Buying a home is the biggest financial decision most people make. Our Mortgage Calculator helps you understand your monthly payments and total cost before committing to a home loan.
How Mortgage Payments Work
Your monthly payment includes principal (loan repayment) and interest. With a fixed-rate mortgage, payments stay the same throughout the loan term.
Key Factors
Home price and down payment: A larger down payment means a smaller loan and lower payments. Interest rate: Even 0.5% difference saves thousands over 30 years. Loan term: 15-year mortgages have higher monthly payments but much less total interest than 30-year terms.
Example
$300,000 home with 20% down ($60,000) at 6.5% for 30 years: Monthly payment: $1,517. Total interest: $306,109. Total cost: $546,109.
Use Our Free Mortgage Calculator
Enter home price, down payment, interest rate, and loan term. See monthly payments, total interest, and a complete amortization schedule.