Estimate your monthly home loan payment, total interest and total cost in seconds — then see how the numbers break down.
| Loan Amount | Monthly P&I | Total Interest | Total Paid |
|---|---|---|---|
| $150,000 | $948 | $191,317 | $341,317 |
| $200,000 | $1,264 | $255,089 | $455,089 |
| $250,000 | $1,580 | $318,861 | $568,861 |
| $300,000 | $1,896 | $382,633 | $682,633 |
| $400,000 | $2,528 | $510,178 | $910,178 |
| $500,000 | $3,160 | $637,722 | $1,137,722 |
Figures are principal & interest only (no tax, insurance or PMI). Use the calculator above for your own rate and term.
Your calculator uses the standard amortization formula lenders rely on to spread a fixed-rate loan into equal monthly payments:
M = P · r · (1+r)ⁿ ⁄ ((1+r)ⁿ − 1)
Because the payment stays fixed while the balance shrinks, the mix changes every month: early payments are mostly interest, later payments are mostly principal. This is called amortization, and it's why paying extra toward principal early in the loan saves the most interest over time.
The number above is principal and interest (P&I) only. Your real monthly housing cost — often called PITI — also includes property taxes, homeowner's insurance, and PMI (private mortgage insurance) if your down payment is under 20%. For a full breakdown of what you can actually afford including those extras, use our Mortgage Affordability Calculator.
Say you borrow $350,000 at a fixed rate of 6.5% over 30 years (360 monthly payments).
Now compare a 15-year term on the same $350,000 at a slightly lower typical rate of 5.9%: the payment rises to about $2,935/month, but total interest drops to roughly $178,200 — saving about $268,000 over the life of the loan, because you pay it off in half the time and at a lower rate.
A fixed-rate mortgage keeps the same interest rate — and therefore the same P&I payment — for the entire term. It's predictable and the most common choice for buyers planning to stay long-term.
An adjustable-rate mortgage (ARM) starts with a lower "teaser" rate for an initial period (commonly 5, 7 or 10 years), then adjusts periodically based on a market index. ARMs can make sense if you expect to sell or refinance before the adjustment period ends, but they carry the risk of higher payments later if rates rise. This calculator models fixed-rate payments; for an ARM, calculate the payment separately for each rate period.
Just closed on a home? Budget the move-in costs too — try the Paint Calculator or Wallpaper Calculator to estimate materials for your first renovation project.
With the amortization formula M = P·r·(1+r)ⁿ/((1+r)ⁿ−1), where P is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments. This spreads the loan into equal payments over the full term.
No — this tool calculates principal and interest (P&I) only. Your total monthly housing cost (PITI) also includes property taxes, homeowner's insurance, and PMI if applicable. Use the Mortgage Affordability Calculator for a full PITI estimate.
A 15-year mortgage has higher monthly payments but a lower interest rate and far less total interest paid — often saving tens or hundreds of thousands of dollars. A 30-year mortgage has lower monthly payments, making it more affordable month-to-month, but costs significantly more in total interest.
Total interest = (monthly payment × number of payments) − loan amount. On a typical 30-year loan at current rates, total interest often exceeds the original loan amount. Making extra principal payments or choosing a shorter term reduces this significantly.
Extra principal payments reduce your remaining balance immediately, which lowers the interest charged on all future payments and shortens the payoff timeline. Even modest extra payments early in the loan can save years and thousands in interest — see our Loan Payoff Calculator to model this.
A fixed rate is safer if you plan to stay in the home long-term, since your payment never changes. An adjustable-rate mortgage (ARM) offers a lower initial rate but can rise later, so it suits buyers who expect to sell or refinance before the fixed period ends.
Lenders typically cap housing costs at 28% of gross monthly income (front-end ratio) and total debt at 36% (back-end ratio). Try the Mortgage Affordability Calculator to estimate your maximum home price based on income, debts and down payment.