Mortgage Calculator
Calculate your monthly mortgage payments and see how much you can afford
Loan Details
Additional Monthly Costs
Ready to Calculate
Enter your loan details to see monthly payment breakdown and amortization schedule.
How to Use the Mortgage Calculator
Enter Property Details
Start by entering the home price and your down payment amount. The calculator will automatically calculate your loan amount and down payment percentage.
Set Interest Rate and Term
Enter the annual interest rate offered by your lender and select your preferred loan term (15, 20, 25, or 30 years). Different terms significantly impact your monthly payments and total interest costs.
Add Additional Costs
Include annual property tax, homeowner's insurance, and monthly PMI (if applicable). These costs are essential for calculating your total monthly payment (PITI).
Review Results
The calculator shows your monthly principal & interest payment, total monthly payment including taxes and insurance, total interest over the loan term, and complete amortization schedule.
Compare Scenarios
Adjust different variables to see how changes in down payment, interest rate, or loan term affect your monthly payments and total costs. Use the share feature to save different scenarios.
Smart Mortgage Tips
Get pre-approved for a mortgage before house hunting to understand your actual budget and strengthen your offer
Aim for a down payment of 20% or more to avoid PMI and reduce your loan amount significantly
Shop around with multiple lenders - even a 0.25% rate difference can save thousands over the loan term
Consider the total monthly payment (PITI) not just principal and interest when budgeting for homeownership
Factor in closing costs (2-5% of home price) and moving expenses when planning your home purchase budget
Choose loan terms wisely: 15-year mortgages have higher payments but save significantly on total interest
Make extra principal payments when possible - even $50-100 monthly can reduce your loan term by years
Keep an emergency fund of 3-6 months expenses after your home purchase for unexpected repairs
Consider property taxes and insurance costs which can vary significantly by location and increase over time
Review your mortgage annually and consider refinancing if rates drop by 0.5% or more below your current rate