Mortgage Calculator
Enter the home price, down payment, interest rate and term to see your monthly payment, the total interest and the cash you need at closing. Open “More options” to try extra payments.
More options
General values (United States). They don't account for regional rules or other costs that may apply. Check them with your lender or advisor.
Rate discounts for bank products
Enter the rate above with every discount applied. Here, each product the bank asks for: how much it lowers the rate and what it costs a year. The discount is assumed to last the whole term.
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Count as cost what you pay extra for having it with the bank: if the same insurance costs $150 elsewhere and the bank's costs $250, that's $100. If the premium rises over the years, as life insurance does, enter the average.
Enter the price, down payment, interest rate and term.
The payment is principal plus interest: it doesn't include insurance, fees or property taxes.
Yearly amortization schedule
Enter the price, down payment, interest rate and term.
Results are estimates. Solvemis accepts no responsibility for the results obtained or for how they are used. Always double-check the result and talk to a qualified professional before making decisions.
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How it works
How to use it
- Enter the home price and your down payment.
- Add the annual interest rate and the term in years.
- Open “More options” to change the repayment type, closing costs or add an extra payment.
- Check the monthly payment, total interest, cash at closing and the yearly schedule.
How it is calculated
The monthly rate is the annual rate divided by 12, and the loan is simulated month by month, like a lender's amortization schedule. If the rate changes after some years, the payment is recalculated in the year it changes, on the outstanding balance and the months left. Extra payments are applied at the end of the chosen year. Closing costs, share of income and loan-to-value are general values for the United States that you can change. With rate discounts, the rate you enter is the one you pay with every product; without each one, the rate goes up by its discount (also after a rate change) and the extra interest is compared with its cost over the years the mortgage lasts.
Payment = P · r / (1 − (1 + r)^−n) · P = loan, r = annual rate ÷ 12, n = months
Sources
- What Is The 28/36 Rule For Home Affordability? — Bankrate
- What is the 28/36 rule for home affordability? — JPMorgan Chase
About this calculator
Fixed payment or fixed principal
Almost every US mortgage has a fixed payment: the same amount each month, mostly interest at first. That’s why the balance drops slowly in the early years. With fixed principal, you repay the same amount of principal every month, so the first payment is higher but it shrinks over time and total interest is lower. The chart shows each year’s interest in blue so you can see the difference.
Extra payments: shorter term or lower payment
When you prepay, you choose what to reduce. Shortening the term keeps the payment and ends the loan sooner, which usually saves the most interest. Lowering the payment keeps the term and cuts what you pay each month. Try a single extra payment or one every year and see the exact savings.
What the US values don’t cover
The 28% share of gross income comes from the common 28/36 rule, and 80% loan-to-value is what avoids PMI on a conventional loan. Closing costs of 3% are a middle value within the usual 2–5% range, which varies by state and lender. Property taxes and insurance also vary by location and are not included. These are general values: check them with your lender or advisor.
Frequently asked questions
What's included in the monthly payment?
Principal and interest only. A real mortgage bill usually adds property taxes, homeowners insurance and, with less than 20% down, private mortgage insurance (PMI). Add those on top to get your full housing cost.
Should an extra payment shorten the term or lower the payment?
Shortening the term usually saves more interest, because you stop paying sooner. Lowering the payment frees up monthly cash instead. The calculator shows both with your numbers.
What is fixed principal?
Instead of an equal payment every month, you repay the same amount of principal each month. Payments start higher and fall over time, and total interest is lower. Most US mortgages use the fixed payment.
Is it worth taking the bank's products to get a lower rate?
It depends on what they cost. Under “Rate discounts for bank products”, in “More options”, enter the discounted rate (with every product) as the interest rate and, for each product, such as insurance, a card or having your salary paid into the account, how much it lowers the rate and what it costs a year. You'll see how much interest each one saves and whether it's worth it; if you don't know the cost, how much it could cost a year and still pay off. Count as cost only what you pay extra for having it with the bank: if the same insurance is cheaper elsewhere, the difference.
Updated October 20, 2026
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