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Mortgage Calculator

Monthly payment with taxes and insurance, total interest, and the payoff schedule. Compare 15 vs 30 years side by side.

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Your loan
$
$

20% down · borrowing $280,000

% per year
years
$

Optional. Goes straight to principal and ends the loan sooner.

$

Optional. Added to the payment shown, not to the loan.

Monthly payment
$1,769.79
Total interest
$357,125
Total paid
$637,125
Paid off in
30 years
Interest per day
$49.89
in the first month
Total$637.1K
  • Principal$280,00044%
  • Interest$357,12556%
Small change, big saving

Add $180 a month and you save $94,113 in interest, finishing 6 years 9 months sooner.

Worth shopping around

A rate of 5.50% instead of 6.5% would cost $64,793 less in interest and $179.98 less a month.Half the loan is repaid in year 22; the first year alone costs $18,108 in interest.

Over the life of the loan
Balance leftInterest paid so farHover for any year
yr 8yr 15yr 23yr 30
Compare scenariosSave this one, change a number, save again
Year by year30 years · click a year for months
YearPrincipalInterestBalance
1$3,130$18,108$276,870
2$3,339$17,898$273,531
3$3,563$17,675$269,968
4$3,801$17,436$266,167
5$4,056$17,181$262,111

What goes into a mortgage payment

The core payment covers principal and interest on the amount you borrow (home price minus down payment). Most lenders also collect property tax and home insurance each month and hold them in escrow, and some homes carry HOA dues. Put those in the "monthly extras" field to see the full monthly cost, not just the loan part.

15-year vs 30-year

A 30-year term gives the lowest monthly payment but the most interest overall. A 15-year term has a higher payment yet typically a lower rate and roughly a third of the total interest. Save both as scenarios above and compare the total interest side by side before you decide.

Down payment and PMI

Putting down less than 20% usually means paying private mortgage insurance until you reach 20% equity. Try a few down payments here: a bigger one lowers both the payment and the total interest, and can remove PMI entirely.

Paying it off early

One extra payment a year, or a small extra amount every month, shortens a 30-year loan by several years. The extra payment field shows the exact interest saved. Make sure extra amounts are applied to principal, not held for next month's payment.

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