Mortgage Calculator
Calculate your monthly mortgage payments, total interest, and understand the complete cost of your home loan. Include property tax, insurance, PMI, and HOA fees for accurate budgeting.
Mortgage Details
How to Use the Mortgage Calculator
- Enter Home Price: Input the total purchase price of the home you're considering
- Set Down Payment: Enter the amount you plan to put down upfront
- Interest Rate: Input the annual interest rate offered by your lender
- Loan Term: Choose the number of years for your mortgage (typically 15 or 30 years)
- Additional Costs: Include property tax, home insurance, PMI, and HOA fees for a complete picture
- Review Results: See your monthly payment breakdown, total interest, and payment schedule
Mortgage Calculation Examples
Example 1: Conventional Loan
Example 2: FHA Loan
Additional Monthly Costs to Consider:
- Property Tax: Typically 0.5% - 2.5% of home value annually
- Home Insurance: Usually $800 - $2,000+ annually depending on location and coverage
- PMI (Private Mortgage Insurance): Required when down payment is less than 20%
- HOA Fees: Monthly fees for maintenance and amenities in some neighborhoods
Frequently Asked Questions
What factors affect my mortgage payment?
Your monthly payment is determined by the loan amount, interest rate, loan term, and additional costs like property tax, insurance, PMI, and HOA fees. A larger down payment reduces the loan amount and may eliminate PMI.
What is PMI and when do I need it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home's value. It protects the lender if you default on the loan. PMI can typically be removed once you have 20% equity in your home.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but lower total interest costs. A 30-year mortgage has lower monthly payments but higher total interest. Choose based on your budget and financial goals.
How accurate are these calculations?
Our calculator provides accurate estimates based on the information you provide. However, actual payments may vary based on specific loan terms, lender fees, and other factors. Consult with a mortgage professional for precise quotes.
What's the difference between principal and interest?
Principal is the amount you borrowed, while interest is the cost of borrowing. Early in your loan, more of your payment goes to interest. Over time, more goes toward principal, building equity in your home.
Can I pay extra toward my mortgage?
Most mortgages allow extra principal payments, which can significantly reduce total interest and shorten the loan term. Even small additional payments can save thousands over the life of the loan.
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