Compare 15-year and 30-year mortgage options using the calculator to estimate total costs and interest savings.

Use the calculator to test different offer amounts and down payments. A larger down payment may lower your monthly cost, interest rate, and remove the need for PMI if it covers 20% or more of the home price.

This is the full price of the home. To ensure the house is within your financial means, follow the 25% guideline: do not spend more than 25% of your monthly take-home income on all mortgage-related payments.
This is the amount of money you pay in advance. Aiming for 20% can help you avoid paying for private mortgage insurance (PMI) However, first-time home buyers may choose to put down 5 to 10%, as long as they steer clear of FHA and VA loan options.
This loan assists a buyer in purchasing a home. Selecting a 15-year fixed-rate mortgage allows you to secure a steady interest rate, reduce the total interest paid over time, and pay off the loan much sooner.
Interest is the cost charged by a lender for borrowing money, calculated as a percentage of your remaining mortgage balance. As you gradually repay your loan, the amount you pay in interest decreases over time.
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Property tax is a fee you pay based on your local government's assessment of your property's value. The revenue collected helps support public services such as education, road maintenance, and emergency services.

Monthly Payment Breakdown

Amortization Schedule

An amortization schedule is a timeline that outlines your mortgage payments from start to finish. It breaks down each payment, showing how much goes toward interest and how much reduces the loan principal, all the way until the mortgage is fully paid off.

Year/Month Interest ($) Principal ($) Balance ($)