Mortgage Calculator
Calculate your monthly mortgage payment, see how much interest you'll pay, and visualize your amortization schedule.
β οΈ High Interest Rate Warning!
At %, you'll pay in interest over 30 years. Consider refinancing to save thousands.
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Your Results
Monthly Payment (P&I)
$1,996
Loan Amount
$240,000
Total Interest
$478,527
Total Amount Paid
$718,527
Principal vs. Interest
Frequently Asked Questions
How is my monthly mortgage payment calculated?
Your monthly payment is calculated using the formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal loan amount, r is the monthly interest rate, and n is the number of payments.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but you'll pay significantly less interest over time. A 30-year mortgage has lower monthly payments but costs more in total interest. Choose based on your budget and financial goals.
How much should I put down on a house?
Putting down 20% avoids PMI (Private Mortgage Insurance) and typically gets you better interest rates. However, 5-10% down payments are common for first-time buyers. The right amount depends on your savings and financial situation.