Mortgage Calculator

Most calculators quote principal and interest only. Lenders escrow property tax and insurance into the monthly payment, and under-20%-down loans add PMI — together these commonly add 25–40% on top of P&I. This tool shows the whole number because that's what actually leaves your bank account.

Private mortgage insurance protects the lender when you put down less than 20%. It typically costs 0.3–1.5% of the loan per year. By federal law it cancels automatically when the balance reaches 78% of the home's original value; you can request removal at 80%. The calculator estimates both the monthly cost and roughly when it drops off.

More than almost anything else. On a $280,000 30-year loan, each percentage point changes the payment by roughly $170–190 a month and tens of thousands in lifetime interest. That's why buying points, improving credit before applying, and shopping multiple lenders have such outsized payoffs.

Run both here and compare. The 15-year payment is higher — but not double, because so much less interest accrues — and typically carries a lower rate. The 30-year's flexibility argument: take it, pay like a 15, and you can drop back to the required payment if money gets tight. The discipline argument favors the 15.