Guide
Mortgage payment estimate
Estimating monthly principal and interest helps you compare listings and lender quotes. Enter loan amount, APR, and term in our free calculator—then add taxes, insurance, and HOA separately for a full housing budget.
Principal and interest explained
Amortization spreads payments across the term—early payments are interest-heavy. A $350,000 loan at 6.5% for 30 years is roughly $2,212/month P&I (estimate only; rates change).
Costs this estimate excludes
Property tax, homeowners insurance, PMI, HOA fees, and maintenance are not in basic P&I math. Ask lenders for a Loan Estimate (LE) for official numbers.
Shopping tips
Compare APR, not headline rate alone. Buy-down points lower rate but raise upfront cash. Run multiple scenarios (15-year vs 30-year) in the tool before you tour homes above budget.
FAQ
Is this mortgage calculator a loan offer?
No. It is an educational estimator. Only a licensed lender can provide binding quotes and disclosures.
Why does my payment differ from the bank?
Banks include escrow, PMI, and precise day-count conventions. Small rounding differences are normal—use lender PDFs for signing decisions.
Should I choose a 15- or 30-year term?
15-year loans build equity faster with higher monthly payments. 30-year loans improve cash flow flexibility. Model both in the calculator with your comfort payment.
Does extra principal help?
Yes—extra payments reduce total interest and term length. Confirm no prepayment penalties with your servicer.