20% down
Monthly payment (P and I)
$0
Total interest
$0
Total cost (down + payments)
$0
Year-by-year amortization
| Year | Principal | Interest | Balance |
|---|
Principal and interest only. Taxes, insurance and HOA are not included.
Frequently asked questions
What does the monthly payment include?
Principal and interest only. Property tax, homeowner insurance and HOA fees are separate and vary by location.
How is the payment calculated?
With the standard fixed-rate amortization formula: M = P * r(1+r)^n / ((1+r)^n - 1), where r is the monthly rate and n the number of payments.
Should I choose a 15 or 30 year term?
A 15-year term has higher monthly payments but much less total interest. A 30-year term is easier monthly but costs more over time. Compare both above.
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