Home Loan Calculator
Calculate your monthly home loan payment, total interest, and total cost over the life of the loan.
Home Loan Calculator
Calculate your monthly home loan payment, total interest, and total cost over the life of the loan.
Real-World Examples
Loan: $280,000 at 6.5% for 30 years
$1,770.65/month, $357,434 in interest
Loan: $200,000 at 5.5% for 15 years
$1,634.17/month, $94,150 in interest
Loan: $600,000 at 7% for 30 years
$3,986.36/month, $835,089 in interest
Common Mistakes to Avoid
Forgetting that interest dominates early payments
Fix: In the first years of a 30-year loan, most of each payment is interest. Use an amortization schedule to see exactly when principal payments overtake interest.
Comparing loans on rate alone without considering term
Fix: A lower rate over a longer term can cost more in total interest than a slightly higher rate over a shorter term. Always compare total cost, not just the monthly payment.
Overlooking fees that increase the effective rate
Fix: Origination fees, discount points, and mortgage insurance raise your effective borrowing cost. Compare loans using APR, which folds in many of these fees.