Mortgage Monthly Payment Calculator
Estimate your monthly house payments including principal and interest.
30 Years
20 Years
15 Years
10 Years
Monthly Principal & Interest:
$0.00
Total Loan Amount:
$0.00
Total Interest Paid:
$0.00
Total Cost of Loan:
$0.00
How to Use the Mortgage Calculator
Planning for a new home requires a clear understanding of your monthly financial commitments. Our Mortgage Monthly Payment Calculator helps you breakdown the costs of homeownership by focusing on the principal and interest components of your loan.
Key Inputs Explained
- Home Price: The total purchase price of the property you intend to buy.
- Down Payment: The initial cash payment you make upfront. A 20% down payment is standard to avoid Private Mortgage Insurance (PMI), but many loans allow for much less.
- Interest Rate: The annual percentage rate charged by your lender. Even a 0.5% difference can save or cost you tens of thousands over the life of the loan.
- Loan Term: The duration you have to repay the loan. 30-year fixed-rate mortgages are the most common in the United States, offering lower monthly payments, while 15-year terms save significantly on interest.
Realistic Mortgage Example
Let's look at a realistic scenario for a first-time homebuyer:
If you purchase a home for $350,000 with a 10% down payment ($35,000), your total loan amount is $315,000. At a fixed interest rate of 7.0% for a 30-year term, your monthly principal and interest payment would be approximately $2,095.70.
Over the 30-year period, you would pay a total of $439,451 in interest, making the total cost of the loan $754,451. This illustrates why making extra principal payments or securing a lower rate is so critical for long-term wealth.
Factors Not Included
Please note that this calculator focuses on the loan itself. When budgeting, you should also account for:
- Property Taxes: Usually paid monthly into an escrow account.
- Homeowners Insurance: Required by lenders to protect the asset.
- PMI: If your down payment is less than 20%.
- HOA Fees: Monthly dues if the property is in a managed community.