About this Mortgage Calculator
Estimate your monthly mortgage payment, total interest, and amortization in seconds. Adjust home price, down payment, interest rate, and term — the calculator updates instantly.
What affects your mortgage rate
Lenders price loans based on credit score, down payment, term, loan type, and broader rate trends. Scores above 740 typically unlock the best rates. Putting 20% down avoids private mortgage insurance (PMI), saving 0.5–1% of the loan annually.
15-year vs. 30-year terms
A 30-year mortgage gives you lower monthly payments and more cash flow. A 15-year loan typically carries a 0.5–0.75% lower rate and builds equity faster — at a higher monthly cost. Pick the shorter term if your budget supports it; otherwise the 30-year buys flexibility.
Frequently Asked Questions
How accurate is this mortgage calculator?
It estimates principal and interest. Add roughly 1.5–2.5% of the home price annually (divided by 12) for taxes, insurance, HOA, and PMI to get a more realistic total.
Should I put 20% down on a house?
Putting 20% down avoids PMI but isn't required — conventional loans accept 3% and FHA accepts 3.5%. Don't drain your emergency fund to hit 20%.
How much house can I afford?
Most lenders allow housing costs up to 28% of gross monthly income, with total debt under 36–43%. Staying under 25% of take-home pay creates the most breathing room.