Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, property taxes, and home insurance. Plan your home purchase with accurate payment estimates.
Calculate Your Mortgage Payment
Enter your home loan details to calculate monthly payment and total cost
Mortgage Summary
Enter your mortgage details
to see payment calculation
Why Use Mortgage Calculator?
Budget Planning
Determine affordable home price range based on your monthly budget and down payment capability.
Loan Comparison
Compare different loan terms and interest rates to find the most suitable mortgage option.
Equity Tracking
Understand how your equity builds over time and plan for future financial decisions.
Tax Benefits
Estimate potential tax deductions on mortgage interest payments.
Mortgage FAQs
What is included in a mortgage payment?
A typical mortgage payment includes Principal (loan amount repayment), Interest (cost of borrowing), Taxes (property taxes), and Insurance (home insurance). This is often referred to as PITI.
What is PMI and when is it required?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. It protects the lender in case of default and typically costs 0.5-1% of the loan amount annually.
How does down payment affect my mortgage?
A larger down payment reduces your loan amount, monthly payments, and total interest paid. It can also help you avoid PMI and get better interest rates.
What is amortization?
Amortization is the process of paying off your mortgage through regular payments over time. Initially, most of your payment goes toward interest, but over time, more goes toward reducing the principal.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but much less total interest. A 30-year mortgage offers lower monthly payments but more total interest. Choose based on your budget and financial goals.