Mortgage Interest Calculator
How much interest will you pay over the life of your mortgage? This calculator shows the total interest cost, first-month breakdown, and how extra payments save you thousands.
Mortgage Interest Calculator
See how much interest you'll pay over the life of your mortgage
First Month Breakdown
Uses the standard amortization formula. Early in the loan, a larger portion goes toward interest. Does not include taxes, insurance, PMI, or HOA fees. Consult a mortgage professional for exact figures.
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Frequently Asked Questions
How much interest do I pay on a 30-year mortgage?+
At 6.5% on a $300,000 loan, you'll pay $382,535 in interest over 30 years — more than the loan itself. Total repayment: $682,535. In year 1, 83% of your payment goes to interest. By year 20, it flips to 83% going to principal.
How can I reduce the total interest on my mortgage?+
Three strategies: (1) Make biweekly payments (13 payments/year instead of 12). (2) Add $100-500/month to principal. (3) Refinance to a 15-year term. A $300k loan at 6.5% saves $130,000+ in interest by switching to 15-year.
When does refinancing make sense?+
Refinance when rates drop 0.75-1%+ below your current rate, you plan to stay 3+ years, and closing costs are recouped within that time. Example: $300k loan, 7% → 6% saves $180/year per $100k = $540/year on $300k. Break-even in 2-3 years.
How much interest do I pay on a 30-year mortgage?
At 6.5% on a $300,000 loan, you'll pay $382,535 in interest over 30 years — more than the loan itself. Total repayment: $682,535. In year 1, 83% of your payment goes to interest. By year 20, it flips to 83% going to principal.
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