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Monthly payment · Amortization · 15 vs 30 year comparison
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15-Year vs 30-Year Comparison
Amortization Schedule
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Frequently Asked Questions
A full mortgage payment often includes: Principal & Interest (P&I) — the loan repayment portion; Property Tax — typically 1–2% of home value per year; Homeowner's Insurance — protects against damage/liability; PMI (Private Mortgage Insurance) — required if down payment is less than 20%; and HOA Fees — if applicable to your neighborhood.
A 20% down payment is the traditional recommendation because it avoids PMI and qualifies you for better interest rates. However, many buyers put down 3–10% using conventional loans or FHA loans. A larger down payment means lower monthly payments and less total interest paid.
A 30-year mortgage has lower monthly payments but costs significantly more in total interest. A 15-year mortgage has higher monthly payments but you build equity faster and pay far less interest overall. Choose based on your budget and financial goals.
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Browse all calculators →How we calculate
This calculator uses standard amortization formulas and then adds property tax, insurance, PMI, and HOA costs when provided. Actual loan offers can differ by lender, credit profile, fees, and escrow rules.
Review the Methodology page for assumptions or use Contact to report a rate or formula issue.