What will my mortgage really cost?
the monthly payment is the number everyone looks at. the total interest is the number that matters. this calculator shows both, plus what the same house costs on a 15-year loan instead of 30. "other monthly costs" is a flat add-on for property tax, insurance, or HOA fees.
$40,000 down, $360,000 borrowed
property tax, insurance, HOA
- principal + interest
- $2,275
- total interest
- $459,160
- paid off in
- 2056
Finn says: over 30 years you'd pay $459,160 in interest, about 115% of the price. the 15-year version costs $861 more a month and saves $254,683.
assumptions
- Fixed rate for the whole term.
- Other monthly costs are added as typed and do not change over time.
This is a planning tool, not financial advice.
learn this in two minutes in the app
common questions
15-year or 30-year mortgage?
the 15-year has a higher payment and far less total interest. the 30-year has a lower payment and more flexibility. the calculator shows the exact difference for your numbers so you can decide with both in view.
how much house can I afford?
a common guideline keeps total housing costs under about 28% of gross monthly income. plug in a price and compare the monthly total to your income to see where you land.
does this include PMI, taxes, and insurance?
principal and interest are computed exactly. taxes, insurance, HOA, and PMI vary too much to estimate well, so enter them as "other monthly costs" using your own numbers.