Estimate your monthly mortgage payment, total interest and loan amount from price, down payment, rate and term.
Estimate your monthly principal and interest.
Enter the home price, your down payment, the interest rate and the loan term. The calculator shows the monthly principal and interest payment, the total you will repay, and how much of that is interest. Property tax, insurance and fees are not included, so your real payment will be higher.
Your monthly principal and interest is P x r x (1 + r)n / ((1 + r)n - 1), where P is the amount borrowed, r is the monthly interest rate (annual rate divided by 12) and n is the number of monthly payments. Early payments are mostly interest, and the share going to principal grows over time.
Using the default example, a $320,000 loan at 6.5% over 30 years costs about $2,023 a month. At 5.5% the payment drops to about $1,817. Over 15 years at 6.5% it rises to about $2,788 a month, but you pay far less interest overall. Try the numbers above to compare scenarios.
Property tax, homeowners insurance, mortgage insurance, HOA dues and closing costs are not part of this estimate. Ask your lender for a full breakdown before making decisions.
It uses the standard amortization formula based on the loan amount, monthly interest rate and number of monthly payments.
Yes. It lowers the loan amount, which reduces both the monthly payment and the total interest paid.
The rate is the cost of borrowing the principal. APR also folds in certain fees, so it is usually a bit higher and better for comparing offers.
Yes. Extra money that goes to principal reduces the balance faster, which cuts total interest and shortens the loan. Confirm with your lender how extra payments are applied.