How to use this calculator
Enter the home price, your down payment as a percent, the interest rate and the loan term. Then add the yearly property tax and homeowner’s insurance for that home; the listing, your county assessor and an insurance quote are the best places to get those. The result is the payment most lenders call PITI: principal, interest, taxes and insurance.
15, 20 or 30 years?
| $350,000 home, 20% down, 6.75% APR | Principal & interest | With $4,200 tax + $1,500 insurance a year | Total interest |
|---|---|---|---|
| 30 years | $1,816.07 | $2,291.07 | $373,786.88 |
| 20 years | $2,129.02 | $2,604.02 | $230,964.61 |
| 15 years | $2,477.75 | $2,952.75 | $165,994.37 |
A 15-year loan costs about $660 more a month than a 30-year loan in this example, but saves more than $200,000 in interest. A 30-year loan with occasional extra payments toward principal sits in between and keeps the lower required payment as a safety net.
How much the down payment changes
| Down payment on $350,000 | Loan amount | Principal & interest (30 years, 6.75%) |
|---|---|---|
| 5% | $332,500 | $2,156.59 |
| 10% | $315,000 | $2,043.08 |
| 20% | $280,000 | $1,816.07 |
Monthly payment by home price
| Home price (20% down) | Loan amount | 30 years at 6.75% | 15 years at 6.75% |
|---|---|---|---|
| $200,000 | $160,000 | $1,037.76 | $1,415.86 |
| $250,000 | $200,000 | $1,297.20 | $1,769.82 |
| $300,000 | $240,000 | $1,556.64 | $2,123.78 |
| $350,000 | $280,000 | $1,816.07 | $2,477.75 |
| $400,000 | $320,000 | $2,075.51 | $2,831.71 |
| $500,000 | $400,000 | $2,594.39 | $3,539.64 |
Looking up the payment on a $300,000 loan rather than a $300,000 house? At 6.75% it is $1,945.79 a month over 30 years, or $2,654.73 over 15 years, before taxes and insurance.
With less than 20% down on a conventional loan, lenders usually require private mortgage insurance (PMI), which this calculator does not include. Ask your lender for the PMI cost, and add any HOA dues, before you decide what you can afford. Our rent affordability calculator and monthly budget calculator help you check the payment against your income.