What's the difference between a 15-year and 30-year mortgage?

A 15-year mortgage has higher monthly payments but significantly less total interest paid. A 30-year mortgage has lower monthly payments but you'll pay much more in interest over the life of the loan. For example, a $400k loan at 6.5%: 30-year costs ~$511k in interest; 15-year costs ~$204k.

How does the interest rate affect my payment?

Interest rate has a large impact. On a $400,000 30-year mortgage, a rate of 5% vs 7% means a difference of over $450 per month. Even a 0.5% rate difference saves tens of thousands over the loan life.

What credit score do I need for a mortgage?

Conventional loans typically require a 620+ credit score. FHA loans accept scores as low as 580 (with 3.5% down) or 500 (with 10% down). Higher scores qualify you for lower interest rates.

Should I make extra mortgage payments?

Extra payments go directly toward principal and can dramatically reduce both the loan term and total interest paid. Even $100–$200 extra per month can shave years off a 30-year mortgage and save thousands in interest.

Mortgage Calculator — Monthly Payment & Total Cost

The Mortgage Calculator helps you estimate your monthly mortgage payment based on the loan amount, interest rate, and loan term. Understanding your payment before you buy a home is essential — it helps you budget properly and compare different loan options. Our calculator uses the standard amortization formula used by lenders worldwide, giving you an accurate estimate of your principal and interest payment. Note that this doesn't include property taxes, insurance, or PMI, which vary by location.

Home Price / Loan Amount($)

Down Payment($)

Annual Interest Rate(%)

Loan Term

How to Use This Calculator

1
Enter the home price or loan amount.
2
Enter your down payment (leave 0 if you want the full loan amount).
3
Enter the annual interest rate you've been quoted.
4
Select your preferred loan term (15, 20, or 30 years).
5
Click Calculate to see your monthly payment.

Frequently Asked Questions

This calculator estimates your principal and interest (P&I) payment only. Your actual monthly payment will also include property taxes, homeowners insurance, and possibly PMI (private mortgage insurance) if your down payment is under 20%.

Related Calculators

💰Loan EMI Calculator 💰Compound Interest Calculator 💰Discount Calculator

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