This example models a $500,000 home purchase with a 20% down payment ($100,000) financed at 5.5% over 30 years. You'll see the monthly principal-and-interest payment and the total interest paid over the life of the loan.
Taxes, insurance, HOA dues, and PMI can change over time. Extra principal is modeled as a monthly payment from the start of the loan; actual lender application rules and payoff timing can differ.
A $500,000 home with $100,000 down (20% LTV) financed at 5.5% over 30 years produces a principal-and-interest payment of about $2,879 per month. Over the life of the loan you'd pay around $636,616 in interest. Add property taxes (~1.1% of home value annually), insurance, and PMI if applicable to estimate your full PITI.
The result for mortgage calculator uses the inputs shown above. Change one value at a time to see which assumption makes the biggest difference.
Before using the estimate to make a decision, check whether fees, units, timing, or other real-world conditions fall outside this calculation.
Try a slightly different scenario to see how the result moves — useful for narrowing in on the values closest to your situation.