Mortgage Calculator
Calculate your monthly mortgage payment and see a full amortization schedule. Enter your home price, down payment, loan term, and interest rate to get started.
Loan Details
Your Mortgage Summary
Monthly Payment Breakdown
Amortization Schedule
| Year | Principal | Interest | Total Payment | Balance |
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How to Use This Mortgage Calculator
Our mortgage calculator makes it easy to estimate your monthly payment and understand the full cost of your home loan.
Home Price
The purchase price of the home. The national median US home price is around $400,000–$430,000 as of 2024.
Down Payment
The upfront cash you pay toward the home. A 20% down payment avoids Private Mortgage Insurance (PMI). FHA loans allow as little as 3.5% down.
Loan Term
The length of your mortgage in years. A 30-year mortgage gives lower monthly payments but more total interest. A 15-year mortgage saves 40–50% in total interest paid.
Interest Rate
Your annual mortgage interest rate (APR). Rates vary by credit score, down payment, loan type, and market conditions. Use your lender's quote or check current average rates.
Property Tax & Home Insurance
Many lenders roll these into your monthly escrow payment. Property taxes average 1–2% of home value per year. Home insurance typically runs $800–$2,000/year.
Understanding Your Amortization Schedule
An amortization schedule shows how each payment splits between principal (reducing your loan balance) and interest (cost of borrowing). In early years, most of your payment goes toward interest. Over time, more goes toward principal.
30-Year vs. 15-Year Mortgage
A 30-year mortgage keeps monthly payments low. A 15-year mortgage has higher payments but dramatically lower total interest — typically 50% less over the life of the loan.
How to Lower Your Monthly Payment
- Increase your down payment to reduce the principal
- Choose a longer loan term (30 vs. 15 years)
- Improve your credit score to qualify for lower rates
- Shop multiple lenders — a 0.5% rate difference on $300,000 saves ~$30,000 over 30 years
- Consider paying points (prepaid interest) to buy down your rate
This calculator is for informational purposes only and does not constitute financial or lending advice. Consult a licensed mortgage professional before making home-buying decisions.