🏠 Mortgage Details
Enter your loan details to see your complete mortgage breakdown
📊 Your Mortgage Results
📊 Loan Term Comparison
📅 Amortization Schedule
| Year | Principal | Interest | Total Paid | Balance |
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How to Use the Mortgage Calculator
Our free mortgage calculator helps you understand the true cost of buying a home before you sign anything. Simply enter your home price, down payment, interest rate and loan term to see your complete monthly payment breakdown including principal, interest, property tax and home insurance.
Understanding Your Mortgage Payment
Your total monthly mortgage payment is made up of several components. Principal is the portion that reduces your loan balance. Interest is the cost of borrowing charged by your lender. Property tax and home insurance are additional costs typically collected by your lender and held in escrow.
15 Year vs 30 Year Mortgage
A 30-year mortgage offers lower monthly payments but you pay significantly more interest over the life of the loan. A 15-year mortgage has higher monthly payments but you build equity faster and pay far less total interest. Use our loan term comparison above to see the exact difference for your situation.
How Much House Can You Afford?
- Most financial experts recommend keeping your monthly mortgage payment below 28% of your gross monthly income
- Your total debt payments including mortgage should stay below 36% of gross income
- A larger down payment reduces your loan amount and eliminates PMI when you put 20% or more down
- Compare rates from multiple lenders — even a 0.5% difference saves thousands over the loan term
- Factor in property taxes, insurance and maintenance costs beyond just principal and interest
What is an Amortization Schedule?
An amortization schedule shows you exactly how much of each payment goes toward principal versus interest over the life of your loan. In the early years of a mortgage, the majority of your payment goes toward interest. As years pass, more of each payment reduces your principal balance.