MORTGAGE & HOUSING
Mortgage Payment Calculator - Estimate Your Monthly Payment & Total Cost
Most buyers use a mortgage payment calculator to estimate their monthly cost before deciding how much house they can afford.
Target Home
Loan Details
Taxes & Insurance
How to lower your payment
- Increase down payment
- Choose longer loan term
- Lower purchase price
Estimated Monthly Payment
Total Monthly Payment
$2,628
Over 30 years, you'll pay $431,018 in interest - more than 1.3x your loan amount.
Principal & Interest
$2,086
Taxes
$417
Insurance
$125
Why your loan feels slow to pay off
In year 1, 87% of your payment goes to interest and only 13% reduces your balance.
At this rate, it takes until year 21 before more than half your payment builds equity.
On your $320,000 loan, you'll pay $431,018 in interest - 1.3x what you originally borrowed.
What this means for you
Switching to a 15-year term would cut your interest in half - but raise your monthly payment.
→ Should I refinance?Estimates based on your inputs. Actual results may vary. Terms →
A few things worth considering:
If the payment feels high - a lower home price or larger down payment will move the needle more than a slightly better rate.
If you're close to 20% down - getting there eliminates PMI and meaningfully reduces your monthly cost.
If you're comparing loan terms - a 15-year mortgage costs more monthly but saves significantly on total interest.
Is this payment too high?
Frequently asked questions
What to calculate next
Should I Refinance? Calculator
Enter your current loan and new rate - get a clear yes/no decision with break-even analysis.
Mortgage Payoff Calculator
Calculate how many years of payments you can skip by adding to your principal.
Amortization Calculator
Understand how your mortgage is amortized and see the breakdown of your payments over time.
How much will your mortgage cost per month?
Using a reliable mortgage payment calculator is the best way to stress-test your monthly budget before committing to a 30-year loan.
What affects your monthly payment?
- Interest rate
- Loan term
- Down payment
How to lower your payment
- Increase down payment
- Choose a longer loan term
- Lower your purchase price
How PMI impacts your payment
If your down payment is below 20%, lenders require Private Mortgage Insurance (PMI). This adds $100 to $300 to your monthly payment, offering no equity benefit to you. Removing PMI is the fastest way to lower your structural housing cost without changing your home price.
This tool helps you compare scenarios and understand trade-offs. Your actual decision depends on your timeline, finances, and personal priorities.