Mortgage Calculator

Free mortgage calculator shows monthly payment, total interest, and amortization schedule. Includes taxes, insurance, and PMI. Calculate how much house you can afford with interactive charts and detailed breakdowns.

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$50,000$2,000,000
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0%50%
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1%12%
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0%4%
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$0$10,000

Monthly Payment

Principal & Interest$2,022.62
Property Tax$400
Insurance$125
Total Monthly Payment$2,547.62

Loan Summary

Loan Amount$320,000
Down Payment$80,000
Total Interest$408,142.36
Total Cost$917,142.36

Cost Breakdown

Balance Over Time

What this means

  • • Focus on total cost, not only monthly payment.
  • • Small rate changes can create large long-term differences.
Compare with Loan Payment

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Most visitors get better outcomes by comparing at least two scenarios.

Loan Payment

Compare structure without housing taxes/insurance.

Debt Payoff

Plan payoff speed once you own the loan.

Savings Goal

Build emergency + maintenance buffers.

Mortgage Cost, Clearly Broken Down

Think in total housing cost, not only loan payment. PITI gives the complete monthly picture.

Principal
Interest
Taxes
Insurance

Core Formula (Principal + Interest)

M = P × [r(1+r)^n] / [(1+r)^n − 1]

Lower Total Mortgage Cost

Improve credit

Better score usually means lower rate.

Increase down payment

Can reduce risk and avoid PMI.

Compare lenders

Small rate differences matter over decades.

Add extra principal

Cuts payoff time and lifetime interest.

Frequently Asked Questions

How is a monthly mortgage payment calculated?
It uses loan amount, interest rate, and term with amortization. Early payments are mostly interest; later payments shift toward principal.
How much house can I afford?
A common rule is keeping housing costs near or below ~28% of gross monthly income, adjusted for your local costs and other debts.
What is PMI and when do I need it?
PMI is often required below 20% down. It adds cost but can usually be removed once enough equity is built.
Should I choose a 15-year or 30-year mortgage?
15-year loans usually cost less interest but have higher payments; 30-year loans improve cash flow but increase total interest.
How does the interest rate affect my mortgage?
Small rate changes can have large lifetime impact, so comparing lenders and timing lock decisions matters.

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