Mortgage Calculator
Estimate your monthly mortgage payments accurately based on home price, down payment, interest rate, and loan term.
Best used after checking your local cost of living to ensure your total budget remains balanced.
Total Loan Amount: $280,000
Scroll down to get your amortization schedule
Understanding Your Results
Your results show more than just a monthly number. The Amortization Schedulereveals how each payment is split between Principal (the actual loan balance) and Interest.
In the early years of a mortgage, almost all of your payment goes toward interest. Understanding this "front-loaded" interest is key to deciding whether to make extra payments to build equity faster.
A Brief History of Mortgages
Before the 1930s, mortgages were typically short-term (5-10 years) with large balloon payments at the end. The modern 30-year fixed-rate mortgage was a product of the Great Depression, introduced by the Federal Housing Administration (FHA) to make homeownership accessible to the average middle-class family.
This innovation revolutionized the American economy and established the "housing-first" approach to wealth building that persists today.