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Mortgage Calculator

Calculate monthly mortgage payments, total interest, and loan costs. Plan your home purchase with accurate amortization data.

Monthly Payment ($)
1,516.96
Total Payment ($)
546,106.77
Total Interest ($)
306,106.77
Loan Amount ($)
240,000
Down Payment % (%)
20

Frequently Asked Questions

What is included in a mortgage payment?

This calculator covers principal and interest (P&I). Your actual payment may also include property taxes, homeowner's insurance, and PMI if your down payment is below 20%.

How does the interest rate affect my payment?

Even a 0.5% rate difference can significantly impact your total cost. On a $300,000 30-year loan, the difference between 6% and 6.5% is about $96/month and $34,000 in total interest.

Should I choose a 15-year or 30-year mortgage?

A 15-year mortgage has higher monthly payments but you pay far less in total interest and build equity faster. A 30-year mortgage offers lower monthly payments for greater cash flow flexibility.