Mortgage Payment Calculator
What will your monthly mortgage payment be?
A fixed-rate mortgage payment has two pieces: principal and interest. This calculator shows you both, plus the total interest you would pay over the life of the loan and a year-by-year balance snapshot. Enter your numbers below.
Advanced (rate, term)
See year-by-year balance breakdown
| Year | Principal paid | Interest paid | Balance remaining | Equity built |
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Numbers above are principal and interest only. Property tax, homeowner insurance, PMI (if down payment is under 20%), and HOA fees (if any) are extra. For a precise PITI on your scenario, talk to GoldCoast.
What the monthly payment number actually represents
The headline number on this calculator is principal and interest, or P&I. It is the part of your mortgage payment that goes to the lender each month. Two pieces: a portion that pays down what you owe (principal) and a portion that pays the cost of borrowing (interest). In the early years of a 30-year mortgage, interest is the bigger share. As the balance shrinks, more of each payment goes to principal.
What the calculator does not include
The P&I number is not your total monthly housing cost. Three other items typically come on top: property tax (varies wildly by Massachusetts, NH, or Maine town), homeowner insurance (about $1,200 to $2,000 per year on a typical single-family), and PMI if your down payment is below 20 percent on a conventional loan. If you escrow taxes and insurance through your lender, they collect those monthly as part of your total payment.
How total interest stacks up over time
On a 30-year mortgage at 6.5 percent, you typically pay back roughly 2 to 2.5 times the original loan amount in total payments. A $400,000 loan at 6.5 percent costs about $510,000 in interest across 30 years. Paying extra principal cuts that dramatically: an extra $200 per month on a 30-year $400K loan saves roughly $150,000 in interest and pays the loan off 7 years early.
Get a binding number
The calculator above estimates. For a Loan Estimate that a lender is bound by, you need to apply. Talk to GoldCoast for the real number on your scenario, including current rates, down payment options, and which Massachusetts, NH, or Maine first-time-buyer programs apply to you.
Related guides at GoldCoast
- All mortgage calculators: the full suite of tools
- Massachusetts mortgage calculators: MA-specific tools
- New Hampshire mortgage calculators: NH-specific tools
- Maine mortgage calculators: ME-specific tools
- PMI calculator: see what PMI adds when down payment is below 20 percent
- Property tax calculator: estimate property tax by Massachusetts, NH, or Maine town
- First step to buying a home: start your conversation with GoldCoast