Example 1
$400,000 home, 20% down
Borrowing $320,000 for 30 years at 6.5% costs about $2,023 a month and roughly $408,000 in interest.
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Smart Mortgage Calculator
Calculate your monthly mortgage payment instantly. Enter your loan amount, interest rate, and loan term to get started.
Loan details
Adjust the values to estimate your payment.
$
0$
20.0% of price
0%
3Monthly payment
$2,022.62
Total payment
$728,142.36
Total interest
$408,142.36
Loan amount: $320,000.00Term: 30 yearsRate: 6.5%
Amortization schedule
Yearly principal and interest breakdown
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,576.72 | $20,694.69 | $316,423.28 |
| 2 | $3,816.26 | $20,455.15 | $312,607.02 |
| 3 | $4,071.84 | $20,199.57 | $308,535.17 |
| 4 | $4,344.54 | $19,926.87 | $304,190.63 |
| 5 | $4,635.50 | $19,635.91 | $299,555.13 |
| 6 | $4,945.95 | $19,325.46 | $294,609.18 |
| 7 | $5,277.19 | $18,994.22 | $289,331.98 |
| 8 | $5,630.62 | $18,640.80 | $283,701.37 |
| 9 | $6,007.71 | $18,263.70 | $277,693.66 |
| 10 | $6,410.06 | $17,861.36 | $271,283.60 |
| 11 | $6,839.35 | $17,432.06 | $264,444.26 |
| 12 | $7,297.39 | $16,974.02 | $257,146.86 |
| 13 | $7,786.11 | $16,485.30 | $249,360.75 |
| 14 | $8,307.56 | $15,963.85 | $241,053.19 |
| 15 | $8,863.94 | $15,407.48 | $232,189.25 |
| 16 | $9,457.57 | $14,813.84 | $222,731.68 |
| 17 | $10,090.96 | $14,180.45 | $212,640.72 |
| 18 | $10,766.77 | $13,504.64 | $201,873.95 |
| 19 | $11,487.84 | $12,783.57 | $190,386.11 |
| 20 | $12,257.20 | $12,014.21 | $178,128.90 |
| 21 | $13,078.09 | $11,193.32 | $165,050.81 |
| 22 | $13,953.96 | $10,317.46 | $151,096.86 |
| 23 | $14,888.48 | $9,382.93 | $136,208.38 |
| 24 | $15,885.59 | $8,385.83 | $120,322.79 |
| 25 | $16,949.47 | $7,321.94 | $103,373.32 |
| 26 | $18,084.61 | $6,186.80 | $85,288.71 |
| 27 | $19,295.77 | $4,975.64 | $65,992.94 |
| 28 | $20,588.05 | $3,683.37 | $45,404.89 |
| 29 | $21,966.86 | $2,304.55 | $23,438.03 |
| 30 | $23,438.03 | $833.39 | $0.00 |
Calculator guide
How It Works
The calculator subtracts your down payment from the home price to find the loan amount, divides the annual interest rate by 12 to get a monthly rate, and multiplies the loan term by 12 to count the payments. It then applies the standard fixed-rate amortization formula, which finds the single monthly payment that pays the balance down to exactly zero by the final month.
Home price is what you pay for the property. Down payment is the cash you bring, and every extra dollar reduces the amount you borrow. Loan term (10, 15, 20, or 30 years) spreads the balance over time: longer terms lower the payment but add interest. Interest rate is the yearly cost of borrowing. Together these inputs decide whether a loan fits your monthly budget and how much the home truly costs over the life of the loan, so they are the core levers in any mortgage decision.
For a deeper explanation, read Mortgage Amortization Explained Simply.
What the Numbers Mean
- Monthly payment
- Your principal-and-interest bill. A high figure relative to income means less room for taxes, insurance, and savings; a low figure gives flexibility.
- Total payment
- Everything you pay over the full term. A total far above the loan amount signals a long term or high rate.
- Total interest
- The pure cost of borrowing. High interest suggests trying a shorter term, a bigger down payment, or a better rate.
- Amortization table
- Shows yearly principal versus interest. Early years are interest-heavy; balances fall faster later.
Common Scenarios
Example 2
Switch to 15 years
The same $320,000 at 6% for 15 years is about $2,700 a month, but interest drops to roughly $166,000.
Example 3
Bigger down payment
Putting $100,000 down on a $500,000 home instead of $50,000 cuts the loan by $50,000 and lowers every payment by about $316 at 6.5% over 30 years.
Frequently Asked Questions
What factors affect my monthly mortgage payment the most?
The loan amount, interest rate, and loan term drive the payment size the most. Property taxes and homeowners insurance, when escrowed, add to the total monthly amount.
How does a larger down payment change the numbers?
A larger down payment lowers the loan amount, which reduces both the monthly payment and total interest paid. It can also eliminate the need for private mortgage insurance (PMI).
What's the difference between a 15-year and 30-year mortgage?
A 15-year mortgage carries higher monthly payments but saves significantly on total interest paid. A 30-year mortgage lowers the monthly payment but extends interest costs over double the time.
Does this calculator include property taxes and insurance?
The calculator estimates principal and interest, with an option to add estimated taxes and insurance for a fuller monthly picture.
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