Estimate your monthly payment, total cost, and see a full year-by-year breakdown instantly.
Fill in your loan details and click Calculate to see your results.
Uses the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is loan amount, r is monthly rate, and n is total payments.
Putting down 20% avoids PMI (Private Mortgage Insurance), which typically costs 0.5–1.5% of your loan annually until you reach 20% equity.
A 1% difference in rate on a $300k loan changes your payment by ~$175/month and total interest by ~$60,000 over 30 years.
Your total monthly payment includes principal (paying down your loan), interest (cost of borrowing), property tax, and homeowner's insurance — often called PITI. If your down payment is less than 20%, PMI is also typically added.
A 15-year mortgage builds equity faster and saves tens of thousands in interest, but has higher monthly payments. A 30-year mortgage has lower payments giving more monthly flexibility. The right choice depends on your income stability and financial goals.
This calculator does not automatically include PMI. If your down payment is less than 20%, add roughly 0.5–1% of the loan amount annually to your estimate to account for PMI until you reach 20% equity.
This tool provides close estimates for planning purposes. Your actual payment will vary based on your credit score, lender fees, exact tax rates, and insurance premiums. Always confirm with a licensed mortgage professional before making decisions.
Generally, a score of 740+ gets you the best available rates. Scores between 620–739 can still qualify but may face higher rates. Below 620 may require government-backed loans (FHA, VA) or a larger down payment.