đ Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and get a complete cost breakdown for your home loan.
đ Loan Details
Home Price
$300,000
Down Payment
$60,000 (20%)
Interest Rate
6.5%
Loan Term
30 years
đ Your Payment
$1,516
Monthly Payment (Principal + Interest)
Loan Amount
$240,000
Total Interest
$305,760
Total Cost
$545,760
đ Understanding Mortgages
A mortgage is a loan used to purchase real estate. The monthly payment typically includes principal (the loan amount), interest, property taxes, and insurance (PITI). This calculator shows the principal and interest portion.
Down Payment: A larger down payment reduces your loan amount and monthly payment. Putting down 20% or more typically allows you to avoid Private Mortgage Insurance (PMI).
â FAQ
What is included in the monthly payment?+
This calculator shows principal and interest only. Your actual payment may
include property taxes, homeowner's insurance, and PMI, which can add several hundred dollars per month.
Should I choose a 15 or 30-year mortgage?+
A 15-year mortgage has higher monthly payments but lower total interest. A
30-year mortgage has lower payments but you'll pay more interest over time. Choose based on your budget
and goals.
How much should I put down?+
Traditionally, 20% is recommended to avoid PMI. However, many programs allow
3-5% down. A larger down payment means lower monthly payments and less interest paid overall.