Know before you buy
Mortgage calculator
What the house really costs — monthly payment, lifetime total, and the interest share.
Monthly payment
$1,036.38
for 120 months
Total cost of mortgage
—
Total interest paid
—
How it's calculated
Uses the standard amortization formula: monthly payment = r·P·(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the amount borrowed, r the monthly interest rate (annual rate ÷ 12), and n the number of monthly payments.
What a mortgage really costs
On a typical 30-year mortgage, the interest can rival the price of the house itself — the principal-versus-interest bar above makes that share visible at a glance. A shorter term or a lower rate shrinks the interest slice dramatically, at the cost of a higher monthly payment. Compare a 15-year and a 30-year term side by side before you commit.
Frequently asked questions
Does this include taxes, insurance, and PMI?
No — it calculates principal and interest only. Property taxes, homeowners insurance, PMI, and HOA dues come on top and vary by location and lender.
How does the term affect what I pay?
A longer term lowers the monthly payment but increases the total interest. Moving from 30 to 15 years often cuts lifetime interest by more than half.
Should I enter the home price or the loan amount?
Enter the loan amount — the home price minus your down payment. That is the balance the monthly payment is calculated on.