Planning
Mortgage calculator
Enter the home price, down payment, rate and term to see your monthly payment and how much interest you will pay over the life of the loan.
Some inputs need attention. The results below are from your last valid entries.
Assumptions
Estimate only. Tax, insurance and HOA are assumed constant, though they usually rise over time. Your lender's quote will differ.
Principal vs interest paid each year
| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $3,577 | $20,695 | $316,423 |
| 2 | $3,816 | $20,455 | $312,607 |
| 3 | $4,072 | $20,200 | $308,535 |
| 4 | $4,345 | $19,927 | $304,191 |
| 5 | $4,636 | $19,636 | $299,555 |
| 6 | $4,946 | $19,325 | $294,609 |
| 7 | $5,277 | $18,994 | $289,332 |
| 8 | $5,631 | $18,641 | $283,701 |
| 9 | $6,008 | $18,264 | $277,694 |
| 10 | $6,410 | $17,861 | $271,284 |
| 11 | $6,839 | $17,432 | $264,444 |
| 12 | $7,297 | $16,974 | $257,147 |
| 13 | $7,786 | $16,485 | $249,361 |
| 14 | $8,308 | $15,964 | $241,053 |
| 15 | $8,864 | $15,407 | $232,189 |
| 16 | $9,458 | $14,814 | $222,732 |
| 17 | $10,091 | $14,180 | $212,641 |
| 18 | $10,767 | $13,505 | $201,874 |
| 19 | $11,488 | $12,784 | $190,386 |
| 20 | $12,257 | $12,014 | $178,129 |
| 21 | $13,078 | $11,193 | $165,051 |
| 22 | $13,954 | $10,317 | $151,097 |
| 23 | $14,888 | $9,383 | $136,208 |
| 24 | $15,886 | $8,386 | $120,323 |
| 25 | $16,949 | $7,322 | $103,373 |
| 26 | $18,085 | $6,187 | $85,289 |
| 27 | $19,296 | $4,976 | $65,993 |
| 28 | $20,588 | $3,683 | $45,405 |
| 29 | $21,967 | $2,305 | $23,438 |
| 30 | $23,438 | $833.39 | $0 |
How your mortgage payment is calculated
Principal and interest use the standard amortization formula M = L × r / (1 − (1 + r)^−n), where L is the loan amount, r the monthly rate (APR divided by 12) and n the number of payments. Property tax, insurance and any HOA or PMI are added on top to give your real monthly cost.
Why early payments are mostly interest
Interest is charged on the remaining balance, so in the first years most of each payment goes to interest. The chart shows the split flipping over time. A shorter term or a lower rate cuts total interest sharply, though a shorter term raises the monthly payment.
Before you buy
- Keep total housing costs to a comfortable share of income, often quoted as about 28%.
- Paying extra principal shortens the loan; test the effect with the loan payment calculator.
- Building a down payment? Try the savings goal calculator.
Frequently asked questions
How much should I put down?
Twenty percent avoids PMI on most conventional loans, but many lenders accept 3-10%. A smaller down payment means a bigger loan, more interest and usually PMI.
Is PMI included?
Only if you enter it in the monthly HOA/PMI box. PMI often costs 0.3-1.5% of the loan per year and ends once you reach about 20% equity.
Should I choose a 15 or 30 year term?
A 15-year loan has a higher payment but a lower rate and far less total interest. A 30-year loan keeps the payment lower and leaves room in your budget for other goals.
This calculator is for education and illustration. It does not account for taxes, fees or your personal situation unless stated, and is not financial advice.
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