Home Loan Calculator
Enter the home price, down payment and interest rate to see the same loan over 15, 20 and 30 years in one table. Each term shows the principal and interest payment, the total monthly cost with tax, insurance, HOA and PMI, the interest you pay over the life of the loan and the month the last payment is due.
Last updated November 4, 2026
Optional.
Optional.
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Optional. Used only when the down payment is under 20%.
Result
$2,371.20 a month over 30 years, $3,088.32 over 15
| Measure | Value |
|---|---|
| Loan amount | $300,000.00 (20.0% down) |
| Tax, insurance and HOA | $475.00 a month |
| 15 vs 30 years: extra a month | $717.12 |
| 15 vs 30 years: interest saved | $212,235.49 |
| Balance after 10 years (15 / 20 / 30) | $133,563.44 / $196,984.52 / $254,328.38 |
| Term | P&I | Total a month | Total interest | Last payment |
|---|---|---|---|---|
| 15 years | $2,613.32 | $3,088.32 | $170,397.98 | December 2041 |
| 20 years | $2,236.72 | $2,711.72 | $236,812.66 | December 2046 |
| 30 years | $1,896.20 | $2,371.20 | $382,633.47 | December 2056 |
No PMI: the down payment is at least 20% (or the PMI rate is 0). Totals include P&I plus tax, insurance, HOA and PMI; the same rate is used for every term, although shorter terms often price lower.
Show the work
Formula: P&I = L × r ÷ (1 − (1 + r)^−n), with L the loan, r the yearly rate ÷ 12 and n the number of months. Total a month = P&I + tax ÷ 12 + insurance ÷ 12 + HOA + PMI.
- Loan: $375,000.00 − $75,000.00 = $300,000.00.
- Monthly rate r = 6.5% ÷ 12 = 0.5417% per month.
- 15 years (n = 180): P&I $2,613.32; total interest $2,613.32 × 180 − $300,000.00 = $170,397.98.
- 20 years (n = 240): P&I $2,236.72; total interest $2,236.72 × 240 − $300,000.00 = $236,812.66.
- 30 years (n = 360): P&I $1,896.20; total interest $1,896.20 × 360 − $300,000.00 = $382,633.47.
- Extras: $375.00 tax + $100.00 insurance + $0.00 HOA = $475.00 a month; PMI $0.00 a month.
- Last payment: 15 years, December 2041; 20 years, December 2046; 30 years, December 2056 (counted from the first payment date).
Result: $2,371.20 a month over 30 years, $3,088.32 over 15
How the home loan terms are compared
P&I = L × r ÷ (1 − (1 + r)^−n)
total interest = P&I × n − L
monthly total = P&I + tax ÷ 12 + insurance ÷ 12 + HOA + PMI
L is the loan (price minus down payment), r is the yearly rate divided by 12 and n is the number of monthly payments: 180, 240 or 360. The shorter the term, the higher the payment but the less interest you pay in total.
PMI is added only when the down payment is under 20% of the price. It is the yearly PMI rate times the loan, divided by 12, and is dropped once the scheduled balance reaches 78% of the original price. The last payment month is counted from the first payment date you enter.
See how we calculate for the formulas, sources and review schedule behind every calculator.
When to use this page
Use it to choose a term when you are buying a home. For a single-term payment breakdown use the Mortgage Calculator; for an FHA loan with mortgage insurance premiums use the FHA Loan Calculator; to see how extra payments shorten an existing loan use the Mortgage Payoff Calculator.
The same rate is applied to every term. Lenders often charge a lower rate for 15 years than for 30, so rerun the page with the rate you are quoted for each term.
General information, not financial advice
This calculator gives a general estimate from the numbers you enter. It is not financial or tax advice, and your actual results can differ. Check important decisions with a qualified professional or the official source.
Sources
Official and primary sources for the statements on this page. Their authors have not reviewed or endorsed this page.
- Consumer Financial Protection Bureau, What is an escrow or impound account?. Says an escrow account is funded from a portion of the monthly mortgage payment to pay property taxes and homeowners insurance, and that many lenders require it.
- Consumer Financial Protection Bureau, When can I remove private mortgage insurance (PMI) from my loan?. Says you can ask to cancel PMI when the balance is scheduled to reach 80% of the home's original value, and that the servicer must end it automatically at 78%.
- Consumer Financial Protection Bureau, How does paying down a mortgage work?. Explains that early payments are mostly interest and later ones mostly principal, and that lenders use a standard formula to set a payment that repays the loan by the end of the term.
How to use the Home Loan Calculator
- Enter the home price, your down payment and the interest rate.
- Add yearly property tax, yearly insurance, monthly HOA dues and a PMI rate if they apply.
- Set the date of your first payment so the payoff months are right.
- Compare the 15, 20 and 30 year columns, then Copy, Print or Share the result.
Worked example
A $375,000 home with $75,000 down (20%), a 6.5% rate, $4,500 a year of property tax, $1,200 a year of insurance and a first payment in January 2027. The loan is $300,000 and no PMI applies. Choosing 15 years instead of 30 costs $717.12 more a month and saves $212,235.49 in interest.
| Term | P&I | Total a month | Total interest | Last payment |
|---|---|---|---|---|
| 15 years | $2,613.32 | $3,088.32 | $170,397.98 | December 2041 |
| 20 years | $2,236.72 | $2,711.72 | $236,812.66 | December 2046 |
| 30 years | $1,896.20 | $2,371.20 | $382,633.47 | December 2056 |
Frequently asked questions
Is a 15-year or a 30-year home loan better?
A 15-year loan costs far less interest but has a much higher monthly payment. A 30-year loan keeps the payment lower and leaves room in the budget. The right choice depends on what payment you can carry comfortably.
Does the monthly total include PMI?
Yes, when your down payment is below 20% of the price and you enter a PMI rate above 0. It is dropped from the schedule once the balance reaches 78% of the original price.
How is the payoff date worked out?
The calculator counts the number of payments from your first payment date. With a first payment in January 2027 a 30-year loan ends with the payment in December 2056.
Why does this page differ from the Mortgage Calculator?
This page puts three loan terms next to each other so you can compare them. The Mortgage Calculator shows one term in more detail, with a full amortization schedule available separately.