Mortgage Calculator
The payment the bank quotes is only principal and interest. This one adds tax, insurance, HOA and PMI so you see the number that actually leaves your account, then shows what paying a little extra does.
The loan
Your monthly payment
Extra payments what paying more each month does
| Extra per month | Paid off in | Total interest | Interest saved |
|---|
30-year vs 15-year same loan, today's rates
| Term | Rate | Principal & interest | Total interest |
|---|
The 15-year costs more each month and far less overall. Pick the one you can carry if your income dips.
Yearly balance
| Year | Principal paid | Interest paid | Balance left |
|---|
Questions people ask
What is included in a monthly mortgage payment?
Principal and interest on the loan, plus usually property tax and homeowners insurance collected into escrow. Add HOA dues if the home has them, and PMI if you put down less than 20% on a conventional loan.
How much does an extra payment save?
Extra money goes straight to principal, so every dollar stops earning interest for the lender for the rest of the loan. The table above runs $100, $200, $500 and your own number.
Is a 15-year mortgage worth it?
The 15-year rate is usually lower and you pay interest for half as long, so total interest is far less. The trade-off is a much higher payment. See the comparison table.
What mortgage rate is normal right now?
Freddie Mac's weekly average is the benchmark everyone quotes. The rate buttons above load the latest figure from Turner Finance, which also shows where forecasters think rates go next.