Calculate your monthly mortgage payment, view a full amortization schedule, and compare loan options — free, instant, and private.
A 20% down payment eliminates PMI, which can cost 0.5–1.5% of your loan annually. On a $300K loan, that's up to $4,500/year saved.
One extra mortgage payment per year on a 30-year loan can cut 4–6 years off your term and save tens of thousands in interest.
A 15-year mortgage typically has a 0.5–0.75% lower rate and saves enormous interest — but monthly payments are ~40% higher.
Getting quotes from 3–5 lenders can save an average of $1,500 in the first year alone. Even a 0.25% rate difference on $300K saves ~$15,000 over 30 years.
Refinancing makes sense when rates drop 0.75–1%+ below your current rate and you plan to stay in the home long enough to recoup closing costs.
Lenders prefer your total debt-to-income ratio below 43%. Your housing costs alone should stay under 28% of gross monthly income.
Get your monthly payment, total interest, and full amortization schedule in real time as you type.
View every payment broken down by principal and interest, with running balance for the entire life of the loan.
Compare two loan options side-by-side — different rates, terms, or amounts — to find the best deal instantly.
Enter your income and debts to find out exactly how much home you can afford based on standard DTI guidelines.
Type the total purchase price of the property — the listed or agreed sale price before any down payment.
Enter as a dollar amount or percentage — both fields sync automatically. Aim for 20% to avoid PMI.
Select 15 or 30 years (or custom), then enter your annual interest rate or your lender's quoted rate.
Include property tax, insurance, PMI, HOA fees, and extra payments for a complete monthly cost picture.
Hit Calculate to see your payment, total interest, payoff date, and full amortization schedule. Export as CSV anytime.
💡 Pro Tip: Use the Compare tab to run two scenarios side-by-side — for example, a 15-year at 6.0% vs a 30-year at 6.5% — to see the true long-term cost difference before you commit to a loan.
Your monthly mortgage payment is calculated using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments (years × 12).
In the early years of a mortgage, the vast majority of each payment goes toward interest rather than principal. Interest is calculated on the outstanding balance — which is highest at the start. On a $300,000 loan at 6.5% for 30 years, your first payment of ~$1,896 includes roughly $1,625 in interest and only $271 toward principal.
| Factor | 15-Year Mortgage | 30-Year Mortgage |
|---|---|---|
| Typical Rate | ~6.0% | ~6.5% |
| Monthly Payment | ~$2,532 | ~$1,896 |
| Total Interest Paid | ~$155,700 | ~$382,600 |
| Total Cost | ~$455,700 | ~$682,600 |
| Equity Build Speed | Fast | Slow |
| Best For | Lower total cost, stable income | Lower monthly payment, flexibility |
Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. PMI typically costs 0.5%–1.5% of the loan amount annually. On a $300,000 loan that's $1,500–$4,500 per year added to your payment.
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