MORTGAGE CALCULATOR
Home Loan Calculator
Calculate monthly mortgage payments, see the amortization schedule, and understand the true cost of home ownership.
Loan details
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Additional costs (optional)
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MONTHLY PAYMENT
$3,146.86
Principal & Interest$2,796.86
Property tax$250.00
Home insurance$100.00
Loan summary
Loan amount$400,000
Down payment$100,000
Total interest$606,869
Total payment$1,006,869
Total breakdown
Principal (39.7%)
Interest (60.3%)
Term comparison
| Term | Monthly P&I | Total interest | Total cost |
|---|---|---|---|
| 10 years | $4,748 | $169,768 | $569,768 |
| 15 years | $3,708 | $267,449 | $667,449 |
| 20 years | $3,222 | $373,369 | $773,369 |
| 30 yearsSelected | $2,797 | $606,869 | $1,006,869 |
FAQ
How is monthly payment calculated?
Using loan amount, interest rate, and term. The amortization formula spreads payments over the term.
Principal vs interest?
Principal is the amount borrowed. Interest is the cost of borrowing. Early payments are mostly interest; later payments are mostly principal.
15-year or 30-year mortgage?
15-year has higher monthly payments but lower total interest. 30-year has lower monthly payments but higher total interest.
How much down payment?
20% avoids PMI. Many loans allow 3–5%. FHA: 3.5% min. VA/USDA: may require none for eligible borrowers.
What's in PITI?
Principal, Interest, Taxes, Insurance. Some homes also have HOA fees.
What is an amortization schedule?
A breakdown showing how each payment is split between principal and interest, plus remaining balance.
How does interest rate affect payments?
On a $400K loan over 30 years, 7% vs 6% means about $240 more per month and ~$86K more in total interest.
Can I make extra payments?
Yes — extra payments to principal can shave years off the loan and save thousands in interest.
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