Mortgage Payment Calculator

A mortgage is likely the largest financial commitment you'll ever make. This calculator helps you understand your monthly payments, see how much interest you'll pay over 15 or 30 years, and explore strategies like making extra payments or putting more money down.

Whether you're a first-time homebuyer trying to understand affordability, a current homeowner considering refinancing, or someone looking to pay off their mortgage early, understanding the numbers is essential for making smart decisions.

If you're struggling to save for a down payment or want to avoid PMI, and you receive structured settlement payments, selling those future payments for a lump sum could provide the funds you need — without taking on additional debt before you even buy the house.

Mortgage payments are amortized over your loan term, typically 15 or 30 years. Each payment includes principal (paying down your loan balance) and interest (the lender's fee). In early years, most of your payment goes to interest — a 30-year mortgage doesn't pay significant principal until year 10+.

The amortization schedule shows exactly how each payment is split between principal and interest over the life of the loan. Our calculator generates a complete schedule so you can see your payoff progress and understand why extra payments in early years are so powerful.

Beyond principal and interest, your actual monthly payment often includes property taxes, homeowner's insurance, and possibly PMI (private mortgage insurance). These escrow amounts can add $200-$500+ to your monthly payment depending on your location and loan type.

A larger down payment reduces your loan amount, which lowers your monthly payment and total interest paid. On a $300,000 home at 7%, putting 20% down ($60,000) instead of 5% down ($15,000) saves over $100,000 in interest over 30 years.

Putting less than 20% down typically requires PMI (private mortgage insurance), which costs 0.5%-1.5% of your loan amount annually. On a $285,000 loan, that's $1,425-$4,275 per year in additional costs until you reach 20% equity.

If saving for a 20% down payment feels impossible and you receive structured settlement payments, selling some payments for a lump sum could provide the down payment funds you need. This lets you avoid PMI and start with more equity in your home.

A 15-year mortgage has higher monthly payments but dramatically lower total interest. On a $250,000 loan at 6.5%, you'd pay $2,177/month for 15 years vs. $1,580/month for 30 years — but the 15-year loan saves $134,000 in interest.

The 30-year mortgage offers lower monthly payments and more financial flexibility. If you can't comfortably afford the 15-year payment, the 30-year option prevents financial stress. You can always make extra payments to pay it off faster.

Our calculator lets you compare both scenarios side by side. You can also see what happens if you take a 30-year loan but make 15-year-sized payments — you get the flexibility of the 30-year with much of the interest savings of the 15-year.

Making one extra payment per year can shave 4-5 years off a 30-year mortgage and save tens of thousands in interest. You can do this as a lump sum or by adding 1/12 of a payment to each monthly payment.

Bi-weekly payments result in 26 half-payments per year (equivalent to 13 monthly payments instead of 12). This simple change can pay off a 30-year mortgage 4-6 years early without feeling like a major budget stretch.

Rounding up your payment is another easy strategy. If your payment is $1,847, pay $2,000 instead. The extra $153 goes directly to principal. Over time, these small additions add up to significant interest savings and faster payoff.

Applying windfalls like tax refunds, bonuses, or inheritances to your mortgage principal creates a powerful accelerator. A single $5,000 payment on a $250,000 mortgage at 7% saves over $12,000 in interest over the loan's life.

The general rule is to refinance when you can reduce your rate by at least 0.5%-1% and plan to stay in the home long enough to recoup closing costs (typically 2-3% of loan amount). Our calculator helps you compare your current loan to potential refinance scenarios.

Cash-out refinancing lets you borrow against your home equity, but increases your loan balance and monthly payment. Only use cash-out for major expenses that improve your financial situation — not for consumer spending or vacations.

Be cautious about refinancing into a new 30-year term if you've already paid on your current mortgage for years. You might get a lower payment but reset the clock on payoff and pay more interest over time.

Enter your home price, down payment, interest rate, and loan term to see your monthly principal and interest payment. Add estimated property taxes and insurance for a more complete picture of your true monthly cost.

The 'extra payment' feature shows how additional principal payments affect your payoff timeline. See exactly how much interest you save and how many years you cut off your mortgage by paying just $100-$200 extra per month.

Compare different scenarios: What if you put 20% down instead of 10%? What if you chose a 15-year term? What if rates dropped and you refinanced? The calculator helps you make informed decisions about the biggest purchase of your life.

If you receive structured settlement payments and are trying to save for a down payment, you have an option that traditional savings can't match: accessing money you already own. Selling some of your future payments for a lump sum can provide the down payment you need to buy a home, avoid PMI, or even pay down an existing mortgage.

With Smarter Payouts, you can see your instant offer range (minimum to maximum payout) in under 60 seconds — no phone call required, no personal information needed upfront. This privacy-first approach lets you explore whether selling makes sense for your situation without any pressure or commitment.

Important: All structured settlement transfers require court approval, which protects you by ensuring the transaction is fair and in your best interest. We encourage you to seek independent professional advice before making any decision. Selling may not be right for everyone, but for those trying to achieve homeownership or pay off a mortgage faster, it can provide the funds to make it happen.

Your mortgage is a long-term commitment that deserves careful analysis. This calculator helps you understand the true cost of homeownership, compare different scenarios, and find strategies to build equity faster.

Whether you're buying your first home, refinancing for a better rate, or working to pay off your mortgage early, having clear numbers empowers you to make confident decisions.

If saving for a down payment or paying off your mortgage faster feels impossible and you receive structured settlement payments, exploring a lump-sum payout could provide the funds you need. Use this calculator to understand your options and make the best choice for your financial future.