Mortgage Calculator
| Metric | 10 Year | 15 Year | 20 Year | 25 Year | 30 Year |
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Line chart showing your remaining loan balance declining from the full loan amount to zero over the loan term. Exact yearly figures are listed in the amortization table below.
Bar chart showing each year's payment split between principal and interest. Interest makes up most of the payment in early years, shifting toward principal over time. Exact yearly figures are listed in the amortization table below.
| Year | Principal Paid | Interest Paid | Total Paid | Balance |
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How to Get the Most Out of This Calculator
Most mortgage calculators stop at principal and interest. This one goes further — plug in your property tax, insurance, and PMI to see your true monthly cost before you talk to a lender.
How Much Does an Extra Mortgage Payment Actually Save?
On a $280,000 loan at 7.0% over 30 years, an extra $200/month cuts about $114,000 in interest and shaves roughly 7.5 years off the loan. The math compounds quickly because every extra dollar goes straight to principal, so it stops accruing interest for the rest of the loan. Use the Extra Payment slider on the left and the Extra Payment tab will show you the exact numbers for your situation.
What Is the 28/36 Rule for Mortgages?
Most US lenders use the 28/36 rule as a baseline: housing costs (principal, interest, taxes, insurance) shouldn't exceed 28% of gross monthly income, and all debt combined shouldn't exceed 36%. It's a guideline, not a law — but staying inside it gives you real flexibility if your income changes. Our Home Affordability Calculator runs this math automatically with your exact income and debts.
15-Year vs. 30-Year Mortgage: Which Saves You More?
On a $300,000 loan at 7.0%, the 30-year payment is about $1,996/month. The 15-year is $2,696 — roughly $700 more per month. But the 30-year costs around $233,000 more in total interest over the life of the loan. Whether that tradeoff makes sense depends on your income stability and other financial goals. The Compare tab shows the full picture across all five available terms.
What Do "PITI," "PMI," and "Amortization" Actually Mean?
PITI is Principal, Interest, Taxes, and Insurance — the four components lenders add up to get your real monthly housing cost. PMI (Private Mortgage Insurance) is a monthly fee lenders charge on conventional loans with less than 20% down; it exists to protect the lender, not you, and it can be removed once you reach 20% equity. Amortization is the schedule showing how each payment splits between interest and principal — early payments are mostly interest, later ones are mostly principal, even though the total payment stays the same.