15-year mortgage
Usually the fastest payoff and the lowest lifetime interest, but it requires the highest monthly payment.
Mortgage calculator
See the real cost of your mortgage.
Compare 15-, 30-, and 40-year mortgage payments, total interest, and lifetime cost in seconds.
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loan terms
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Estimated monthly payment
$2,528
30-year fixed · $400,000 loan · 6.50%
Principal & interest$2,528/mo
Property tax$0/mo
Insurance$0/mo
PMI$0/mo
HOA$0/mo
Total interest
$510,178
Total payments
$910,178
With down payment
$1,010,178
The main loan totals show principal and interest. Optional taxes, insurance, PMI, and HOA are monthly estimates only and may change over time.
Term comparison
Lower payment or lower lifetime cost?
See how the same loan changes across 15, 30, and 40 years.
Plain-English takeaway
The 40-year option lowers the payment, but raises the lifetime cost.
A longer term can make the monthly payment feel easier, but it gives interest more time to accumulate.
Lifetime view
The purchase price is only the beginning.
Over a full 30-year term, a $400,000 loan at 6.50% becomes about $910,178 in mortgage payments before taxes, insurance, and other ownership costs.
Principal$400,000
Interest$510,178
Down payment$100,000
How it works
A clean estimate, not a cluttered loan application.
Monthly payment
The calculator uses the standard fixed-rate mortgage formula based on loan amount, interest rate, and number of monthly payments.
Total interest
Total interest shows how much you would pay above the borrowed principal if you kept the loan for the full selected term.
15 vs 30 vs 40
Shorter terms usually mean higher monthly payments and lower lifetime interest. Longer terms usually mean lower monthly payments and higher lifetime interest.
40-year note
40-year terms are included for scenario comparison. They may be less common for new purchase loans and availability can depend on lender, loan type, and program rules.
FAQ
Questions people ask before choosing a loan term.
Does this include taxes and insurance?
The base estimate shows principal and interest. You can open the optional monthly costs section to add estimated property taxes, homeowners insurance, PMI, and HOA dues to the monthly payment.
Why does the 15-year payment cost more each month?
The loan is paid back in fewer payments, so more principal has to be repaid each month. The upside is that interest has less time to accumulate.
Why can a 40-year mortgage cost more in total?
A longer repayment timeline can reduce the monthly payment, but the loan accrues interest for more months. That can increase total interest significantly.
Can I actually get a 40-year mortgage?
Maybe, but availability can vary. The 40-year option is included so you can compare the payment math. Before making decisions, confirm actual loan products, eligibility, and terms with a licensed lender.
Is this a mortgage quote?
No. This calculator is for educational estimates only. Actual mortgage terms depend on lender guidelines, credit profile, loan type, property details, taxes, insurance, and other factors.