What is included in a monthly mortgage payment?

Your monthly mortgage payment typically includes four components (PITI): Principal, Interest, Taxes, and Insurance.

How do extra payments affect my mortgage?

Extra payments go directly toward your principal, reducing total interest and shortening your loan term.

Should I choose a 15-year or 30-year mortgage?

A 15-year has higher payments but less total interest. A 30-year has lower payments but costs more overall.

What is PMI and how do I avoid it?

PMI is required when your down payment is less than 20%. It drops off at 78% LTV.

How does my interest rate affect total cost?

Even small rate differences have massive impact over 30 years. On a $400K loan, 0.5% difference means $34K+ more in interest.

Mortgage Calculator — Payment & Amortization

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15-year vs 30-year comparison

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30-year

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Amortization Schedule

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Mortgage Calculator FAQ

Your monthly mortgage payment typically includes four components, often called PITI: Principal (the amount that reduces your loan balance), Interest (the cost of borrowing), Taxes (property taxes, usually escrowed), and Insurance (homeowners insurance and PMI if applicable). This calculator breaks down each component so you can see exactly where your money goes.

An amortization schedule shows how each monthly payment is split between principal and interest over the life of your loan. In the early years, most of your payment goes toward interest. Over time, a larger share goes to principal. Our calculator generates a full month-by-month and year-by-year schedule so you can see exactly when the crossover happens.

Extra payments go directly toward your principal balance, which reduces the total interest you pay and shortens your loan term. Even small additional amounts — like $100/month extra — can save tens of thousands in interest and shave years off a 30-year mortgage. Use the extra payment fields in this calculator to see the exact impact on your loan.

A 15-year mortgage has higher monthly payments but a lower interest rate, and you pay far less total interest. A 30-year mortgage has lower monthly payments but costs significantly more in interest over the life of the loan. This calculator shows a side-by-side comparison so you can see the exact dollar difference. Choose 15-year if you can comfortably afford the higher payment; choose 30-year if you need payment flexibility. If you already have a mortgage and want to switch terms, our refinance calculator can show you the savings.

Private Mortgage Insurance (PMI) is required by most lenders when your down payment is less than 20% of the home price. It typically costs 0.5%–1% of the loan amount annually. PMI protects the lender, not you. To avoid it, put 20% or more down. If you already have PMI, it automatically drops off once your loan-to-value ratio reaches 78%, or you can request removal at 80%. To see how much house you can afford with 20% down, try our affordability calculator.

Even small differences in interest rates have a massive impact over 30 years. On a $400,000 loan, the difference between 6.5% and 7.0% is about $96 more per month and over $34,000 more in total interest paid. That's why rate shopping matters — getting quotes from 3+ lenders can save you thousands. Use the interest rate field to see how different rates change your total cost.

A good mortgage rate depends on your credit score, loan type, and current market conditions. As of early 2026, the national average for a 30-year fixed-rate mortgage is around 6.75%, though borrowers with excellent credit may qualify for rates below that. Shorter loan terms like 15-year fixed typically offer lower rates. To see how different rates affect your monthly payment and total cost, adjust the interest rate field above and compare scenarios side by side. If you already own a home, use our refinance calculator to check whether refinancing at today's rates could save you money.

Balance Over Time

Cumulative Interest

Amortization Schedule

Mortgage Calculator FAQ

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