Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and view a full yearly amortization schedule.
How to Use: Enter the home price, down payment (as a percentage or dollar amount), annual interest rate, and loan term. The monthly payment and total interest are calculated instantly. Expand the yearly breakdown to see principal vs. interest paid each year.
Who It's For: Home buyers in the US, Canada, or other fixed-rate mortgage markets; anyone comparing loan scenarios; first-time buyers learning about mortgage costs.
Features: Down payment toggle (% or $), loan terms of 10, 15, 20, 25, or 30 years, monthly payment, total interest, total payment, yearly amortization table.
FAQ: Q. How much should my down payment be? A. 20% or more typically avoids Private Mortgage Insurance (PMI). Q. How much does a lower rate save? A. Even 0.5% less can save tens of thousands over a 30-year loan.
Tips: Shorter loan terms mean higher monthly payments but dramatically less total interest — try switching between 15 and 30 years to see the difference.