🏠 Mortgage Calculator

Calculate your monthly mortgage payment and understand the true cost of homeownership

Loan Details

Home Price

Down Payment

Or 20% of home price

Loan Term

Interest Rate (APR)

Additional Monthly Costs

Property Tax (Annual)

Home Insurance (Annual)

PMI (Monthly)

Usually 0.5-1% of loan amount annually

HOA Fees (Monthly)

⚠️

Estimate only. Results are based on a fixed-rate loan model and do not account for rate changes, escrow adjustments, lender fees, or your credit profile. Actual loan terms will differ. Consult a licensed mortgage lender before making any home purchase decision.

Understanding Your Mortgage

💡 What is Principal & Interest?

Principal is the amount you borrowed. Interest is what the lender charges for lending you money. In the early years, most of your payment goes to interest. Over time, more goes toward principal.

🏦 What is PMI?

Private Mortgage Insurance (PMI) protects the lender if you can't repay your loan. It's required when your down payment is less than 20%. Once you reach 20% equity, you can request to remove PMI.

📊 Why 30 Years?

Most Americans choose a 30-year mortgage for lower monthly payments. However, 15-year loans have lower interest rates and you'll pay much less interest overall. Choose based on your budget and financial goals.

💰 The True Cost of Homeownership

Beyond your mortgage, budget for property taxes (1-1.5% annually), home insurance ($1,000-2,000/year), maintenance (1% of home value annually), and potential HOA fees.

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