🏠 Mortgage Calculator

A mortgage calculator tells you exactly what a home loan will cost each month — not just the raw number, but how much goes to principal vs. interest over time. A $350,000 home with 20% down at 6.5% over 30 years means a $1,770 monthly payment and $637,135 total paid — nearly double the purchase price.

Most first-time buyers underestimate closing costs ($7,000-$17,000) and ongoing expenses (property tax, insurance, HOA fees). Your mortgage payment might be $1,500, but your real monthly housing cost could be $2,100+. Run the numbers before you commit.

The amortization table shows how each payment splits between principal and interest. Early in the loan, almost all your payment goes to interest — after 5 years on a 30-year loan at 6%, you've paid down less than 8% of principal. Years 20-30 are when you build real equity.

Loan term comparison: 30-year vs 15-year on $280,000 at 6.5%. 30-year: $1,770/month, $357,135 total interest. 15-year: $2,439/month, $159,089 total interest. You save $198,046 in interest. The trade-off: $669 higher monthly payment. Use our calculator to find your ideal balance.

Pro tip: Make one extra payment per year. On a $280,000 loan at 6.5%, this cuts your 30-year mortgage to about 22 years and saves $87,000 in interest. Even $50 extra per month saves $41,000+. Small consistent overpayments create massive long-term savings.

Before house hunting: check your credit score (740+ for best rates), save for 20% down (avoid PMI), get pre-approved (not just pre-qualified), and factor in all costs (closing, moving, repairs, furniture). Use our mortgage calculator to stress-test different scenarios.