10-year fixed mortgage calculator

A 10-year fixed is the fastest-payoff conventional mortgage. Monthly payment is steep — roughly triple the 30-year P&I on the same loan — but lifetime interest is a fraction of any longer term. Best fit when cash flow allows and the goal is owning outright in a decade.

Last updated 2026-05-13

Your loan

Home price

$100k$2M

Down payment$97,500

Interest rate30-yr avg: 6.875%

Loan term

10-year fixed

Term locked for this page. Switch term

Taxes & insurance

(optional, but realistic)

State

Sets property tax rate to median for state

Property tax rate

~$305 per month

Homeowner insurance

HOA dues (if any)

PMI required. With 20% down (LTV 80.0%), private mortgage insurance is added at 0.50% of the loan annually — that's $163/month. PMI auto-removes at month 5 (78% LTV, per the Homeowners Protection Act).

Extra payments

(optional — accelerate payoff)

Biweekly paymentsPay half the monthly amount every two weeks (26 half-payments per year ≈ 13 monthly equivalents). Typically saves 4-7 years and tens of thousands in interest on a 30-year loan.

Extra each month

Applied as additional principal every month.

One-time lump sum

Single payment toward principal at the specified month (e.g. tax refund or bonus).

Estimated monthly payment

For a $487,500 home, 20% down, 5.875% APR, 10-year fixed in California.

Where your payment goes

Principal & interest$4,305

Property tax$305

Homeowner insurance$145

PMI$163

Loan amount

$390,000

Total interest

$126,643

Total paid

$516,643

Compare scenarios →

How your balance falls over time

The crossover point — where more of each payment goes to principal than interest — is at year 1.

BalanceInterest paidPrincipal paid

Amortization schedule

Year-by-year breakdown of every payment.

Period	Payment	Principal	Interest	Total interest paid	Balance
Y01Year 1	$51,664	$29,539	$22,126	$22,126	$360,461
Y02Year 2	$51,664	$31,322	$20,343	$42,468	$329,140
Y03Year 3	$51,664	$33,212	$18,452	$60,920	$295,927
Y04Year 4	$51,664	$35,217	$16,447	$77,368	$260,710
Y05Year 5	$51,664	$37,342	$14,322	$91,690	$223,368
Y06Year 6	$51,664	$39,596	$12,068	$103,758	$183,772
Y07Year 7	$51,664	$41,986	$9,678	$113,435	$141,785
Y08Year 8	$51,664	$44,521	$7,144	$120,579	$97,265
Y09Year 9	$51,664	$47,208	$4,457	$125,036	$50,057
Y10Year 10	$51,664	$50,057	$1,607	$126,643	$0

When 10-year is the right answer

Refinancing a 30-year that's 20 years in: a 10-year refi keeps the original payoff date and may slash interest. Combine it with the refi break-even tool to verify lifetime savings beat closing costs.

High-income households buying modestly: when the 10-yr P&I still fits comfortably under 28% DTI, the lifetime interest reduction vs 30-yr can exceed the down payment. The affordability calculator shows the binding cap.

10-year rates typically run 0.5–1% lower than 30-year — lenders price the shorter risk window aggressively. Verify your scenario above.

Caveat:10-year terms qualify many fewer buyers than 30-year for the same income. Don't pick the term to chase low interest if it forces you under- insure on emergency reserves.