SnapCalc

Mortgage Calculator

Calculate your monthly mortgage payment, total interest, and amortization. Free and instant.

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How to Use This Mortgage Calculator

Enter four numbers and you'll instantly see your monthly payment, total interest paid, and the full cost of the loan.

  • Home Price — the purchase price of the property you're considering
  • Down Payment — the cash you're putting in upfront (20% avoids PMI; lower is fine too)
  • Interest Rate — your lender's quoted annual rate, e.g. 6.5%
  • Loan Term — most buyers choose 30 years for lower payments, or 15 years to pay less interest overall

    • Click Calculate and your results appear immediately — no sign-up needed.

    Understanding Your Results

    The calculator returns five numbers that matter:

  • Monthly Payment is the principal + interest you owe every month. Your actual bank statement may be higher once property taxes, homeowner's insurance, and any PMI are added.
  • Total Interest is the real cost of borrowing — often more than the home price itself on a 30-year loan. Seeing this figure in black and white is a powerful motivator to make extra repayments.
  • Total Amount Paid is principal + all interest across the full term.
  • Loan Amount confirms the principal after your down payment is subtracted.
  • Down Payment % shows your equity position at settlement.

    • 30-Year vs 15-Year: Which Is Better?

    A 30-year loan keeps your monthly payment low, which helps with cash flow and qualifying for the mortgage in the first place. A 15-year loan typically comes with a lower interest rate and cuts the total interest bill roughly in half — but your monthly payment is around 40–50% higher. Run both scenarios in the calculator to see the trade-off in real dollars before you decide.

    Tips for Lowering Your Payment

  • Increase your down payment. Even an extra 5% reduces the principal, lowers your monthly payment, and may eliminate PMI.
  • Shop around for rates. A 0.5% rate difference on a $400,000 loan saves roughly $120/month — that's $43,000 over 30 years.
  • Consider buying points. Paying 1% of the loan upfront typically reduces your rate by 0.25%. It breaks even in about 3–4 years.
  • Make extra repayments. Even $100/month extra on a 30-year loan can shave 4–5 years off the term and save tens of thousands in interest.

    • Formula

    M = P × [r(1+r)^n] / [(1+r)^n – 1] where P = principal, r = monthly rate, n = total payments

    Frequently Asked Questions

    How much should I put down on a house?

    A 20% down payment is the traditional benchmark because it eliminates Private Mortgage Insurance (PMI), which typically costs 0.5–1.5% of the loan per year. That said, many conventional loans allow as little as 3% down, and FHA loans accept 3.5%. The right amount depends on your savings, how long you plan to stay, and local market conditions. Use this calculator to compare the monthly payments at different down payment levels.

    Is a 15-year or 30-year mortgage better?

    Neither is universally better — it depends on your priorities. A 30-year mortgage has lower monthly payments, making it easier to qualify and freeing up cash for other goals. A 15-year mortgage has a higher monthly payment but you build equity faster, pay off the home sooner, and typically pay less than half the total interest. A common strategy is to take a 30-year loan but make extra payments when you can.

    What is not included in this mortgage payment calculator?

    This calculator shows principal and interest only. Your actual monthly housing cost will also include property taxes (typically 0.5–2% of home value per year), homeowner's insurance (~$100–200/month), and PMI if your down payment is under 20% (0.5–1.5%/year of the loan). Add these to get your true PITI payment.

    How do I get the best mortgage rate?

    The biggest levers are your credit score, down payment size, and loan type. A score above 740 typically qualifies for the best rates. Getting quotes from at least three lenders — including a bank, credit union, and online lender — can save you thousands. Locking your rate when you find a good one protects you from rate rises before closing.

    How much house can I afford?

    A common rule of thumb is to keep your total housing costs (mortgage, taxes, insurance) below 28% of your gross monthly income. Lenders also look at your total debt-to-income (DTI) ratio, which should generally stay under 43%. Enter different home prices into this calculator and check whether the monthly payment fits within 28% of your income.

    Does paying extra on my mortgage make a big difference?

    Yes — significantly. On a $350,000 loan at 6.5% over 30 years, paying an extra $200/month from the start saves over $60,000 in interest and pays off the loan roughly 5 years early. The earlier you start making extra payments, the greater the impact, because interest is front-loaded in the early years of an amortizing loan.

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