Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and view the full amortization schedule.
Loan Details
Monthly Payment
Amortization Schedule
How Mortgage Payments Are Calculated
Your monthly mortgage payment is calculated using the standard amortization formula. The formula considers your loan amount, interest rate, and loan term to determine a fixed monthly payment that covers both principal and interest over the life of the loan.
In the early years, most of your payment goes toward interest. As the loan matures, a larger portion goes to paying down the principal. This is why making extra payments early can save you thousands in interest.
Frequently Asked Questions
What is a good mortgage interest rate?
Mortgage rates vary based on economic conditions, your credit score, down payment, and loan type. As of 2024, rates for a 30-year fixed mortgage typically range from 6% to 7.5%. A rate below the current market average is generally considered good.
How much should I put down?
A 20% down payment is ideal because it eliminates the need for Private Mortgage Insurance (PMI), which typically costs 0.5% to 1% of the loan annually. However, many programs allow as little as 3% to 3.5% down.
Should I choose a 15-year or 30-year term?
A 15-year mortgage has higher monthly payments but significantly lower total interest. A 30-year mortgage offers lower monthly payments and more financial flexibility. Use the calculator above to compare both options.