Mortgage Calculator
Calculate your monthly mortgage payments, view detailed amortization schedules, and understand the true cost of your home loan
Mortgage Details
Additional Monthly Costs
Comprehensive Mortgage Payment Calculator
Calculate your monthly mortgage payments, amortization schedule, and total interest
Our free mortgage calculator helps you estimate your monthly home loan payments with precision. Whether you're a first-time homebuyer or refinancing an existing mortgage, this tool provides detailed insights into your potential monthly payments, total interest costs, and complete amortization schedule.
Beyond basic principal and interest calculations, our calculator includes property taxes, homeowners insurance, HOA fees, and PMI to give you a complete picture of your monthly housing costs. Understanding these numbers is crucial for making informed decisions about home affordability and loan options.
Calculator Features
Payment Calculations
- Principal and interest breakdown
- Property tax estimation
- Homeowners insurance costs
- HOA fees inclusion
- PMI calculation for low down payments
- Total monthly payment summary
Advanced Features
- Complete amortization schedule
- Yearly payment summaries
- Visual payment breakdown
- Downloadable amortization table
- Loan-to-value ratio calculation
- Total interest over loan lifetime
How to Use the Mortgage Calculator
- Enter Home Price: Input the total purchase price of the home you're considering.
- Set Down Payment: Enter your down payment as a percentage or dollar amount. Remember, less than 20% down typically requires PMI.
- Input Interest Rate: Enter the annual interest rate for your mortgage. Check current rates from multiple lenders for accuracy.
- Choose Loan Term: Select your loan term in years (typically 15 or 30 years). Shorter terms have higher payments but less total interest.
- Add Additional Costs: Include annual property taxes, insurance, and any monthly HOA or PMI fees for a complete payment picture.
- Review Results: Examine your monthly payment breakdown, total costs, and amortization schedule to understand your loan completely.
Mortgage Planning Tips
Smart Borrowing Strategies
- •Compare 15-year vs 30-year loans - shorter terms save significant interest
- •Consider making extra principal payments to reduce total interest
- •Factor in all costs, not just principal and interest
- •Build an emergency fund for unexpected home repairs
- •Get pre-approved to understand your actual borrowing power
Frequently Asked Questions
How is my monthly mortgage payment calculated?
Your monthly mortgage payment is calculated using the loan amount, interest rate, and loan term. The formula considers compound interest to determine how much of each payment goes toward principal and interest. Additional costs like property taxes, insurance, HOA fees, and PMI are added to get your total monthly payment.
What is PMI and when is it required?
PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20% of the home price. It protects the lender if you default on the loan. PMI usually costs 0.3% to 1.5% of your loan amount annually and can be removed once you reach 20% equity in your home.
What is an amortization schedule?
An amortization schedule shows how each monthly payment is split between principal and interest over the life of your loan. Early payments go mostly toward interest, while later payments apply more to principal. This schedule helps you understand how your loan balance decreases over time.
How accurate is this mortgage calculator?
Our calculator provides highly accurate estimates based on standard mortgage formulas. However, actual payments may vary slightly due to lender-specific fees, exact interest calculation methods, and rounding. Always verify final numbers with your lender.
What additional costs should I consider when buying a home?
Beyond your mortgage payment, consider closing costs (2-5% of home price), moving expenses, home maintenance (1-3% of home value annually), utilities, and potential HOA fees. Building an emergency fund for unexpected repairs is also recommended.
How much can I afford to borrow?
A general rule is that your total monthly housing costs should not exceed 28% of your gross monthly income, and total debt payments should not exceed 36%. However, these are guidelines - your actual affordability depends on your complete financial situation.