Mortgage Calculator
Estimate your monthly mortgage payment, see how much total interest you'll pay, and explore a full amortization schedule — all in seconds.
Loan Details
Your Estimated Payment
Loan Amount
$320,000.00
80.0% LTV
Monthly P&I
$2,090.43
30-year fixed
Total Interest
$432,553.18
over loan life
Total Cost
$752,553.18
principal + interest
How to Use This Mortgage Calculator
Enter your home price and down payment — either as a dollar amount or percentage. Then input your interest rate and loan term. Optionally add monthly property tax, insurance, and PMI to see your full PITI payment.
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Home Price
The purchase price of the home. This is the starting point for all calculations.
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Down Payment
The upfront cash you pay. A 20% down payment eliminates PMI and lowers your monthly payment.
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Interest Rate
Your annual mortgage rate. Even 0.25% can mean thousands of dollars over the life of the loan.
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Loan Term
How long you have to repay. 30-year loans have lower payments; 15-year loans save more interest.
Frequently Asked Questions
What is included in a mortgage payment?
A standard mortgage payment covers principal (the loan amount you borrowed) and interest. Many lenders also collect property taxes and homeowners insurance through an escrow account, making your total monthly payment higher than just P&I.
How does the interest rate affect my payment?
Even a small rate change has a big impact. On a $300,000 loan, the difference between 6% and 7% is roughly $190/month — and over $68,000 in total interest over 30 years.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but you pay far less total interest and build equity faster. A 30-year mortgage has lower monthly payments, giving you more cash flow flexibility, but you pay significantly more interest over the life of the loan.
What is amortization?
Amortization is the process of paying off your loan in equal monthly installments. Early payments are mostly interest; later payments shift toward principal. The amortization schedule below shows exactly how each payment is split.
Should I make extra principal payments?
Yes — even small extra payments can shave years off your mortgage and save tens of thousands in interest. Apply extra payments directly to principal and ask your lender to re-amortize or simply reduce the loan term.