Mortgage Calculator
Calculate monthly payments with taxes and insurance
Did you know that choosing a 15-year mortgage instead of a 30-year can save you over 50% in total interest costs?
Principal & Interest Over Time
Amortization Schedule
| Month | Payment | Principal | Interest | Balance | Total Interest |
|---|
How to Use This Mortgage Calculator
Our mortgage calculator helps you estimate your monthly home loan payments including all costs.
1. Enter Home Price and Down Payment
Input the total home price and your down payment. You can enter the down payment as a dollar amount or percentage by toggling the $ / % button.
2. Set Loan Details
Enter the interest rate and choose between a 15-year or 30-year loan term. Shorter terms have higher monthly payments but significantly lower total interest costs.
3. Add Property Costs
Include annual property tax, home insurance, and monthly HOA fees if applicable. These are often escrowed with your mortgage payment.
4. PMI (Private Mortgage Insurance)
PMI is typically required when your down payment is less than 20% of the home price. The calculator automatically determines if PMI applies and estimates the cost (typically 0.5-1% of the loan amount annually).
Understanding Your Results
The calculator shows your total monthly payment broken down by component, the amortization schedule showing how your balance decreases over time, and a chart visualizing principal paydown vs. interest accumulation.
Note: This calculator provides estimates. Actual mortgage terms, PMI rates, and costs may vary based on credit score, lender, and other factors. Consult with a mortgage professional for accurate quotes.