Calculate monthly mortgage payments, total interest paid, and view your complete amortization breakdown.
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The standard amortization formula: Payment = P x (r(1+r)^n) / ((1+r)^n - 1), where P is the loan amount, r the monthly interest rate, and n the number of monthly payments.
Four things: the loan amount (price minus down payment), the annual interest rate, the loan term, and any additional costs. A smaller down payment raises P; a longer term lowers the payment but raises total interest.
Usually, yes — a 15-year loan costs far less in total interest than a 30-year one. The trade-off is a larger monthly payment, so the right term depends on whether you can comfortably afford the higher payment today.