Mortgage Calculator: The True Cost of Homeownership
Published August 2026 | 8 min read
A $400,000 house doesn't cost $400,000. With a 30-year mortgage at 7%, it costs $958,000. Use our free mortgage calculator to see the real numbers before you buy.
How the Calculator Works
Enter your home price, down payment, interest rate, and loan term. The calculator shows:
- Monthly payment (principal + interest)
- Total interest over the life of the loan
- Amortization schedule
15-Year vs. 30-Year Mortgage
On a $400,000 home with 20% down ($320,000 loan):
| Term | Payment | Total Interest |
|---|---|---|
| 30-year at 7% | $2,129 | $446,000 |
| 15-year at 6.5% | $2,785 | $181,000 |
The 15-year loan saves you $265,000 but costs $656 more per month.
The Hidden Costs of Homeownership
Your mortgage is just the start. Budget for:
- Property taxes: 1-2% of home value annually
- Homeowners insurance: $1,200-2,500/year
- HOA fees: $200-500/month (if applicable)
- Maintenance: 1-3% of home value annually
On a $400,000 home, expect $8,000-15,000 per year in non-mortgage costs.
How Much House Can You Afford?
The 28/36 rule:
- 28%: Mortgage payment ≤ 28% of gross monthly income
- 36%: Total debt payments ≤ 36% of gross monthly income
Example: $100,000/year income = $8,333/month gross. Max mortgage = $2,333/month.
💡 Compare Mortgage Rates
Even a 0.5% difference saves $50,000+ over the life of the loan.
Get Mortgage Quotes →The Bottom Line
Use our mortgage calculator to run the numbers. Don't let a lender tell you what you can afford — know it yourself.
Related: How Much House Can I Afford? | Debt-to-Income Ratio Calculator
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