Estimate monthly mortgage payments, total interest and payoff.
These calculators use standard financial formulas (amortization, compound interest, marginal tax brackets) to estimate results based on the numbers you enter. They don't account for your full financial picture, and results shouldn't be treated as financial, tax, or investment advice. For decisions with real money on the line, check the numbers with a lender, accountant, or financial advisor who can see your complete situation.
Your monthly mortgage payment is amortized: it spreads your loan amount (home price minus down payment) evenly across every month of the term at a fixed interest rate.
Each payment splits between principal and interest. Early payments are mostly interest; as the balance shrinks, more shifts to principal.
This tool covers principal and interest only. Real bills usually add property taxes, homeowners insurance, and PMI through an escrow account.
Refinancing resets this math from scratch on a new rate, term, and balance. It's usually worth it when rates drop at least 0.75-1% below your current rate, or when switching from a 30-year to a 15-year to build equity faster — run both scenarios through this calculator to compare.
On a $400,000 home with $80,000 down (20%), 6.5% fixed, 30-year term: loan $320,000, monthly payment $2,022.62, total interest $408,142.36, total paid $728,142.36.
No — principal and interest only. Add taxes, insurance, and PMI separately; they typically add several hundred dollars per month.
20% on a conventional loan. Below that, PMI is required until you build enough equity to drop it.
30-year has lower monthly payment but nearly double the total interest. 15-year is a bigger monthly bite but pays off far sooner.
A lot — 1% on a $320k loan moves the monthly payment by over $200. Worth shopping aggressively.
Only if you'll stay in the loan long enough to recoup the upfront cost. Divide the points cost by the monthly savings to find your break-even month, then compare that to how long you actually expect to hold the mortgage.
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