Mortgage Calculator
Calculate your monthly payment, total interest, and see the principal vs. interest breakdown.
Monthly Payment (P&I)
$1,769.79
Balance Over Time
How to Use This Mortgage Calculator
1. Enter the Home Price. Type in the price of the house you're considering or an average price for your target area.
2. Enter Your Down Payment. Enter the percentage you're planning to put down (e.g., 10% or 20%).
3. Enter the Annual Interest Rate. Plug in a rate from a lender quote or today's average mortgage rate.
4. Choose Your Loan Term. Pick 10, 15, 20, 25, or 30 years to compare monthly bills vs total interest.
5. Add Extra Costs (optional). Include property taxes, homeowner's insurance, and HOA fees for full PITI.
6. Read Your Results. View P&I payment, principal vs interest chart, and full schedule breakdown.
Sarah, a 29-year-old graphic designer, has her eye on a $320,000 house in the suburbs near her office. Before booking a call with a loan officer, she opens the Mortgage Calculator and plugs in that price with a 15% down payment, a 6.8% rate, and a 20-year term. The result: about $2,077 a month, a number she immediately checks against her paycheck. Curious, she switches the term to 15 years — the payment jumps to $2,415, but the interest total on the Schedule tab drops dramatically. What catches her off guard is just how much a single percentage point of interest changes the total cost, something she'd never really grasped until she tried it herself. Armed with both scenarios, Sarah walks into her lender meeting with actual numbers in hand, ready to ask pointed questions about the 20-year option instead of just nodding along to whatever gets offered.
Key Terms
Home Price
The full purchase price before down payment is subtracted.
Down Payment
The percentage paid upfront. Putting 20% down avoids PMI on conventional loans.
Annual Interest Rate
The annual borrowing cost percentage charged by the lender.
Loan Term
Length of the loan (10 to 30 years). Shorter terms raise monthly bills but save massive interest.
PITI
Principal, Interest, Taxes, and Insurance — the four elements of true monthly housing cost.
Amortization Schedule
Payment-by-payment breakdown showing principal reduction vs. interest costs over time.
How to Use a Mortgage Calculator Before You Meet Your Lender — And Why Most People Skip This Step
Most people walk into a lender meeting with one question in mind: "What will my payment be?" The problem is, they wait for the lender to answer it — when you could work that out yourself in under two minutes.
Why Running Your Own Numbers Changes the Conversation
Showing up with your own estimate shifts the dynamic from passive recipient to informed negotiator.
Test Several Scenarios Before the Lender Gives You Just One
Test 15-year vs. 30-year terms and different down payment levels before committing to a lender pitch.
Walk In With Questions, Not Just a Pen
Print or save your results to ask pointed questions about rates, fees, and term options.