Mortgage Calculator
Monthly payment, interest + full amortization.
Loan Details
Additional Costs
Your Payment
Monthly P&I Payment
$1,862.85
Total Monthly Payment
$2,312.85
Loan Amount
$280,000
Total Interest Paid
$390,625
Total Cost of Loan
$832,625
Total Cost Breakdown
- Principal & Interest$280,000 (34%)
- Total Interest$390,625 (47%)
- Property Tax$126,000 (15%)
- Insurance & HOA$36,000 (4%)
How to Use This Mortgage Calculator
- Enter your home price — the purchase price of the home you're buying or refinancing.
- Set your down payment — typically 3–20%+ of the home price.
- Input your interest rate — use your quoted rate or check current rates.
- Select your loan term — 30, 20, or 15 years.
- Add taxes, HOA, and insurance for your full monthly payment picture.
How Mortgage Payments Work
A mortgage is an amortizing loan — each payment covers both interest and principal. Early payments are mostly interest; later payments are mostly principal. On a $280,000 mortgage at 7% for 30 years, you'll pay roughly $391,000 total — $111,000 goes to interest alone.
The Mortgage Formula
Where M = monthly payment, P = principal, r = monthly rate (annual ÷ 12), n = total months. Example: $280,000 at 7% for 30 years = $1,863/month.
Tips to Minimize Mortgage Costs
- Put 20% down to eliminate PMI and reduce your loan amount.
- Improve your credit score before applying — every 20 points can lower your rate.
- Consider a 15-year term if you can afford the higher payment.
- Make one extra payment per year — cuts 4–5 years off a 30-year loan.
- Shop multiple lenders — a 0.5% rate difference can mean $50,000+ over the life of a loan.
Frequently Asked Questions
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Financial Disclaimer: The calculations provided by CalcVerify are for informational and educational purposes only. Results are estimates based on the information you provide and standard financial formulas. These calculations are not a substitute for professional financial advice. Tax calculations use 2025 rates and may not reflect current law. Interest rates and market returns used in examples are illustrative only. Please consult a qualified financial advisor, tax professional, or mortgage broker before making significant financial decisions.