Mortgage Calculator

It can do both. A larger down payment shrinks the balance you finance, so the payment falls directly.

It also lifts your equity, and once you cross 20% down you usually avoid PMI and may qualify for a lower rate tier, since lenders price more equity as less risk. The calculator shows the payment effect; ask a lender about the rate effect.

Interest is charged on the outstanding balance, which is largest at the start. In the first years that interest claims most of each level payment, leaving little for principal.

As the balance slowly falls, the interest portion shrinks and the principal portion grows, so the payoff accelerates toward the end. This is normal amortization, not a fee.

More than most people expect. Every extra dollar goes straight to principal, so it stops accruing interest for the rest of the term.

On a 30-year loan, adding roughly one extra monthly payment per year can trim several years off the schedule and cut tens of thousands in interest, depending on your rate and balance.

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At 7.18% — the current 30-year average this calculator uses — a $300,000 mortgage costs about $2,032 a month in principal and interest over 30 years, or about $2,625 on a 15-year loan at 6.57%.

If $300,000 is the house price and you put 20% down, you borrow $240,000 and the 30-year payment drops to about $1,626. Property tax, insurance and any PMI come on top.

A $200,000 mortgage runs about $1,355 a month at 7.18% on a 30-year term (principal and interest). A 15-year loan at 6.57% raises it to about $1,750 but cuts total interest from about $287,753 to $114,986.

Expect about $2,710 a month for a $400,000 mortgage at 7.18% on a 30-year loan, before taxes and insurance. A rate half a point higher adds about $137 a month. At 15 years (6.57%) the payment is roughly $3,500.

A $500,000 mortgage costs about $3,387 a month at 7.18% over 30 years in principal and interest.

On a $625,000 home (20% down) with property tax at 1% and $2,000 a year of insurance, escrow adds about $688 — roughly $4,075 in all.

With M = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r the annual rate ÷ 12 and n the number of monthly payments.

For a $340,000 loan at 7.18% over 30 years, r = 0.005983 and n = 360, so M ≈ $2,303.28.

That is principal and interest; add property tax, homeowners insurance, PMI and HOA dues (yearly amounts ÷ 12) for the full monthly payment.

On a $340,000 loan at 7.18% for 30 years, about $489,180 — 144% of the amount borrowed. It is front-loaded: of the $27,639 you pay in year one, $24,304 is interest.

A 15-year loan at 6.57% cuts the total to about $195,476, and an extra $200 a month on the 30-year saves about $126,360.

Shrink the loan, the rate or the cost on top. On a $425,000 home at 7.18% over 30 years, putting 25% down instead of 20% lowers principal and interest by about $144 a month, and a rate half a point lower saves about $114.

Staying at 20% down avoids PMI, which at 10% down would add about $223 a month.

A longer term lowers the payment but raises total interest; after closing, dropping PMI, a recast after a lump-sum payment or a lower-rate refinance can cut it further.