Calculate your monthly mortgage payment including property tax, home insurance, PMI and HOA (PITI), see the amortization schedule and how extra payments save interest.
At 6.5% over 30 years, principal and interest is about $1,896 a month. Property tax and insurance typically add a few hundred dollars more.
A 15-year loan has higher payments but a lower rate and far less total interest. A 30-year loan keeps payments low and flexible.
Even $100–200 a month extra on a 30-year loan can cut years off the term and save tens of thousands in interest. Check your lender has no prepayment penalty.