Mortgage Calculator
Calculate monthly mortgage payments with amortization schedule. Enter loan amount, interest rate, and term to see total interest paid. Figures never leave your device — every calculation runs locally in your browser.
How to Use the Mortgage Calculator
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Frequently Asked Questions
How is the monthly payment calculated?
Standard amortization: M = P·r(1+r)^n/((1+r)^n−1). Example: $300,000 at 7% for 30 years (360 months, r=0.00583) → ≈$1,996/month, ≈$418,000 total interest — more interest than principal.
15-year vs 30-year — what's the real difference?
On $300k at 7%: 30-year pays ≈$1,996/mo and $418k interest; 15-year pays ≈$2,697/mo but only ≈$185k interest. The 15-year costs $700/mo more and saves $233k — if cash flow allows.
How much house can I afford?
The 28/36 rule: housing under 28% of gross monthly income, all debts under 36%. $8,000/mo income → ≈$2,240 housing budget → roughly a $335k loan at 7%/30yr before tax and insurance.
Does extra principal really help?
Yes disproportionately early: one extra $2,000 payment in year 1 of the example loan saves ≈$7,000 interest and cuts ~4 months. Late-loan extra payments save far less.
Is my loan data stored?
No. All calculations run locally in your browser. No amounts or rates leave your device.
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Last updated October 2026