How to Use the Mortgage Calculator
Enter the home price, your down payment (as a dollar amount or percentage), the interest rate, and select a loan term of 15, 20, or 30 years. The calculator instantly shows your monthly payment, total amount paid over the life of the loan, total interest, and the effective cost of buying the home. A monthly breakdown table shows how each payment splits between principal and interest.
Try adjusting the down payment percentage or switching between loan terms to compare how different scenarios affect your monthly payment and total interest. A larger down payment or shorter term reduces total interest significantly, though it increases monthly costs.
Understanding Your Mortgage Costs
A mortgage is likely the largest financial commitment most people make. Understanding the full cost beyond the purchase price is essential for smart home buying. The total interest on a 30-year loan can equal or exceed the original home price, which is why many buyers opt for shorter terms or make extra payments to reduce interest. Use this calculator to explore different scenarios and find a mortgage that fits your financial situation and long-term goals.