Estimate your monthly principal-and-interest payment, total interest paid, and loan breakdown — based on home price, down payment, rate, and term.
The difference between the two is the amount you're borrowing — your loan principal.
Use the rate quoted by your lender, or a current average rate if you're still shopping around.
You'll see the monthly principal-and-interest payment, plus total interest over the life of the loan.
Fixed-rate mortgages use the standard amortization formula, which spreads principal and interest into equal monthly payments:
Total interest is simply the sum of all monthly payments minus the original principal.
A standard fixed-rate mortgage payment is calculated from the loan amount, the monthly interest rate, and the number of monthly payments, using an amortization formula that fully pays off the loan by the end of the term.
No — this tool estimates principal and interest only. Property tax, home insurance, and HOA fees vary by location and aren't included, so your real payment will likely be higher.
A larger down payment lowers your loan amount and monthly payment, and in many places avoids extra mortgage insurance once you reach 20% of the home price. The right amount depends on your savings and lender requirements.
Interest accrues on the remaining balance. A shorter term pays down principal faster, so less interest accumulates overall — even though the monthly payment is higher.