Mortgage Calculator
Estimate your monthly mortgage payment and see how much home you can afford. Adjust the inputs to explore different scenarios.
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%
$80,000
%
Your Estimated Payment
Monthly Payment (P&I)
$1,955.75
Loan Amount$320,000
Total Interest$384,070
Total Cost of Loan$704,070
Current Average Rates
See today's national average mortgage rates and historical trends.
Understanding Your Mortgage Payment
P
Principal
The amount you borrow to purchase your home. A larger down payment means a smaller principal and lower monthly payments.
I
Interest
The cost of borrowing money. Even a small rate difference can mean tens of thousands of dollars over the life of your loan.
T
Loan Term
Shorter terms (15 years) have higher monthly payments but save significantly on total interest compared to 30-year loans.
Want to Lower Your Rate?
Learn proven strategies to qualify for better mortgage rates and save thousands over the life of your loan.
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