Mortgage Calculator
Full mortgage calculator with monthly payment breakdown, amortization chart, extra payment simulator and scenario comparison. Saves up to 5 scenarios locally.
Calculate your mortgage payment, total interest cost, and full amortization schedule with SolveBar's Mortgage Calculator. Compare scenarios, simulate extra payments, and see exactly how the interest-principal split changes over the life of your loan.
How mortgage payments are structured
In a 30-year mortgage at 7%, your first payment is approximately 83% interest and 17% principal. By year 25, you are paying mostly principal. This front-loading of interest is why paying extra early has such a large impact.
Fixed rate vs adjustable rate mortgages
Fixed rate mortgages maintain the same interest rate for the entire term — predictable payments, protection from rate increases. Adjustable rate mortgages (ARMs) start with a lower rate that adjusts periodically after an initial fixed period.
The true cost of a mortgage
The sticker price of a home is just the beginning. Add origination fees (1-2% of loan amount), appraisal fees, title insurance, and closing costs (typically 2-5% of purchase price). Over 30 years, a $300,000 mortgage at 7% costs $418,000 in interest alone.
Frequently Asked Questions
How much can I borrow based on my income?
Most lenders use a front-end ratio (housing costs under 28% of gross income) and back-end ratio (all debt payments under 36-43%).
What is PMI and when can I remove it?
Private Mortgage Insurance is required when your down payment is less than 20%. You can request removal when your equity reaches 20%.
How much does an extra payment save?
On a 30-year $300,000 mortgage at 7%, paying one extra payment per year saves roughly $60,000 in interest and cuts the loan term by 4-5 years.