🏠 Mortgage Calculator
Calculate your monthly mortgage payment, total interest paid, and see a full breakdown of your home loan costs.
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Loan Details
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Your Results
Monthly Payment$1,516.96
Loan Amount$240,000
Total Interest$306,107
Total Payment$546,107
Number of Payments360
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How to Use This Mortgage Calculator
Our free mortgage calculator helps you estimate your monthly mortgage payment based on the home price, down payment, interest rate, and loan term. Simply enter your details above to see instant results.
Understanding Your Mortgage Payment
Your monthly mortgage payment consists of principal (the loan amount) and interest. Over time, more of your payment goes toward principal as the loan balance decreases. This is called amortization.
Down Payment Tips
- 20% Down: Avoids Private Mortgage Insurance (PMI)
- 10-15% Down: Lower monthly payments but requires PMI
- 3-5% Down: FHA or conventional loans for first-time buyers
Choosing Your Loan Term
- 30-Year: Lower monthly payments, more total interest
- 15-Year: Higher payments, significant interest savings
- 20-Year: Middle ground between payment size and interest