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A mortgage payment has two core components: principal (repaying the loan balance) and interest (the cost of borrowing). Early payments are mostly interest — on a 30-year mortgage, you typically pay more interest than principal for the first 20+ years. This is called amortization. The formula for monthly payment: M = P × [r(1+r)^n] / [(1+r)^n - 1].

A 15-year mortgage typically offers a 0.5–0.75% lower interest rate than a 30-year mortgage, and you build equity twice as fast. However, monthly payments are roughly 40–50% higher. Strategy: if you can comfortably afford the 15-year payment, it saves significantly on total interest. If not, choose 30-year and make extra principal payments when possible.

Making one extra mortgage payment per year can cut a 30-year loan down to ~25 years. Refinancing when rates drop by 1%+ is often worth it (break-even point: closing costs ÷ monthly savings). Biweekly payments (half payment every 2 weeks) result in 26 half-payments per year, equivalent to 13 full payments instead of 12.

This calculator shows principal + interest only. Your actual monthly payment also includes property tax (typically 1–2% of home value per year), homeowner's insurance (~$100–200/month), and PMI (0.5–1.5%/year if down payment < 20%). HOA fees and maintenance costs add further real-world expenses. Always get quotes from multiple lenders — even a 0.25% rate difference matters significantly over 30 years.