Work out the monthly payment, total interest and total cost of a fixed-rate home loan from the price, down payment, rate and term.
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A fixed-rate mortgage has the same principal and interest payment every month for the whole term. Early payments are mostly interest, and the share going to principal grows over time. Shortening the term raises the monthly payment but cuts the total interest sharply.
The calculator subtracts the down payment from the price to find the loan, then applies the standard amortisation formula. It shows the monthly principal and interest, the total interest over the term, and the total cost including your down payment.
This calculator covers principal and interest only. Property tax, homeowners insurance, mortgage insurance and HOA fees are extra, and they can add a substantial amount. Lenders often present these together as PITI.
Many conventional loans ask for 5 to 20 percent. A down payment under 20 percent often requires private mortgage insurance, and a larger down payment lowers both the loan amount and the interest you pay.
A 15-year loan has a higher monthly payment but much less total interest. A 30-year loan keeps the payment lower and leaves more room in your budget. Compare the total interest rows to see the trade-off for your figures.
Yes. Additional payments go straight to principal, which reduces the balance on which future interest is charged. Check that your loan has no prepayment penalty before you make extra payments.
Each percentage point changes the monthly payment and the total interest a great deal over 30 years. Check the annual percentage rate (APR) when comparing offers, because it includes many fees as well as the interest rate.
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