How much house can I afford?

A widely used rule is that your mortgage payment should not exceed 28% of your gross monthly income. For $8,000/month income, max mortgage payment is around $2,240.

What is the difference between 15-year and 30-year mortgage?

A 15-year mortgage has higher monthly payments but far less total interest. A 30-year mortgage has lower monthly payments but 2-3x more total interest over the loan life.

Mortgage Calculator — Monthly Payment & Amortization

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Hypothekenrechner

Calculate monthly mortgage payment, total interest, and full amortization.

Home Price ($)

Down Payment ($)

Annual Interest Rate (%)

Loan Term

Monatliche Zahlung

Principal

Gesamtzins

Total Cost

View Amortization Schedule

Jahr	Principal Paid	Interest Paid	Gleichgewicht

Kurze Fakten

✓ Standard 30-year fixed-rate formula
✓ Full yearly amortization table
✓ Works for any loan type
✓ 100% private — no data sent

How to Use the Mortgage Calculator

Geben Sie Ihre ein home price, down payment, interest rate, and loan term. The calculator instantly shows your monthly payment, total interest paid, and a year-by-year amortization schedule. In 2025, the average 30-year fixed mortgage rate in the United States is around 6.5–7.5%. A $350,000 home with 20% down ($70,000) at 6.9% for 30 years results in a monthly payment of approximately $1,848.

Mortgage Payment Formula

The monthly mortgage payment uses the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1] where P is the loan principal (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments (years × 12). This formula applies to conventional fixed-rate mortgages — adjustable-rate mortgages (ARMs) will have different payments after the fixed period ends.

Häufig gestellte Fragen

In 2025, a competitive 30-year fixed mortgage rate in the USA is typically between 6.0%–7.5% depending on your credit score, loan size, down payment, and lender. Rates above 750 credit score can get the lowest tiers. Check current rates from multiple lenders before committing — a 0.5% difference on a $300,000 loan saves over $30,000 in total interest over 30 years.

A widely used rule is that your mortgage payment should not exceed 28% of your gross monthly income (front-end ratio), and total debt payments should not exceed 36–43% (back-end ratio). For example, if you earn $8,000/month, your max mortgage payment would be around $2,240. Factor in property taxes, homeowners insurance, and HOA fees — these are not included in this calculator's output.

A 15-year mortgage has higher monthly payments but you pay far less total interest and build equity faster. A 30-year mortgage has lower monthly payments, giving you more cash flow, but you pay roughly 2–3× more in total interest over the life of the loan. Use this calculator to compare both terms — enter the same loan amount and see the difference in total interest paid.

No — this calculator shows principal and interest (P&I) only. Your actual monthly payment to the lender will typically include an escrow component for property taxes (0.5–2.5% of home value/year) and homeowners insurance (average $1,200–$2,400/year in the US). PMI (private mortgage insurance) is also required if your down payment is below 20%, typically adding 0.5–1.5% of the loan amount annually.

US Mortgage Averages (2025)

30-yr fixed	~6.9%
15-yr fixed	~6.2%
Avg home price	~$420K
Avg down payment	~13%
Min credit (FHA)	580