Mortgage Calculator
Calculate your monthly mortgage payments, view detailed amortization schedules, and estimate the total cost of homeownership. Includes PMI, property tax, and insurance calculations.
Mortgage Calculator
Calculate your monthly mortgage payments and view amortization schedule.
Understanding Mortgage Calculations
A mortgage calculator helps you estimate your monthly mortgage payments and understand the total cost of homeownership. It considers factors like principal, interest rate, loan term, down payment, property taxes, and insurance.
Key Components
Principal & Interest
The base monthly payment that goes toward paying off your loan amount (principal) and the cost of borrowing (interest).
Property Taxes
Annual property taxes divided into monthly payments, typically escrowed with your mortgage payment.
Insurance
Homeowners insurance and, if applicable, Private Mortgage Insurance (PMI) for down payments less than 20%.
Total Monthly Payment
The sum of principal, interest, taxes, and insurance (PITI), representing your total monthly housing cost.
How to Use This Calculator
- Enter the home price or loan amount
- Input your down payment amount or percentage
- Select your loan term (15, 20, or 30 years)
- Enter the interest rate
- Add property tax and insurance estimates
- View your monthly payment breakdown and amortization schedule
Understanding Amortization
Mortgage amortization is the process of paying off your loan through regular payments over time. The amortization schedule shows:
- How each payment is split between principal and interest
- Your remaining loan balance after each payment
- The total interest paid over the life of the loan
- How extra payments can reduce your loan term and total interest
Important Note:
This calculator provides estimates based on the information you provide. Actual mortgage payments may vary based on credit score, lender requirements, and other factors. Always consult with a mortgage professional for personalized advice.