MORTGAGE CALCULATOR
Calculate monthly payments, total interest, and full amortization schedules with visual charts.
// HOW MORTGAGES WORK
How Your Monthly Payment Is Calculated
Your monthly mortgage payment has two core components: principal (the amount you borrowed, paid down over time) and interest (the lender's fee for the loan). This calculator also includes optional costs like property tax, homeowner's insurance, and HOA fees — giving you the true all-in monthly cost of owning the home, not just the loan payment.
What an Amortization Schedule Tells You
The amortization schedule shows every payment over the life of your loan. In the early years, the majority of each payment goes toward interest. As your balance falls, more goes toward principal. This is why refinancing early in a loan term — or making extra principal payments — can save tens of thousands of dollars in interest over time.
15-Year vs 30-Year Mortgage
The 30-year mortgage offers a lower monthly payment and more cash flow flexibility, but you pay significantly more total interest — often 2x or more. The 15-year mortgage has a higher monthly payment but builds equity faster and costs far less overall. Use the term toggle in the calculator above to compare both scenarios side by side for your specific loan amount and rate.
How to Lower Your Monthly Payment
The three levers are: a larger down payment (reduces the loan amount), a lower interest rate (shop lenders and improve your credit score), and a longer loan term (spreads payments over more months). Each point of interest rate reduction on a $300,000 loan saves roughly $170/month — and over $60,000 over a 30-year term.
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// FAQ
FREQUENTLY ASKED QUESTIONS
Q1.What does the monthly payment include?
The monthly payment shown includes principal and interest (P&I), property tax, home insurance, and HOA fees if entered. The P&I portion is the actual loan payment; the rest are estimates of your total housing costs.
Q2.What is an amortization schedule?
An amortization schedule shows every monthly payment over the life of your loan, broken down by how much goes toward principal (reducing your balance) versus interest. Early payments are mostly interest; later payments are mostly principal.
Q3.What is LTV?
LTV stands for Loan-to-Value ratio. It's your loan amount divided by the home's value. For example, a $320,000 loan on a $400,000 home is 80% LTV. Lenders typically require private mortgage insurance (PMI) if your LTV exceeds 80%.
Q4.How does the interest rate affect my payment?
A small change in interest rate has a large impact over a 30-year loan. For example, on a $320,000 loan, the difference between 6% and 7% is roughly $200/month — and over $70,000 in total interest paid.
Q5.Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has a higher monthly payment but you pay significantly less total interest. A 30-year mortgage has a lower monthly payment and more flexibility, but costs more overall. Use the term buttons to compare both scenarios instantly.
Q6.Are property tax and insurance estimates accurate?
Property tax and insurance amounts vary widely by location, home value, and insurer. The defaults are national averages — edit them to match your specific situation for a more accurate total monthly cost.
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