Mortgage Calculator

Free mortgage calculator. Estimate your monthly payment, total interest, and see a full amortization schedule. Compare 15-year vs 30-year loans.

Home Price

Down Payment (20%)

Loan Term

Interest Rate: 6.5%

1%12%

Property Tax / yr

Insurance / yr

Estimated Monthly Payment

$2,161

on a $280,000 loan at 6.5% for 30 years

Principal & Interest

$1,770

Property Tax

$292

Insurance

$100

Total Interest Paid

$357,125

Total Cost of Loan

$637,125

Amortization Schedule

Year	Principal	Interest	Balance
1	$3,130	$18,108	$276,870
2	$3,339	$17,898	$273,531
3	$3,563	$17,675	$269,968
4	$3,801	$17,436	$266,167
5	$4,056	$17,181	$262,111
6	$4,328	$16,910	$257,783
7	$4,618	$16,620	$253,165
8	$4,927	$16,311	$248,239
9	$5,257	$15,981	$242,982
10	$5,609	$15,629	$237,373
11	$5,984	$15,253	$231,389
12	$6,385	$14,852	$225,004
13	$6,813	$14,425	$218,191
14	$7,269	$13,968	$210,922
15	$7,756	$13,482	$203,166
16	$8,275	$12,962	$194,890
17	$8,830	$12,408	$186,061
18	$9,421	$11,817	$176,640
19	$10,052	$11,186	$166,588
20	$10,725	$10,512	$155,863
21	$11,443	$9,794	$144,419
22	$12,210	$9,028	$132,210
23	$13,027	$8,210	$119,182
24	$13,900	$7,338	$105,282
25	$14,831	$6,407	$90,452
26	$15,824	$5,413	$74,628
27	$16,884	$4,354	$57,744
28	$18,015	$3,223	$39,729
29	$19,221	$2,016	$20,508
30	$20,508	$729	$0

Understanding Your Mortgage Payment

Your monthly mortgage payment consists of principal (the loan amount you're paying back), interest (the cost of borrowing), property taxes, and homeowner's insurance — often called PITI. Understanding each component helps you budget accurately.

A 15-year mortgage has higher monthly payments but saves you tens of thousands in interest compared to a 30-year loan. For a $280,000 loan at 6.5%, switching from 30 to 15 years saves over $200,000 in total interest.

Your down payment directly affects your monthly payment and whether you'll need private mortgage insurance (PMI). Putting down 20% or more eliminates PMI, which can save $100-300/month on a typical home.