Mortgage Calculator
Calculate your monthly mortgage payments and view your amortization schedule
Mortgage Details
Enter information about your home purchase and loan
$300,000
$
$50,000$1,000,000
$60,000 (20%)
$
$0$150,000
30 years
4.5%
%
2%10%
%
$
%
$
Mortgage Summary
Based on the information you provided
Monthly Payment
$1,616.04
Principal & Interest$1,216.04
Property Tax$300.00
Home Insurance$100.00
Total Monthly Payment$1,616.04
Did you know?
Switching to a 15-year mortgage could save you approximately $136,710 in interest over the life of the loan, but your monthly payment would increase.
About Mortgage Calculations
This mortgage calculator helps you estimate your monthly mortgage payment, including principal and interest, property taxes, homeowners insurance, and PMI. It also generates an amortization schedule showing how your loan balance decreases over time.
Understanding Your Mortgage
- Principal and Interest: The portion of your payment that goes toward paying off the loan amount and the interest charged by the lender
- Property Taxes: Annual taxes assessed by your local government based on your property's value
- Homeowners Insurance: Protects your home against damage, theft, and liability
- PMI (Private Mortgage Insurance): Required if your down payment is less than 20% of the home's value
- HOA Fees: Monthly fees paid to a homeowners association for maintenance of common areas and amenities
Tips for Homebuyers
- Aim for a down payment of at least 20% to avoid PMI
- Consider a 15-year mortgage to save on interest and build equity faster
- Shop around for the best interest rates and loan terms
- Get pre-approved for a mortgage before house hunting
- Remember that your total monthly housing costs should ideally be less than 28% of your gross monthly income