Mortgage Calculator
Estimate your monthly mortgage payment, including principal and interest, based on your home price and loan terms.
Estimated Monthly Payment (P&I)
$1,769.8
* Budget for taxes and insurance separately.
Home Ownership Planning
Buying a home is one of the largest financial decisions you'll ever make. This calculator helps you understand the base cost of your loan. Remember, a full mortgage payment (PITI) also includes Property Taxes and Insurance.
Generally, total housing costs should not exceed 28% of your gross monthly income.
30-Year vs 15-Year Mortgages
30-Year Fixed: Offers the lowest monthly payment but results in the highest total interest paid over the life of the loan.
15-Year Fixed: Saves you tens of thousands in interest, but requires a much higher monthly cash outlay.
Payment Reference Table (per $100,000 borrowed)
| Interest Rate | 15-Year Term | 30-Year Term | Lifetime Savings (15yr) |
|---|---|---|---|
| 4.0% | $739.69 | $477.42 | $38,984 |
| 5.0% | $790.79 | $536.82 | $50,911 |
| 6.0% | $843.86 | $599.55 | $63,941 |
| 7.0% | $898.83 | $665.30 | $77,716 |