Mortgage Calculator

Calculate your monthly mortgage payments, total interest, and amortization schedule. Our free home loan calculator includes property taxes and insurance estimates.

Enter Your Home Loan Details

$
$10,000 $1,000,000
$
$0 $500,000
%
0.1% 15%
years
5 years 30 years
$
$

Your Mortgage Calculation Results

Monthly Payment
$1,520
Principal & Interest
$1,266
Property Tax
$300
Home Insurance
$100
Total Monthly
$1,666
Loan Amount
$240,000
Total Interest Paid
$215,609
Total Payment
$455,609

How to Use Our Mortgage Calculator

1

Enter Home Price

Input the total cost of the property. Higher price = higher monthly payments. Average US home: $350,000.

2

Set Down Payment

Amount you pay upfront. 20% down avoids PMI insurance. More down payment = lower monthly payments.

3

Adjust Interest Rate

Current rates: 5.5% to 7.5%. Lower rate = lower payments. 1% difference = $200/month on $300k loan.

4

Choose Loan Term

15-year: Higher payments, less interest. 30-year: Lower payments, more interest. Pick based on budget.

5

Add Taxes & Insurance

Property tax: 1-2% of home value yearly. Home insurance: $1000-$2000 yearly. Both affect monthly payment.

Why Use This Mortgage Calculator?

Budget Planning

Know exactly how much house you can afford based on your income and monthly budget constraints.

Compare Options

Test 15 vs 30 year loans instantly. See how different interest rates impact your payments.

Financial Insight

Understand total interest paid over loan life. See how payments change year by year.

Risk Assessment

Test how interest rate changes affect payments. Prepare for future rate increases.

Important Mortgage Terms

Principal: The actual loan amount you borrow from the bank or lender.
Interest: Cost of borrowing money, calculated as percentage of principal.
Amortization: Gradual payoff schedule where early payments are mostly interest.
PMI: Private Mortgage Insurance required if down payment is less than 20%.
Escrow: Account where lender holds money for property taxes and insurance.

Frequently Asked Questions

How accurate is this mortgage calculator?
Our mortgage calculator provides accurate estimates based on standard mortgage formulas. It includes principal, interest, property taxes, and home insurance. For exact figures, consult with a mortgage lender as rates and fees may vary.
What is included in the monthly mortgage payment?
Monthly payments typically include: Principal (loan repayment), Interest (cost of borrowing), Property Taxes (collected by lender), Home Insurance (hazard insurance), and possibly PMI (if down payment < 20%).
How does a larger down payment affect my mortgage?
A larger down payment reduces your loan amount, resulting in lower monthly payments and less total interest paid. With 20% or more down, you avoid Private Mortgage Insurance (PMI), saving you hundreds annually.
Should I choose a 15-year or 30-year mortgage?
15-year: Higher payments but 50% less interest, builds equity faster. 30-year: Lower payments, better cash flow, tax benefits. Use our comparison tool to see which fits your budget.