Mortgage Calculator
Calculate your monthly mortgage payments and view detailed amortization schedules with our free online calculator.
Suggested range: $50,000 - $10,000,000
Typically 0.5% - 2.5% of home value
Understanding Loan Terms
30 years
• Highest total interest
• Most common term
25 years
• Lower total interest than 30-year
• Moderate monthly payments
20 years
• Lower total interest
• Faster equity building
15 years
• Higher monthly payments
• Faster payoff
10 years
• Highest monthly payments
• Fastest equity building
Tips to Lower Your Monthly Payment
Improve Credit Score
A higher credit score can help you qualify for lower interest rates, potentially saving thousands over the loan term.
Larger Down Payment
Making a down payment of 20% or more helps you avoid PMI and reduces your monthly payment.
Compare Lenders
Shop around for the best interest rates and terms. Even a small difference in rate can lead to significant savings.
Frequently Asked Questions
Why consider a 25-year mortgage term?
A 25-year mortgage offers a middle ground between the popular 30 and 15-year terms. It provides lower monthly payments than a 15-year term while saving you in interest compared to a 30-year term.
How does the down payment affect my mortgage?
A larger down payment reduces your loan amount and monthly payments. With 20% or more down, you can avoid PMI, further lowering your monthly costs.
What's included in my monthly payment?
Your monthly payment typically includes principal, interest, property taxes, and homeowners insurance (PITI). If your down payment is less than 20%, it may also include PMI.