Mortgage Calculator
Free mortgage calculator with down payment, term, and rate. See monthly payments, total interest paid, and amortization schedule. Compare 15-year vs 30-year mortgages.
Mortgage parameters
Amount$
Interest rate6.8%
Term360mo.
Payment type
Monthly payment
2,282$
Mortgage amount
350,000$
Total payment
821,426$
Total interest
471,426$
% interest
134.7%
Payment breakdown
annuity · 360 mo.Principal350,000 $43%
Interest471,426 $57%
Total paid821,426 $
What it shows
The mortgage calculator computes the annuity (amortizing) payment. Accounts for amount, rate and term of the mortgage.
FAQ
What's included in the total cost? +
The total cost includes principal, interest over the full term, insurance and fees. Lenders must disclose the APR in the contract.
How is the monthly payment calculated? +
Formula: P = S · r·(1+r)ⁿ / ((1+r)ⁿ−1), where r is the monthly rate and n is the number of months.
How does it differ from a differentiated payment? +
Annuity = equal payments over the term, higher total interest. Differentiated = decreasing payments, lower total interest but higher initial payments.
FAQ
What is a down payment and how much do I need?
The down payment is the share of the home price you pay upfront. Conventional loans typically expect 5–20%. A 20% down payment lets you avoid private mortgage insurance (PMI) and lowers your monthly payment.
Which is better: a 15-year or 30-year mortgage?
A 30-year mortgage has a lower monthly payment but you pay 2–3× more total interest. A 15-year mortgage costs more per month but saves a large amount in interest and builds equity faster.
What is included in a mortgage payment?
Principal and interest are calculated here. Your full monthly housing cost may also include property taxes, homeowners insurance, and PMI — often grouped together as PITI.
Can I deduct mortgage interest on my taxes?
In the US, mortgage interest on a primary residence may be deductible if you itemize, up to IRS limits. Consult current IRS guidance or a tax professional for your situation.