Mortgage Calculator
Modify the values and click Calculate to use
Monthly Pay:
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Principal & Interest
Annual Tax & Costs
| Property Taxes | |
| PMI Insurance | |
| HOA Fee | |
| Other Costs |
Financial Calculations
Loan Amount:—
Down Payment:—
Total of 360 Payments:—
Total Interest:—
Payoff Date:—
Monthly Breakdown — —
Principal & Interest—
P&I—
Property Taxes—
Annual taxes—
PMI + HOA Insurance—
PMI + HOA—
Other Costs—
Annual others—
Amortization Chart ■ Principal ■ Interest
About Mortgage Calculator
What is a Mortgage?
A mortgage is a loan secured by real property, typically used to purchase a home. The borrower agrees to repay the lender over a set period — usually 15 or 30 years — with interest. The property itself serves as collateral.
How is Monthly Payment Calculated?
Monthly payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1], where P = loan amount, r = monthly interest rate, n = total number of payments. Additional costs like taxes, PMI, and HOA are added on top.
💡 Tips to Lower Your Mortgage
- Increase your down payment to reduce the loan
- Improve credit score for lower rates
- Choose a shorter loan term
- Shop and compare multiple lenders
- Pay extra monthly to reduce principal faster
❓ What is a good mortgage rate?
A good mortgage rate depends on market conditions, your credit score, and loan type. In 2026, a rate below 6.5% for a 30-year fixed is considered competitive. Always compare offers from multiple lenders.
❓ What is PMI?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. It protects the lender if you default. PMI typically costs 0.5%–1.5% of the loan per year.
❓ 15-year vs 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves significantly on total interest. A 30-year mortgage offers lower monthly payments but costs more in total interest over the life of the loan.
❓ What is amortization?
Amortization is the process of gradually paying off your loan through scheduled payments. Early payments go mostly toward interest; later payments go mostly toward reducing the principal balance.
❓ How much house can I afford?
A common guideline is to spend no more than 28% of your gross monthly income on your mortgage payment, and no more than 36% on total debt payments (mortgage + other debts).
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