← All tools
What does this house actually cost?
Monthly payment, total interest over the life of the loan, and the income you'd need to make it work. No signup. Just the math on your real numbers.
Your home & loan
Home price$400,000
Down payment20%$80,000
Interest rate7.00%
Loan term
Advanced — taxes, insurance, HOA+
Property tax rate1.20%$400/mo
Home insurance$1,800/yr
HOA fees$0/mo
Monthly payment breakdown
Monthly payment (PITI)
$2,679
Principal, Interest, Taxes, Insurance
P&I
$2,129
Principal & interest$2,129
Property taxes$400
Home insurance$150
HOA fees$0
True 30-year cost
$846,428
You'll pay $446,428 in interest alone — more than the house itself.
Income to afford this comfortably
$114,813/yr
Based on housing taking 28% of gross income. Lenders allow up to 36%, but 28% leaves room for retirement, emergencies, and life.
Would 15 years instead change things?
Higher monthly, way less interest over time.
Currently 30-year
$2,679/mo
Total interest: $446,428
15-year alternative
$3,426+$747/mo
Save $248,703 in interest
…and finish 15 years earlier.
!
Why is the total cost so much higher than the price?
Mortgages are front-loaded with interest. In the first year of a 30-year loan, roughly 80% of every payment goes to the bank, not the house. Even after 10 years, you've barely touched the principal. That's why the lifetime interest often exceeds the home price itself — and why shorter loan terms or extra principal payments save so much.
Already own (or about to)?
Canopy tracks your mortgage alongside everything else.
Add your mortgage once. Canopy auto-detects every payment from your bank, splits principal vs. interest on your amortization schedule, and updates your net worth as you pay it down.
Try Canopy free →Common questions
What does PITI stand for?+
Principal, Interest, Taxes, Insurance — the four parts of a typical monthly mortgage payment. The "P&I" portion is what your bank earns; taxes go to the county; insurance protects the house. Together they're what you actually write the check for each month.
Do I have to put 20% down?+
No, but if you put less than 20% down on a conventional loan, lenders require Private Mortgage Insurance (PMI) — typically 0.3–1.5% of the loan amount per year, added to your monthly payment. PMI drops off automatically once you reach 20% equity. FHA loans accept as little as 3.5% down. This calculator doesn't include PMI — add it manually to the insurance field if you're putting less than 20% down.
15-year vs. 30-year — which is better?+
A 15-year mortgage typically saves 50–70% in lifetime interest, but the monthly payment is 30–50% higher. If you can comfortably afford the higher payment AND still max your 401(k) match, save for emergencies, and fund other goals, a 15-year wins financially. If the higher payment would crowd out retirement savings, a 30-year with optional extra principal payments usually beats it — you get flexibility, with the option to pay extra when cash is good.
What credit score do I need?+
Conventional mortgages typically require 620+, but 740+ unlocks the best rates. FHA loans accept 580+ with 3.5% down. Every 20 points of credit score can swing your interest rate 0.1–0.3%, which on a 30-year loan compounds to tens of thousands of dollars. If you're 6–12 months out from buying, paying down credit card balances is one of the highest-ROI moves you can make.
What is a "healthy" debt-to-income ratio for a mortgage?+
Lenders look at two ratios: front-end (housing only) and back-end (housing + all other debt). The traditional rule is 28/36 — no more than 28% of gross income on housing, 36% on all debt combined. Some lenders allow up to 43% back-end, but that's tight. We use 28% in this calculator's affordability check because it's the rule that gives you room to actually live.
Does this account for refinancing or extra payments?+
No — this calculator assumes you make exactly the scheduled payment for the full term. In reality, refinancing when rates drop, or paying even an extra $100/month toward principal, can shave years off the loan and save tens of thousands. Canopy's full mortgage tracking adjusts as you actually pay, so you can see how every transaction moves the payoff date.