CalcPick

Mortgage Calculator

Estimate your monthly mortgage payment including principal, interest, taxes, and insurance.

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$

20.0% of home price

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$/yr
$/yr

Your Mortgage Summary

Monthly Payment

$2,169.79

Principal, interest, tax & insurance

Principal & Interest

$1,769.79

Monthly Tax

$300.00

Monthly Insurance

$100.00

Total Interest

$357,124.57

Over 30 years

Total Cost

$781,124.57

All payments combined

Loan Details

Home Price

$350,000.00

Down Payment

$70,000.00 (20.0%)

Loan Amount

$280,000.00

Loan Term

30 years

Payment Breakdown

Principal vs Interest

Remaining Balance

Amortization Schedule

YrPrincipalInterestBalance
1$3,129.63$18,107.85$277k
2$3,339.23$17,898.26$274k
3$3,562.86$17,674.62$270k
4$3,801.47$17,436.01$266k
5$4,056.07$17,181.42$262k
6$4,327.71$16,909.78$258k
7$4,617.54$16,619.94$253k
8$4,926.79$16,310.70$248k
9$5,256.74$15,980.74$243k
10$5,608.80$15,628.69$237k

How Does a Mortgage Calculator Work?

A mortgage calculator helps you estimate your monthly housing costs before you commit to a home loan. It uses the standard amortization formula to break down each payment into principal and interest, then adds property taxes and homeowners insurance to give you a complete picture of your monthly obligation. By adjusting the home price, down payment, loan term, and interest rate, you can quickly compare different scenarios to find a mortgage that fits your budget. Understanding these numbers upfront helps you shop for homes with confidence and negotiate better terms with lenders.

Frequently Asked Questions

How is a monthly mortgage payment calculated?
A monthly mortgage payment is calculated using the loan principal (home price minus down payment), the annual interest rate divided by 12, and the total number of monthly payments. The standard formula is M = P[r(1+r)^n]/[(1+r)^n-1], where M is the monthly payment, P is the principal, r is the monthly interest rate, and n is the number of payments. Property tax and homeowners insurance are then added to determine your total monthly housing cost.
How much down payment do I need for a mortgage?
The typical down payment ranges from 3% to 20% of the home price. Conventional loans often require at least 5%, while FHA loans may accept as low as 3.5%. Putting down 20% or more lets you avoid private mortgage insurance (PMI), which can save you hundreds of dollars per month. A larger down payment also means lower monthly payments and less total interest paid over the life of the loan.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves significantly on total interest. A 30-year mortgage has lower monthly payments, making it more affordable month-to-month, but you pay more interest over the life of the loan. For example, on a $280,000 loan at 6.5%, a 15-year term saves over $150,000 in interest compared to a 30-year term. Choose based on your monthly budget and long-term financial goals.
What factors affect my mortgage interest rate?
Mortgage interest rates are influenced by your credit score, down payment size, loan term, loan type (fixed vs. adjustable), and current market conditions. A higher credit score (740+) typically qualifies you for the best rates. Larger down payments can also secure lower rates. Shopping around and comparing offers from multiple lenders can help you find the most competitive rate available.