Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and see a breakdown of your costs.
Monthly Payment
$1,517
Cost Breakdown
Advertisement
7 Smart Strategies to Save Thousands on Your Mortgage
How to Use This Calculator
Set your home price
Start by entering the total purchase price of the home you're considering. If you're still browsing, try a few different price points to see how they affect your monthly payment. The national median home price in the U.S. was around $420,000 in late 2024, according to the National Association of Realtors, but prices vary widely by region.
Adjust your down payment
Slide the down payment to reflect how much cash you plan to put toward the purchase. A 20% down payment is the traditional benchmark because it lets you avoid Private Mortgage Insurance (PMI). If you put down less than 20%, the calculator will show a PMI notice — that's an extra cost of roughly 0.5% to 1% of the loan per year until you reach 20% equity.
Enter your interest rate
Use the current rate you've been quoted by a lender, or check Freddie Mac's weekly Primary Mortgage Market Survey for the latest national average. Even a small difference in rate — say 6.5% vs. 7% — can mean tens of thousands of dollars over the life of a 30-year loan.
Choose your loan term
Pick between 10, 15, 20, 25, or 30 years. A shorter term means higher monthly payments but significantly less total interest. A 15-year mortgage at the same rate will save you roughly 50-55% in total interest compared to a 30-year term, but your monthly payment will be about 40-50% higher.
Understanding Your Results
Monthly payment
This is your principal and interest payment only. Your actual monthly housing cost will also include property taxes (typically 0.5% to 2.5% of home value per year, depending on your state), homeowner's insurance, and possibly HOA fees. A common guideline is to keep your total housing cost below 28% of your gross monthly income.
Total interest
This shows how much you'll pay in interest over the full life of the loan if you make only the minimum payment every month. On a $300,000 loan at 6.5% for 30 years, you'd pay roughly $382,000 in interest alone — more than the original loan. Making even small extra payments toward principal can reduce this number significantly.
The pie chart breakdown
The chart shows the split between your loan principal (the amount you actually borrowed) and total interest. On longer-term loans, the interest portion often exceeds the principal. This visual helps you see the true cost of borrowing and can motivate strategies like making biweekly payments or adding a little extra to each monthly payment.
First-Time Homebuyer Checklist
A complete step-by-step checklist covering credit scores, down payments, pre-approval, house hunting, and closing costs.
Instant download. You'll also receive our free weekly financial tips newsletter. Unsubscribe anytime.
Frequently Asked Questions
Related Articles
Closing Costs Explained: How to Save Thousands on Your Home Purchase
Don't let hidden fees derail your homeownership dreams. Learn what closing costs are, why they matter, and how to significantly reduce them.
Read article
FHA vs. Conventional Loan: How to Pick the Right Mortgage
Navigating FHA vs. Conventional loans for? This guide breaks down credit, down payment, and mortgage insurance to help you choose the best mortgage.
Read article
Pay Off Your Mortgage Early or Invest? We Did the Math
Struggling to decide between paying off your mortgage early and investing? We break down the numbers, the emotions, and a balanced strategy to help you choose.
Read articleLike this calculator?
Get weekly money tips and strategies delivered to your inbox. Free, practical, and actionable.
Free forever. Unsubscribe anytime. No spam.