The Real Cost of Your Mortgage
See what your mortgage will actually cost you over 30 years. Total interest, real monthly impact, no sugar-coating.
That affordable monthly payment hides a bigger story. Over the life of a typical mortgage, you'll pay back far more than you borrowed — sometimes nearly double. This calculator shows you both numbers: the monthly payment you'll budget for, and the total you'll pay by the end. When you see that a $300,000 loan might cost you $550,000 total, it changes how you think about home buying. Maybe you'll opt for a 15-year term. Maybe you'll put more down. Maybe you'll realize the house you want is still worth it. The point isn't to scare you — it's to help you make decisions with complete information. Lenders emphasize monthly payments because they sound manageable. This shows you the full picture.
Calculator
Common use cases
- Understanding the true cost of home ownership
- Comparing 15-year vs 30-year options honestly
- Deciding how much down payment really matters
- Negotiating with full knowledge of interest impact
How to use
- Enter the total loan amount (home price minus down payment)
- Input your annual interest rate
- Select your loan term (15, 20, or 30 years are common)
- View your monthly payment and total cost of the loan
FAQ
What's included in a mortgage payment?
The basic mortgage payment (principal + interest) shown here doesn't include property taxes, homeowners insurance, or PMI, which are often added to monthly payments.
Should I choose a 15 or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves significantly on interest. A 30-year mortgage offers lower payments but costs more in total interest.
How can I lower my mortgage payment?
You can lower payments by: making a larger down payment, getting a lower interest rate, or choosing a longer loan term.
Why is total interest so high?
Mortgage interest compounds monthly over decades. Even low rates accumulate to significant amounts over 30 years.
This calculator provides illustrative estimates for planning purposes only and does not constitute financial, tax, or legal advice.