = $100
Total Monthly Payment = $1,980.17
Given: $400,000 loan for 30 years - compare rates of 5%, 6%, and 7%.
At 5%: Monthly $2,147.29 | Total Interest $373,023.14
At 6%: Monthly $2,398.20 | Total Interest $463,353.35
At 7%: Monthly $2,661.21 | Total Interest $558,036.06
A 2% rate difference = $185,013 more in interest over the loan!
A mortgage is a loan used to purchase a home, where the property serves as collateral. The loan is repaid over time through monthly payments that include principal and interest.