Mortgage Calculator

Even a small change in rate makes a significant difference over 30 years. On a $280,000 loan, going from 6% to 7% increases the monthly payment by about $186, and adds roughly $67,000 in total interest paid. Use the calculator to compare rates side by side.

It depends on your situation. A larger down payment reduces your monthly payment and total interest. It also eliminates the need for PMI. However, tying up more cash in a home means less available for emergencies or other investments. If your mortgage rate is low, the money might earn more elsewhere.

A 15-year mortgage has higher monthly payments but far less total interest — often half as much. A 30-year mortgage has lower monthly payments, giving you more flexibility, but you pay much more interest over time. Many people choose 30 years for the lower payment, then pay extra when possible to reduce the term.

Amortization describes how the loan is paid off over time through equal monthly payments. In the early months, most of each payment goes toward interest. As the principal balance decreases, the interest portion shrinks and more goes toward principal. By the end of the loan, nearly all of each payment is principal.

Not directly. If you plan to make extra monthly or lump-sum payments, they reduce the principal faster, which shortens the loan term and reduces total interest. A separate mortgage overpayment calculator can show the exact impact of additional payments.

PITI stands for Principal, Interest, Taxes, and Insurance. This calculator shows P+I automatically, and adds T+I if you enter those figures. Lenders use PITI to determine how much of your income goes toward housing (the debt-to-income ratio).