Mortgage Calculator

Calculate monthly mortgage payments, total interest, and view amortization for home loans with taxes and insurance.

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1. Enter the home price and your down payment amount or percentage. 2. Set the mortgage interest rate and loan term (15, 20, or 30 years). 3. Optionally include property tax, homeowner insurance, and PMI. 4. View the monthly mortgage payment broken down by principal, interest, taxes, and insurance. 5. Review the amortization schedule showing how your balance decreases over time.

About This Tool

The mortgage calculator provides a comprehensive analysis of your home loan costs, including monthly payments, total interest over the life of the loan, and a detailed amortization schedule. It accounts for property taxes, homeowner insurance, and PMI (private mortgage insurance) to give you a realistic picture of your total monthly housing cost.

Buying a home is likely the largest financial decision you will make. This calculator helps you understand the true cost of homeownership by breaking down each component of your monthly payment. Compare different loan amounts, interest rates, and terms to find the mortgage that best fits your financial situation.

Use the results to set a realistic home-buying budget, negotiate with lenders, or evaluate whether refinancing your existing mortgage makes financial sense. The amortization schedule shows your equity build-up over time, helping you plan for the long term.

Formula / How It Works

M = P x [r(1+r)^n] / [(1+r)^n - 1], where M = monthly payment, P = loan principal, r = monthly interest rate, n = number of payments. Add monthly tax and insurance for total payment.

Frequently Asked Questions

A typical mortgage payment includes four components, often called PITI: Principal (paying down the loan balance), Interest (the cost of borrowing), Taxes (property taxes, often escrowed), and Insurance (homeowner insurance and possibly PMI). This calculator factors in all four components.
PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20% of the home price. It protects the lender in case of default. PMI usually costs 0.3% to 1.5% of the original loan amount per year and can be removed once you reach 20% equity.
A 15-year mortgage has higher monthly payments but significantly lower total interest and a lower interest rate. A 30-year mortgage offers lower monthly payments and more flexibility but costs more in total interest. Choose based on your monthly budget and long-term financial goals.
A common guideline is that your total monthly housing costs (including mortgage, taxes, and insurance) should not exceed 28% of your gross monthly income. Your total debt payments should stay below 36%. Use this calculator to find a loan amount that keeps you within these thresholds.
Refinancing typically makes sense when you can reduce your interest rate by at least 0.5-1%, plan to stay in the home long enough to recoup closing costs, or want to switch from an adjustable-rate to a fixed-rate mortgage. Calculate both scenarios to compare total costs.

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