Mortgage calculator
An estimate for planning only, and not financial advice. Lenders include costs this calculator does not know about, so treat the figure as a starting point rather than an offer.
A mortgage payment is the loan amount spread over the term at a fixed rate, plus the escrow your lender collects for property tax and insurance. On a $450,000 home with 20% down over 30 years at 6.75%, principal and interest come to about $2,335 a month before escrow.
How to use this calculator
The schedule below is the part worth reading. In the first year of a thirty-year loan at these rates, roughly four fifths of every payment is interest, and the balance barely moves. That ratio flips somewhere around year twenty-one, which is why an extra payment made early is worth several made late.
Questions
Lenders add mortgage insurance below 20% down, plus origination and escrow set-up costs. This calculator shows principal, interest and the escrow you enter, nothing else.
Fifteen years costs far less interest overall and far more each month. Switch the term here and compare the total interest figure directly.
Compare against the published weekly average for your term, shown under the rate field. Anything within about a quarter of a point is normal.
Yes, and more early than late. In the first years almost all of your payment is interest, which the schedule below makes visible.
No. Every figure stays in your browser, which is why there is no account and nothing to save.