Monthly mortgage insurance is required on loans with less than 20% down payment. This estimate is for informational purposes only. Contact a lending professional for an accurate quote.
| Mo | Payment | Principal | Interest | Balance |
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Monthly mortgage insurance is required on loans with less than 20% down payment. This estimate is for informational purposes only. Contact a lending professional for an accurate quote.
- Pay significantly less interest over the life of the loan
- Every extra dollar above interest goes directly toward principal
- Own your home free and clear in 15 years
- Higher monthly payment — not ideal if budget is tight
- Fixed payment with no option to pay less
- Lower required monthly payment gives more breathing room
- Option to pay extra toward principal — enter both scenarios to see your accelerated payoff estimate
- More of each payment goes toward interest, especially early on
- 30 years before the loan is paid off on standard schedule
Will you invest this if you continue renting?
↓ Full breakdown below
Monthly mortgage insurance is required on loans with less than 20% down payment. This estimate is for informational purposes only. Contact a lending professional for an accurate quote.
- Interest-only payment—
- Your payment—
- Paid off in—
At this payment, you cover only the interest. The loan balance never decreases — every dollar goes straight to the lender. You are renting the money indefinitely.
Your payment covers interest and chips away at the balance. As the balance drops each month, so does the interest charge — meaning more of each payment attacks the principal.
| Mo | Payment | Principal | Interest | Balance |
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- Total contributions—
- Future value—
Want to see compounding in action? Keep everything the same — then add 10 years to your time horizon. Watch how dramatically the total value accelerates.
- Monthly payment—
- Pay off in—
© Mortgage Calculators by Gavin
This calculator is for educational and informational purposes only. Information provided is not a commitment to lend and should not be used as a qualifying tool. Actual rates, terms, and payment information vary depending on credit and other qualifications. Contact a lending professional for the most accurate quote.
Private mortgage insurance (if applicable) is an estimate. Actual mortgage insurance terms vary depending on credit qualifications, down payment, and loan program.
*The APR listed is an estimate, calculated based on estimated origination fees of $1,525, estimated settlement fees for home purchases in Portland, Oregon, a 1% discount "buy down" fee, and 15 days of prepaid interest. Contact a lending professional for the most accurate quote.
Future property tax and homeowners insurance estimates assume appreciation at the same rate as the input annual home appreciation. These are intended to illustrate that taxes and insurance can also increase over time.