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Mortgage Calculator

Calculate your monthly mortgage payment and visualize the full cost of your home loan with our comprehensive calculator. Generate a detailed amortization schedule to see how much of your payment goes toward principal versus interest over time. Plan your finances smarter by exploring the impact of extra payments.

Explore more tools on free calculators on CalculatorBolt.
Published: January 15, 2025 Updated: January 15, 2025 Reviewed by: Mortgage/Finance Specialist

Calculate Your Mortgage

Total purchase price of the home
Your upfront payment
Duration of the loan
Annual interest rate

Yearly property tax
Yearly insurance cost
Required if down payment < 20%

Additional amount toward principal each month

Your Results

Total Monthly Payment

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Total of All Payments

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Total Interest Paid

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Payment Breakdown

Component Amount

Amortization Schedule

See how each payment is applied to principal and interest over time

Month/Year Payment Principal Interest Balance

How It Works

The calculator uses the standard loan amortization formula to determine your fixed monthly payment. It then breaks down each payment to show how much is applied to interest (the cost of borrowing) and how much reduces your principal (the loan balance). Adding extra payments accelerates this process, saving you money on interest and shortening the loan term.

Inputs Explained

Home Price & Down Payment

The total purchase price and your upfront payment. The difference is your initial loan amount. A 20% down payment typically allows you to avoid PMI.

Loan Term & Interest Rate

The duration of the loan in years and the annual interest rate set by your lender. These are the primary drivers of your monthly payment amount.

Optional Costs

Property tax, insurance, and PMI are often included in your total monthly housing cost. PMI is typically required if your down payment is less than 20%.

Example Calculation

Example: On a $350,000 home with a $70,000 down payment (20%), a 30-year loan at 6.5% interest results in a monthly principal and interest payment of approximately $1,758.

Over 30 years, you would pay a total of $632,880, of which $242,880 would be interest.

Tips & Notes

  • Extra Payments Save Money: Making even a small extra payment toward your principal each month can save you thousands in interest over the life of the loan and help you pay off your mortgage years earlier.
  • Larger Down Payment Benefits: A larger down payment reduces your loan amount, which can lower your monthly payment and help you avoid PMI, saving hundreds per month.
  • Shop for Rates: Shopping around for the best interest rate is one of the most effective ways to reduce your total cost. Even a 0.5% difference can save tens of thousands over a 30-year mortgage.
  • Consider Total Costs: Don't forget to factor in property taxes, homeowners insurance, HOA fees, and maintenance costs when budgeting for homeownership.

Frequently Asked Questions

An amortization schedule is a detailed table showing each payment over the life of your loan. It breaks down how much of each payment goes toward principal (reducing your loan balance) and how much goes toward interest. Early in the loan, most of your payment goes to interest. As time goes on, more goes toward principal. This schedule helps you understand the true cost of your loan and see how extra payments can save you money.

Private Mortgage Insurance (PMI) is insurance that protects the lender if you default on your loan. It's typically required when your down payment is less than 20% of the home's purchase price. PMI usually costs between 0.3% to 1.5% of the original loan amount per year. Once you reach 20% equity in your home through payments or appreciation, you can usually request to have PMI removed, which will lower your monthly payment.

Making extra payments directly reduces your principal balance, which can save you thousands of dollars in interest and help you pay off your loan years earlier. For example, adding just $100 extra per month to a $300,000, 30-year mortgage at 6.5% interest could save you over $50,000 in interest and pay off your loan about 5 years early. The savings come from reducing the balance on which interest is calculated each month.

The interest rate is the percentage charged on the loan amount, determining your monthly principal and interest payment. APR (Annual Percentage Rate) includes the interest rate plus other costs like origination fees, points, and mortgage insurance, giving you the true cost of borrowing. APR is always higher than the interest rate and provides a more accurate comparison when shopping between lenders. This calculator uses the interest rate to calculate your monthly payment.

A 15-year mortgage has higher monthly payments but significantly lower total interest costs and builds equity faster. A 30-year mortgage has lower monthly payments, providing more flexibility in your budget, but you'll pay much more interest over the life of the loan. Choose a 15-year if you can comfortably afford the higher payments and want to save on interest. Choose a 30-year if you need lower payments or want to invest the difference elsewhere. You can also get a 30-year and make extra payments for flexibility.

Disclaimer

Important: This calculator provides an estimate for educational and planning purposes only. It does not constitute a loan offer or financial advice. Actual interest rates, terms, and fees will depend on your credit profile, lender, and location. Please consult with a qualified financial professional before making any financial decisions.

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