How to Use This Mortgage Calculator
Enter your loan amount, interest rate, and loan term to calculate your monthly mortgage payment. The calculator instantly shows your estimated monthly payment, total amount paid over the life of the loan, and total interest paid.
Understanding Your Mortgage Payment
Your monthly mortgage payment consists of principal and interest. The principal is the amount you borrowed, while the interest is the cost of borrowing that money. In the early years of your mortgage, a larger portion of your payment goes toward interest. As you pay down the principal, more of your payment goes toward reducing the loan balance.
How Interest Rates Affect Your Payment
Even small changes in interest rates can significantly impact your monthly payment and total cost. For example, on a $200,000 loan, the difference between a 6% and 7% interest rate is about $130 per month—or nearly $47,000 over the life of a 30-year loan.
15-Year vs 30-Year Mortgage
A 15-year mortgage typically has a lower interest rate and saves you money on total interest, but comes with higher monthly payments. A 30-year mortgage offers lower monthly payments, making homeownership more affordable, but you'll pay more interest over time. Use this calculator to compare both options.