Calculate your monthly mortgage payment, total interest, and view a complete amortization schedule.
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Enter your home price, down payment, interest rate, and loan term to see your estimated monthly payment. You can also add annual property tax and home insurance to get a full picture of your monthly housing cost.
The amortization schedule below shows a year-by-year breakdown of how much of each payment goes toward principal versus interest, and what your remaining balance will be at the end of each year.
A mortgage is likely the largest financial commitment you will ever make — the total interest paid on a 30-year mortgage can easily exceed the original purchase price of the home. Understanding how mortgages are structured, what affects your rate, and how to use our calculator to model different scenarios can save you tens of thousands of dollars over the life of your loan.
Types of mortgages: A fixed-rate mortgage locks your interest rate for the full loan term, providing predictable payments. The most common terms are 30 years and 15 years — a 15-year mortgage has higher monthly payments but dramatically less total interest and builds equity faster. An adjustable-rate mortgage (ARM) starts with a lower fixed rate for an initial period (typically 5, 7, or 10 years) then adjusts annually based on a market index. ARMs carry interest rate risk but can save money if you plan to sell or refinance before the adjustment period begins.
What drives your mortgage rate: Lenders set rates based on your credit score (higher score = lower rate; the difference between a 620 and 760 credit score can be 0.5–1.5%), your down payment (larger down payment = lower rate and no PMI), loan type (conventional, FHA, VA, USDA each have different rate structures), loan term (15-year loans carry lower rates than 30-year), and property type (primary residences get the best rates; investment properties carry a premium of 0.5–1.0%).
The down payment decision: The conventional wisdom of a 20% down payment is not a rule — it is the threshold that eliminates Private Mortgage Insurance (PMI). FHA loans allow down payments as low as 3.5% with a credit score of 580+. VA loans (for veterans) and USDA loans (for rural properties) often require zero down payment. However, a larger down payment reduces your loan balance, monthly payment, and total interest. Use our calculator to model what your payment looks like at 5%, 10%, and 20% down to make an informed decision.
Points and buydowns: "Mortgage points" are prepaid interest that you pay at closing to reduce your interest rate — one point costs 1% of the loan amount and typically reduces your rate by 0.25%. Whether buying points makes sense depends on your break-even period: if it takes 5 years of lower monthly payments to recoup the upfront cost, and you plan to sell in 3 years, points are a poor investment. If you plan to stay in the home for 10+ years, buying points to secure a lower rate can be highly beneficial.
How to pay off your mortgage faster: Making one extra mortgage payment per year reduces a 30-year mortgage by approximately 4–5 years and saves tens of thousands in interest. Bi-weekly payments (half your monthly payment every two weeks) achieve the same result because you end up making 26 half-payments (= 13 full payments) rather than 12 per year. Any extra amount paid toward principal in a given month saves the interest that would have accrued on that amount for the remaining life of the loan.