Mortgage Interest Calculator
Calculate your monthly mortgage payments, including principal, interest, taxes, and insurance.
Mortgage Summary
Monthly Payment
$0
Total Interest
$0
Total Tax & Insurance
$0
Payment Breakdown
Total Cost Distribution
Yearly Payment Breakdown
About The Calculator
Our mortgage interest calculator helps you understand the complete cost of your home loan, including principal, interest, taxes, and insurance (PITI). Make informed decisions about your mortgage by seeing exactly how your payments are structured.
How Mortgage Interest Works
Mortgage interest is calculated monthly based on your remaining loan balance. Through amortization, early payments are mostly interest while later payments are primarily principal. Understanding this helps you plan your home financing strategy.
Key Features
- Calculate complete monthly PITI payments
- See total interest paid over loan term
- Compare different down payment amounts
- Understand tax and insurance impacts
- Visualize payment breakdowns with charts
Mortgage Tips
- Make a larger down payment to reduce interest
- Compare 15-year vs 30-year terms
- Consider points to lower your rate
- Factor in all homeownership costs
- Shop multiple lenders for best rates
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Tuomas J.
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Creating precise financial calculators to help you make better money decisions.
Frequently Asked Questions
Mortgage interest is calculated using an amortization formula that factors in the loan amount, interest rate, and loan term. The monthly payment includes both principal and interest, with earlier payments having a higher proportion of interest.
Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home's value. It protects the lender if you default on the loan.
A larger down payment reduces your loan amount, which leads to lower monthly payments and less total interest paid over the life of the loan. It can also help you avoid PMI.
A 15-year mortgage typically has lower interest rates and less total interest paid, but higher monthly payments. A 30-year mortgage offers lower monthly payments but costs more in total interest over the loan term.