Monthly Payment (P&I)
This is the principal and interest portion of your payment. Your actual monthly payment may be higher if your lender escrows property taxes and homeowners insurance (PITI).

Total Interest
The total extra amount you pay for the privilege of borrowing. A 30-year loan at 6.5% on $320,000 generates more than $400,000 in interest over the life of the loan — more than the loan itself.

15-year vs. 30-year
A 15-year mortgage has a higher monthly payment but typically saves you 50–60% of the total interest. If you can comfortably afford the higher payment, the 15-year loan is almost always cheaper overall.

⚠️ This calculator estimates principal & interest only. Actual costs depend on your credit score, lender, PMI (if down payment < 20%), property taxes, and insurance.