Home Loan Repayment Calculator
Your mortgage principal-and-interest payment, the lifetime interest, and how much faster extra payments end the loan.
Understand your mortgage repayment
A home loan is the biggest debt most people ever repay, and the math has a surprise in it: in the early years, most of your payment is interest. On a fresh 30-year loan at 6%, roughly five of every six dollars in your first payment go to interest, not to owning more of your home. This home loan repayment calculator shows the full picture — payment, lifetime interest, and payoff date — before you commit, or while you plan an early payoff.
The three levers of a cheaper mortgage
- Rate — shop at least three lenders; on a big balance, 0.25% matters for decades.
- Term — shorter terms carry lower rates and radically less total interest, at the price of a higher payment.
- Extra principal — the quiet one. Even one extra payment per year removes years from a 30-year loan.
A note on payoff priorities
The mortgage is usually the last debt worth accelerating: its rate is typically the lowest you have, and the interest may be tax-deductible. If you also carry card balances or a car loan, clearing those first saves more per dollar. Our free planner sorts all your debts by what saves the most and hands you one plan.
Frequently asked questions
What does this home loan repayment calculator include?
It calculates the principal-and-interest portion of your mortgage payment. Property taxes, homeowners insurance, HOA dues, and PMI are paid on top of it — your lender’s “PITI” quote bundles those in.
15-year vs 30-year mortgage: how big is the difference?
Huge. On $300,000 at 6%, the 30-year payment is about $1,799 with roughly $347,500 of lifetime interest; a 15-year at 5.5% is about $2,451/month but around $141,300 in interest. Run both above — the payment gap is real, but so is the ~$200,000 difference in cost.
How much do extra principal payments save on a mortgage?
A lot, because the balance is large and the term is long. An extra $200/month on that $300,000, 30-year, 6% loan saves roughly $66,000 in interest and pays the home off about 5 years sooner. Enter your own extra amount to see the effect.
Should I pay off my mortgage early or invest?
Paying early earns you a guaranteed return equal to your mortgage rate; investing may earn more but with risk. Many people split the difference. High-rate debts (credit cards, personal loans) should almost always come first — their rates dwarf mortgage rates.
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Calculations assume monthly compounding (APR ÷ 12) and fixed minimum payments. Eagle Debt Payoff is a planning tool, not financial advice.