🏠 Mortgage Calculator
Calculate your monthly mortgage payment and understand the true cost of homeownership
💡 Understanding your mortgage
This calculator estimates your monthly payment using your loan size, interest rate, and key housing costs such as taxes, insurance, and PMI.
Important for home buyers:
- Monthly payment includes more than principal and interest
- Lower down payments often mean higher monthly costs
- Longer loan terms reduce monthly payment but increase total interest
- Taxes and insurance can materially change the real monthly cost
🏡 Loan Details
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Payment Breakdown
Loan Summary
Amortization Schedule
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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.