Mortgage Calculator - Monthly Payment & Amortization

Mortgage Calculator Explained

Our mortgage calculator helps estimate your monthly mortgage payment and total loan cost, including interest paid over the entire repayment period. It is designed for standard U.S. fixed-rate mortgages (15, 20 or 30 years).

How mortgage payments are calculated

Payment = P × r / (1 – (1 + r)^(-n))

P = loan amount, r = monthly rate, n = number of payments.

Example calculation

Home price: $450,000
Down payment: $90,000
Loan amount: $360,000
Interest rate: 6.25%
Loan term: 30 years

Monthly payment ≈ $2,219

Total interest matters more than monthly payment

Over 30 years, the total paid would be roughly $798,840, of which $438,840 is interest.

Shorter terms vs longer terms

Term	Monthly	Total Interest
30-year	$2,219	$438,840
15-year	~$3,075	~$193,500

Choosing a shorter term can save more than $240,000 in interest.

Extra payments save money

Adding even $100–$300 per month can cut several years off a mortgage and save tens of thousands.

Common U.S. mortgage guidelines

Mortgage ≤ 28% of gross income
Total debts ≤ 36% of gross income
20% down payment avoids PMI

Frequently Asked Questions

Should I refinance? Yes if new APR is at least 1% lower.

Is PMI required? Yes if down payment < 20%.

How much house can I afford? Typically 3–5× household income.

Use this calculator to compare loan options and plan your mortgage strategy with confidence.