Mortgage Calculator
Calculate mortgage payments, total interest, and amortization schedules
Privacy & Security
All mortgage calculations happen entirely in your browser. No financial information, home prices, income data, or personal details are collected, stored, or transmitted. Your financial privacy is fully protected.
About Our Mortgage Calculator
Our comprehensive mortgage calculator helps you estimate your monthly home loan payment by considering all key factors: loan amount, interest rate, loan term, property taxes, homeowners insurance, and PMI (Private Mortgage Insurance). Whether you're a first-time homebuyer or refinancing, this calculator provides accurate estimates to help you budget for homeownership and compare different mortgage scenarios.
Key Features
Complete Payment Breakdown
See principal, interest, taxes, insurance, and PMI components separately
Multiple Loan Terms
Calculate for 15-year, 20-year, 30-year, or custom loan periods
Tax & Insurance Included
Factor in property taxes and homeowners insurance for accurate budgeting
PMI Calculation
Automatically calculates PMI if down payment is less than 20%
Amortization Schedule
View how your payments are split over the entire loan period
Total Interest Display
See the total interest you'll pay over the life of the loan
Down Payment Options
Calculate based on different down payment percentages
Instant Results
Real-time calculations as you adjust values - no waiting
How to Use the Mortgage Calculator
Enter Home Price
Input the purchase price of the home you're considering
Set Down Payment
Enter your down payment amount or percentage (typically 10-20% of home price)
Enter Interest Rate and Term
Input the annual interest rate quoted by your lender and choose loan term (15 or 30 years)
Add Taxes and Insurance
Include estimated annual property taxes and homeowners insurance premiums
Review Your Payment
See your total monthly payment and detailed breakdown of all components
Mortgage Planning Tips
- The 28/36 Rule: Your mortgage payment should be ≤28% of gross monthly income, and total debt ≤36%
- 20% Down Payment Benefits: Putting 20% down eliminates PMI, reduces interest rate, and lowers monthly payments
- 15-Year vs 30-Year Mortgage: 15-year mortgages have higher monthly payments but save tens of thousands in interest
- Rate Shopping Matters: Just 0.25% difference in interest rate can save thousands over the loan lifetime
- Factor in All Costs: Don't forget HOA fees, maintenance, utilities, and home improvements in your budget
- Get Pre-Approved: Mortgage pre-approval shows sellers you're serious and helps you understand your budget
Frequently Asked Questions
What is included in a mortgage payment?
A complete mortgage payment includes Principal (loan repayment), Interest (cost of borrowing), Property Taxes (annual taxes/12), Homeowners Insurance (annual premium/12), and PMI (if down payment < 20%). This is commonly referred to as PITI + PMI.
What is PMI and when do I need it?
PMI (Private Mortgage Insurance) protects the lender if you default. It's required when your down payment is less than 20% of the home's value. Typically costs 0.5-1% of loan amount annually. You can request removal once you reach 20% equity.
How much house can I afford?
A common guideline is that your monthly mortgage payment should not exceed 28% of your gross monthly income. Use the 28/36 rule: housing costs ≤28% of income, total debt ≤36% of income. Our calculator helps you determine comfortable payment ranges.
Should I choose a 15-year or 30-year mortgage?
15-year mortgages have lower interest rates and save significantly on total interest but require higher monthly payments. 30-year mortgages offer lower monthly payments and more flexibility but cost more in total interest. Choose based on your budget and financial goals.
How does my credit score affect my mortgage rate?
Credit scores significantly impact your interest rate. Excellent credit (740+) gets the best rates, while scores below 620 may not qualify for conventional mortgages. Even a 0.5% rate difference can mean tens of thousands in extra interest over 30 years.
What is an amortization schedule?
An amortization schedule shows how each mortgage payment is divided between principal and interest over the loan's lifetime. Early payments are mostly interest; later payments are mostly principal. This helps you see how equity builds over time.
Why Use Our Mortgage Calculator?
Buying a home is likely the biggest financial decision you'll make. Our mortgage calculator empowers you with accurate estimates before you talk to lenders, helping you understand how much home you can truly afford. By seeing the complete picture - including taxes, insurance, and PMI - you avoid surprises and make confident decisions. Compare different scenarios: what if you increase your down payment? Choose a 15-year term instead of 30? Our calculator answers these questions instantly, putting you in control of your home-buying journey.