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Mortgage Calculator – Monthly Payment, Total Interest & Amortisation

For most people, a mortgage is the largest and longest financial commitment they'll ever make. Understanding the numbers — monthly payment, total interest, how rate changes affect affordability — is essential before signing. A half-percent difference in interest rate on a $400,000 mortgage changes total interest paid by over $40,000 over 30 years.

This mortgage calculator estimates your monthly principal and interest payment, total interest paid over the loan life, and total repayment cost. Enter home price, down payment, interest rate, and term to get an instant breakdown. You can also add estimated property tax and homeowner's insurance for a full PITI payment estimate.

How to use the Mortgage Calculator

Enter the home price or loan amount.

Enter your down payment amount or percentage.

Enter the annual interest rate (APR).

Select the loan term (typically 15 or 30 years).

Optionally add monthly property tax and insurance for full PITI.

View monthly payment, total interest, and full amortisation summary.

Monthly Payment Comparison: 15-Year vs 30-Year Mortgage
Loan Amount	Rate	15-Year Payment	30-Year Payment	Total Interest (15yr)	Total Interest (30yr)
$200,000	6.5%	$1,742	$1,264	$113,625	$255,088
$300,000	6.5%	$2,613	$1,896	$170,438	$382,631
$400,000	7.0%	$3,595	$2,661	$247,167	$557,960
$500,000	7.0%	$4,494	$3,327	$308,959	$697,450

Mortgage Calculator FAQ

How much house can I afford?

A common guideline: your total housing payment (PITI — principal, interest, taxes, insurance) should not exceed 28% of gross monthly income. Total debt payments should stay below 36–43% of gross income depending on the lender.

What's the difference between a 15-year and 30-year mortgage?

A 15-year mortgage has higher monthly payments but dramatically lower total interest — typically saving over $100,000 on a $300,000 mortgage. A 30-year mortgage has lower monthly payments but costs roughly double the interest.

Does my credit score affect my mortgage rate?

Significantly. A score above 760 typically qualifies for the best rates. Each step down (from 760 to 720, 720 to 680, etc.) can add 0.25–0.5% to the rate. On a 30-year $400,000 mortgage, going from 3% to 4% adds about $46,000 in total interest.

What is PMI and when is it required?

Private Mortgage Insurance is required by most lenders when your down payment is less than 20% of the home price. It typically costs 0.5–1.5% of the loan amount annually and is cancelled once you reach 20% equity.