Mortgage Calculator
Calculate your estimated monthly mortgage payment, see how much you'll pay in interest, and explore different loan scenarios to find a budget that works for you.
Calculation Results
$2,280.08
Principal & Interest
$450,000
$370,830
Payment Details
Payment Breakdown
Amortization Schedule
| Year | Payment | Principal | Interest | Balance |
|---|
$
October 2047
How to Use This Calculator
Get a clear picture of your potential mortgage in a few simple steps.
Enter the Home Price & Down Payment
Start with the price of the home you're considering and how much you plan to put down.
Add Loan Details
Input the loan term (e.g., 30 years) and your estimated interest rate.
Include Extra Costs (Optional but Recommended)
For a more accurate monthly payment, add estimated annual property taxes and homeowner's insurance.
See Your Full Breakdown!
Instantly view your estimated monthly payment, a chart showing principal vs. interest, and a complete amortization schedule.
Our Methodology
We calculate your monthly payment using the industry-standard PITI model to ensure you get a realistic estimate.
What is PITI?
The amount of money you borrowed to buy the home. Each payment reduces this balance.
The cost of borrowing the money, paid to the lender. In the early years, more goes toward interest.
Property taxes collected by local governments. We estimate this annually and divide by 12.
Homeowner's insurance that protects your home against damage, broken down into monthly costs.
Comprehensive Estimate
Our calculator combines these four components to give you a comprehensive "all-in" monthly payment estimate.
Glossary: Key Terms Explained
The world of mortgages has its own language. Here are some key terms to help you navigate it.
Principal
The total amount of money borrowed from the lender for your home loan. Your down payment reduces the initial principal.
Interest Rate
The percentage charged by the lender for the loan. A lower interest rate means a lower monthly payment and less total interest paid over time.
Loan Term
The length of time you have to repay the loan. The most common terms are 15 and 30 years.
Amortization Schedule
A complete table showing each monthly payment over the life of your loan. It details how much of each payment goes towards principal and how much goes towards interest.
Down Payment
The initial, upfront portion of the total home price that you pay out-of-pocket. It is not part of the loan.
Related Tools
Use our other tools to see the bigger financial picture.
Own vs. Rent Calculator
Not sure if buying is the right move yet?
Start here. Compare the long-term financial implications of buying a home versus continuing to rent.
Frequently Asked Questions (FAQ)
Does this monthly payment include everything?
It includes the four main components of a typical mortgage payment: principal, interest, property taxes, and homeowner's insurance (PITI). It does not include other potential costs like HOA fees or private mortgage insurance (PMI), which you may need to budget for separately.
How can I lower my monthly mortgage payment?
There are several ways: make a larger down payment, choose a longer loan term (e.g., 30 years instead of 15), or secure a lower interest rate by improving your credit score.
Why does so much of my early payment go to interest?
This is how amortization works. Lenders front-load the interest, so they recoup their lending costs faster. As you pay down the loan over the years, the balance of your payment shifts, with more money going toward your principal and less toward interest.