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CalcSpeed

Mortgage Calculator

Calculate your monthly payment, total interest, and see your full amortization schedule.

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Loan Details

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The total purchase price of the home before your down payment.

$
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Most lenders require at least 3–5%. Putting down 20% avoids Private Mortgage Insurance (PMI).

A 30-year term has lower monthly payments; a 15-year term saves significantly more in total interest.

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US 30-year fixed rates have ranged 6–7% in recent years. Use the rate your lender has quoted you.

Your Estimate

Monthly Payment
$2,661
Principal & Interest only
Total Interest
$557,912
Total Cost
$957,912
Loan Amount
$320,000
Principal 37%
Interest 63%

Amortization Schedule

Month Payment Principal Interest Balance
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Frequently Asked Questions

How is a monthly mortgage payment calculated?
Your monthly mortgage payment is calculated using the principal loan amount, the annual interest rate divided by 12 (monthly rate), and the number of monthly payments (loan term in years × 12). The standard formula is: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal, r is the monthly interest rate, and n is the number of payments. This ensures each payment covers the interest accrued that month plus a portion of the principal.
What is the difference between the loan amount and the home price?
The home price is the total purchase price of the property. The loan amount (principal) is the home price minus your down payment. For example, if you buy a $400,000 home with a 20% down payment ($80,000), your loan amount is $320,000. Lenders use the loan amount to calculate your monthly payment and total interest costs.
What is a good interest rate for a mortgage in the US?
Mortgage interest rates fluctuate based on the Federal Reserve benchmark rate, lender competition, and your personal credit profile. Historically, a rate below the national average for your loan type is considered good. As of recent years, 30-year fixed rates have ranged from roughly 6% to 7%. Your credit score, down payment size, and loan type (conventional, FHA, VA) all significantly impact the rate you're offered.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but you pay far less total interest and build equity faster. A 30-year mortgage has lower monthly payments, giving you more cash flow flexibility, but you'll pay significantly more in interest over the life of the loan. If you can comfortably afford the higher 15-year payment, you'll save tens of thousands in interest. If cash flow is a concern, the 30-year provides a safety buffer.
What is PMI and when do I have to pay it?
Private Mortgage Insurance (PMI) is required on conventional loans when your down payment is less than 20% of the home price. PMI protects the lender if you default. It typically costs 0.5%–1.5% of the loan amount per year, added to your monthly payment. Once you reach 20% equity in the home (either through payments or appreciation), you can request PMI cancellation. FHA loans have their own mortgage insurance requirements that may last the life of the loan.
What is an amortization schedule?
An amortization schedule is a complete table of monthly mortgage payments showing exactly how much of each payment goes toward interest versus reducing your principal balance. In the early years of a mortgage, the majority of each payment is interest. Over time, as the principal decreases, the interest portion shrinks and more of each payment goes to principal. This is why you build equity slowly at first and faster later.
How much house can I afford?
A common guideline is that your total housing costs (mortgage payment, property taxes, insurance, HOA fees) should not exceed 28% of your gross monthly income. Your total debt payments (housing plus car loans, student loans, credit cards) should stay under 36%. This is called the 28/36 rule. However, your personal financial situation, savings, job stability, and local cost of living should all factor into what's truly affordable for you.
Does this calculator include property taxes and insurance?
This calculator computes your principal and interest (P&I) payment, which is the core mortgage payment. Property taxes and homeowner's insurance are typically collected by lenders in an escrow account and added to your monthly payment, but they vary widely by location and insurer. To get your full estimated monthly housing cost, add your expected property tax and insurance amounts to the P&I figure shown here.

How Mortgage Payments Actually Work

Most first-time buyers are surprised to learn that their monthly payment is split four ways: principal, interest, property taxes, and insurance. Lenders call this PITI. The mortgage calculator above shows the principal and interest portion — the part that's fixed for the life of a fixed-rate loan.

Here's the part that catches people off guard. In the early years of a 30-year mortgage, almost nothing goes toward actually owning more of your home. On a $400,000 loan at 6.5%, your first payment of around $2,528 sends about $2,167 to interest and only $361 toward your balance. That ratio slowly shifts over time. By year 25, it flips — most of your payment is principal. This is how amortization works, and it's also why making even one extra payment per year can cut years off your loan.

The 15-year versus 30-year decision comes down to monthly cash flow versus total cost. A $350,000 loan at 6.5% over 30 years costs about $441,000 in total interest. The same loan over 15 years costs around $186,000 in interest — saving $255,000 — but requires a monthly payment roughly $800 higher. Neither is wrong. It depends on what you can comfortably handle month to month.

PMI — Private Mortgage Insurance — applies when your down payment is under 20%. It typically adds 0.5% to 1.5% of the loan amount per year to your costs. On a $400,000 home with 5% down, that's an extra $150 to $500 per month until you reach 20% equity. You can request PMI removal once you hit that threshold — it doesn't automatically drop off with most lenders.

One thing most borrowers don't do: make even one extra mortgage payment per year. On a 30-year loan, this single habit typically cuts 4 to 6 years off the repayment timeline and saves tens of thousands in interest. You don't need to refinance. Just specify that the extra amount goes toward principal.

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How to Use the CalcSpeed Mortgage Calculator

Enter the home price, your down payment amount (or adjust the percentage), select your loan term, and input the annual interest rate your lender has quoted. Your monthly principal and interest payment updates instantly as you type. The calculator also shows your total interest cost over the life of the loan and your total repayment amount, so you can see the full picture of what a mortgage really costs.

Scroll down to view the amortization schedule, which shows exactly how each monthly payment is split between interest and principal reduction. In the early years of a 30-year mortgage, you might be surprised to see that most of your payment is interest. This is completely normal—it's how amortization works. Use the "Show All Years" toggle to view the complete schedule, or compare different loan terms and rates to find the best fit for your budget and financial goals.