What drives your mortgage payment
A fixed-rate mortgage payment is the same every month, but it's built from four things: the loan amount (price minus down payment), the interest rate, the term, and recurring costs like property tax and insurance. The principal-and-interest portion uses the standard amortization formula; early payments are mostly interest, later ones mostly principal.
Two levers change everything: a bigger down payment shrinks the loan (and can drop PMI), while a shorter term cuts total interest dramatically — often by more than half.
Watch the total interest
On a 30-year loan at typical rates, total interest can rival or exceed the home's price. The calculator shows it so the long-term cost isn't a surprise.
Common questions
Principal and interest from the loan, plus an estimate for property taxes and homeowners insurance. It does not include PMI (if your down payment is under 20%) or HOA dues.
20% avoids PMI and lowers your payment, but many buyers put down less. The calculator shows your down-payment percentage so you can see where you stand.
A 15-year loan has higher monthly payments but far less total interest. A 30-year keeps payments low but costs much more over time. Toggle the term to compare.
The rate field is pre-filled with a 2026 average. Mortgage rates change daily and depend on your credit, so enter your actual quoted rate for an exact payment.