Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and see the full amortization schedule.
🏠Mortgage Details
Total Monthly Payment
$2,220/mo
Loan Amount
$280K
Total Interest
$357K
Total Paid
$637K
Principal vs Interest
Loan Balance Over Time
Monthly Payment
See your total monthly payment including principal, interest, tax & insurance.
Amortization
View year-by-year breakdown of how your mortgage balance decreases.
Multi-Currency
Works for US, UK, Australian and Indian mortgages.
How to Use
Enter Home Price
Set the purchase price of the property.
Set Down Payment
Enter your down payment percentage.
Choose Rate & Term
Set interest rate and loan term (15 or 30 years).
View Payment
See monthly payment and total cost of the loan.
The Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]Frequently Asked Questions
How much house can I afford?
A common rule: your monthly housing cost (mortgage + tax + insurance) should be under 28% of your gross monthly income. This is called the '28% rule'.
15-year vs 30-year mortgage — which is better?
15-year mortgages have higher monthly payments but much less total interest. A $300K loan at 6.5%: 30-year pays $382K in interest, 15-year pays only $170K.
How much should I put down?
20% is ideal to avoid PMI (Private Mortgage Insurance). But many loans allow 3-5% down. More down payment = lower monthly payment and less interest.
What is included in a mortgage payment?
PITI: Principal (loan repayment), Interest (cost of borrowing), Taxes (property tax), Insurance (homeowners insurance). Some add PMI if down payment is under 20%.
Should I pay extra on my mortgage?
Extra payments go directly to principal, saving thousands in interest. Even $100/month extra on a 30-year mortgage can save years of payments.