Mortgage Payment
Calculate mortgage payment, total interest, and payoff cost.
About the Mortgage Payment
Your mortgage payment is mostly interest in the early years, which is why two loans with the same monthly payment can cost wildly different amounts overall. This shows both.
How to use it
- Enter the loan amount -- the price minus your deposit.
- Enter the annual rate your lender quoted.
- Enter the term, usually 30 or 15 years.
Worked example
On a $400,000 loan at 6.5% over 30 years the payment is about $2,528 and the total interest is roughly $510,000 -- more than the house cost.
Common questions
- Why is my real payment higher?
- Lenders bundle property tax and insurance into an escrow payment. This figure is principal and interest only.
- Is a 15-year mortgage better?
- It costs far less in total interest but the monthly payment is much higher. Run both and compare.
- What does the total interest number mean?
- Every dollar you pay above the amount borrowed, across the whole term.