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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.