Mortgage Calculator
Calculate your monthly mortgage payment with full amortization schedule. Compare rates, terms, and down payments instantly.
= $80,000
Payment Breakdown
Common Mortgage Calculations
Mortgage Calculator by City
Loan Types
Mortgage Rates & Terms
Down Payment Options
15 vs 30-Year Mortgage ($400,000)
| 15-Year | 30-Year | |
|---|---|---|
| Monthly Payment | $2,832 | $2,129 |
| Total Interest | $189,708 | $446,428 |
| Total Cost | $509,708 | $766,428 |
| Interest Saved | $256,721 | — |
Rate Impact on $400,000 Mortgage
| Rate | Monthly | Total Interest |
|---|---|---|
| 5.5% | $1,817 | $334,093 |
| 6% | $1,919 | $370,682 |
| 6.5% | $2,023 | $408,142 |
| 7% | $2,129 | $446,428 |
| 7.5% | $2,237 | $485,495 |
| 8% | $2,348 | $525,297 |
How Mortgage Payments Are Calculated
Your monthly mortgage payment (principal + interest) is calculated using the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ - 1] where P = loan amount, r = monthly interest rate, and n = number of payments.
Early payments are mostly interest. As you pay down the principal, more of each payment goes toward principal. A 30-year $400,000 mortgage at 7% means your first payment is about $1,867 in interest and only $262 in principal.
Your actual monthly cost also includes property taxes (~1-2% of home value annually), homeowners insurance ($150-300/month), and possibly PMI (if down payment < 20%, typically 0.5-1.5% of loan value annually).