With the default inputs (Home Price $350,000; Down Payment $70,000; Interest Rate 6.5%; Loan Term 30 years), this calculator returns Monthly Payment $1,769.79, Total Amount Paid $637,124.57 and Total Interest $357,124.57.
Every row is computed with this page's own calculator. Change the inputs above to model your own numbers.
| Interest rate | Monthly Payment | Total Interest |
|---|---|---|
| 5% | $1,503.10 | $261,116.20 |
| 5.5% | $1,589.81 | $292,331.31 |
| 6% | $1,678.74 | $324,346.93 |
| 6.5% | $1,769.79 | $357,124.57 |
| 7% | $1,862.85 | $390,624.92 |
| 7.5% | $1,957.80 | $424,808.22 |
| 8% | $2,054.54 | $459,634.69 |
Enter your home price, down payment amount, expected interest rate, and loan term. Click "Calculate" to instantly see your estimated monthly payment, total amount paid over the life of the loan, and total interest cost.
Adjust the inputs to compare different scenarios. For example, see how a larger down payment or shorter loan term affects your monthly payment and total interest.
Monthly mortgage payments are calculated using the standard amortization formula:
This formula ensures each payment covers the interest due that month plus a portion of principal, with the split gradually shifting toward more principal over time.
For a $350,000 home with $70,000 down (20%), a 6.5% interest rate, and a 30-year term:
That means you pay more in interest than the original loan amount over 30 years. This is why even small rate reductions matter enormously.
The most common mortgage types include: