Calculate your monthly payment, see your amortization schedule, and total interest
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Your monthly mortgage payment consists of principal (paying down your loan balance), interest (the cost of borrowing), property taxes, and homeowner's insurance — often called PITI. Our calculator breaks down each component so you know exactly where your money goes each month.
A larger down payment means a smaller loan, lower monthly payments, and less total interest paid over the life of the loan. Putting down 20% or more also lets you avoid private mortgage insurance (PMI), saving you an additional $100-300 per month on a typical loan.
A 15-year mortgage has higher monthly payments but saves you tens of thousands in interest compared to a 30-year term. For example, on a $280,000 loan at 6.75%, a 30-year mortgage costs about $373,000 in total interest while a 15-year mortgage costs roughly $148,000 — a savings of over $225,000.