Finance
Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and total cost from home price, down payment, interest rate, and loan term.
How this is calculated
The monthly payment covers principal and interest only, using the standard amortization formula. It does not include property tax, homeowners insurance, HOA fees, or mortgage insurance, all of which vary by location and lender.
Why total interest is so high
On a long term like 30 years, interest accrues on the outstanding balance every month. Early payments are mostly interest, and only later in the term does most of each payment go toward the principal. Shortening the term or making extra principal payments reduces total interest substantially.
For general estimation only. Contact a lender for an official quote based on your credit and local costs.