Estimate your monthly mortgage principal & interest from home price, down payment, rate and term.
| Input | Result |
|---|---|
| $350,000, 20% down, 6%, 30 yrs | $1,678.74/mo P&I |
| $500,000, 10% down, 6.5%, 30 yrs | $2,844.31/mo P&I |
| $250,000, 25% down, 5.5%, 15 yrs | $1,532.03/mo P&I |
No, this shows principal and interest only. Property tax, homeowners insurance, HOA fees and PMI are added on top by your lender.
It reduces the loan amount, so both the monthly payment and total interest fall; 20% down also avoids PMI on conventional loans.
No. This is an estimate for planning only, actual terms come from your lender.
This tool deliberately isolates principal and interest, because that is the part a rate quote actually determines. A real monthly housing bill stacks four more things on top:
Run the same loan at both terms in the calculator: the 15-year payment is roughly 1.4–1.5× the 30-year payment, but total interest falls by more than half on typical rates. The honest way to decide is to ask what you would do with the monthly difference. If you would invest it at an expected return above your mortgage rate, the 30-year wins on expected value; if it would leak into spending, the 15-year is a commitment device that quietly saves you six figures of interest. The extra-payment calculator shows the middle path, take the 30-year term and pay extra on your own schedule.
Two buyers each borrow $280,000. Ana takes 30 years at 6% ($1,679 principal and interest); Ben takes 15 years at the same rate ($2,364). Over the full terms, Ana pays about $324,000 in interest and Ben about $146,000. If Ana invests her $685 monthly difference at a compounding 6% instead, she ends up with roughly $323,000 after 15 years, more than the interest she pays over the whole 30, which is why the "right" answer depends on discipline, not arithmetic.
How this page is built and kept current. Written and fact-checked by the MoneyCalcsHub editorial team. We do not sell financial products and we accept no payment to change a result, the arithmetic on this page runs in your own browser from the numbers you type.
Official sources used on this page:
Source-dependent figures are reviewed when the cited issuer publishes an update. Worked examples show the formula applied to the listed inputs; interactive results are calculated in your browser.
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