Mortgage Calculator
Calculate your monthly mortgage payments and see how much you'll pay in interest over the life of your loan.
Loan Details
Total purchase price of the home
20.0% of home price
Annual interest rate
Monthly Payment Breakdown
Monthly Payment$1,516.96
Loan Amount$240,000
Total Interest$306,106.77
Total Payment$546,106.77
Understanding Mortgages
A mortgage is a loan used to purchase a home. The borrower agrees to pay back the loan, plus interest, over a set period of time. Most mortgages are paid back over 15 or 30 years.
Key Terms
- Principal: The amount borrowed to purchase the home
- Interest: The cost of borrowing money, expressed as a percentage
- Down Payment: The upfront payment made when purchasing a home
- Loan Term: The length of time to pay back the mortgage
Tips for Homebuyers
- A larger down payment reduces your monthly payment and total interest
- Shorter loan terms mean higher monthly payments but less total interest
- Shop around for the best interest rates to save thousands
- Consider additional costs like property taxes, insurance, and HOA fees