Mortgage calculator
Find out what that dream home actually costs per month. Includes principal and interest calculations.
The "True Cost" of a House
I genuinely don't know why banks make mortgages sound so simple. When you buy a $350k house with 20% down, you aren't just paying back $280k. Over 30 years at a 6.5% interest rate, you will actually pay back over **$600,000**. That’s double the loan amount. Understanding this "interest gap" is the key to deciding if you should buy now or wait for better rates.
Does this include taxes and insurance?
No. This calculator focuses on the "P&I" (Principal and Interest). Depending on where you live, you should add roughly $300–$600 per month for property taxes and homeowners insurance.
What is a good down payment?
While 20% is the gold standard (it removes the need for Private Mortgage Insurance), many first-time buyer programs allow for as little as 3% or 3.5% down.