Simple Mortgage Calculator

10-Year Mortgage Calculator

Estimate your monthly payment, total interest, and payoff date—then compare shorter vs. longer terms

Our 10-year mortgage calculator helps you determine the monthly payment for a 10-year fixed-rate loan. This shorter term lets you pay off your home faster and save substantial interest, but it comes with higher monthly payments. Enter your details below to see a complete breakdown—principal & interest, property taxes, insurance, PMI, HOA—and a full amortization schedule.

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Monthly payment breakdown

Balance and costs over time (yearly)

Compare to a 30-Year Term

30-Year P&I
$2,075.51
30-Year All-in (est.)
$2,675.51
30-Year Total Interest
$427,185.01

Note: 30-year “all-in” shown with current taxes/insurance/HOA and a rough PMI proxy; exact monthly fees vary over time.

Amortization schedule

Enter Property & Mortgage details

Down payment

Results

Monthly payment (all-in)
$4,274.37
P&I only (first month)
$3,674.37
Property tax / mo
$450.00
Insurance / mo
$100.00
HOA / mo
$50.00
PMI / mo
Not required
Loan amount
$320,000.00
Down payment
$80,000.00
Total interest (life)
$120,924.60
Total cost (P&I life)
$440,924.60
Amortization length
10 years (120 mo)
LTV at start
80.00%

How to Use the 10-Year Mortgage Calculator

  1. Enter your home price and choose your down payment as a % or $.
  2. Set your interest rate (APR) and confirm the 10-year term.
  3. Optionally add property taxes, insurance, PMI, and HOA.
  4. Review the monthly payment breakdown and explore the amortization schedule.
  5. Toggle extra principal or bi-weekly simulation (optional) to see payoff acceleration.

Inputs for the Calculator

  • Home Price & Down Payment (percent or dollars)
  • Loan Term (pre-set to 10 years)
  • Interest Rate (APR)
  • Property Taxes (annual amount or percent of price)
  • Homeowners Insurance (annual amount)
  • PMI (if down payment < 20%) and HOA Fees (monthly)
  • Start Year, Extra Principal, and Bi-weekly simulation (optional)

Understanding Your Results

The calculator shows your estimated total monthly payment including P&I, taxes, insurance, PMI, and HOA when applicable. You’ll also see a complete amortization schedule and can view the yearly roll-up to understand how principal and interest shift over time. The payoff date is implied by the amortization length (usually 120 months without prepayment).

Benefits of a 10-Year Mortgage

  • Fast payoff: Own your home free and clear in about a decade.
  • Lower lifetime interest: Save substantially versus 15- and 30-year terms.
  • Often lower rates: Shorter terms typically come with better interest rates.

10-Year vs. 15-Year vs. 30-Year Mortgages

A 10-year mortgage has the highest monthly payment but the lowest total interest. A 15-year balances monthly affordability and long-term savings. A 30-year offers the lowest monthly payment, but the most interest over time. Use this page to evaluate 10-year payments, then explore our 15-year and 30-year calculators to compare side-by-side.

What to Consider Before a 10-Year Mortgage

  • Cash flow stability and emergency savings
  • Other financial goals (retirement, college, investing)
  • Whether prepayment options on longer terms could offer more flexibility

Frequently Asked Questions

Does a 10-year mortgage always have a lower rate?

Typically yes, but your rate depends on your credit, LTV, loan type, and market conditions.

How much interest can I save vs. 30 years?

Often tens of thousands of dollars, thanks to a shorter schedule and often better rates. Use the calculator to see your estimate.

Can I prepay a 10-year mortgage?

Yes—extra principal or a bi-weekly cadence can shorten the payoff even more. Check your lender for prepayment terms.

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