Mortgage Details
How to Use This Mortgage Calculator
Enter your home price, down payment, loan term, and interest rate. The calculator instantly shows your principal and interest (P&I) payment, plus an optional breakdown including property taxes, insurance, and PMI.
Understanding the Mortgage Formula
Monthly payment = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal loan amount, r is the monthly interest rate (annual rate / 12), and n is the total number of monthly payments (years × 12).
What Is an Amortization Schedule?
An amortization schedule shows how each monthly payment is split between principal and interest over the life of your loan. Early payments are mostly interest; later payments are mostly principal. The table above shows both a yearly summary and month-by-month breakdown.
How Much Mortgage Can I Afford?
A common guideline is the 28/36 rule: your mortgage payment should not exceed 28% of your gross monthly income, and your total debt payments should not exceed 36%. For a $100,000 annual income, that means a maximum mortgage payment of about $2,333/month.
30-Year vs 15-Year Mortgage
A 30-year mortgage has lower monthly payments but you pay significantly more interest over time. A 15-year mortgage typically has lower interest rates and you pay off the loan faster, saving tens of thousands in interest. Use the term selector above to compare.