Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, property tax, and insurance. See total cost over the loan term and how extra payments shorten it.
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How to Use This Tool
- Enter the home price and your down payment amount or percentage.
- Enter the interest rate and loan term (typically 15 or 30 years).
- Add property tax and homeowners insurance estimates for a complete picture.
- View your total monthly mortgage payment broken down by component.
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Frequently Asked Questions
What is included in a mortgage payment?
A full mortgage payment (PITI) includes Principal (loan repayment), Interest (cost of borrowing), Taxes (property taxes), and Insurance (homeowners insurance). Some mortgages also include PMI (private mortgage insurance).
How much down payment do I need?
Conventional loans typically require 20% down to avoid PMI. FHA loans allow as low as 3.5% down. VA loans and USDA loans may allow 0% down for eligible borrowers.
What is PMI and when is it required?
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home price. It protects the lender and typically costs 0.3-1.5% of the loan amount annually.
How accurate is this mortgage estimate?
This calculator provides a good estimate based on the information you provide. Actual payments may vary based on your credit score, lender fees, specific insurance costs, and local property tax rates.
What factors does the mortgage calculator consider?
Our mortgage calculator considers the home price, down payment, loan term, and interest rate to estimate your monthly payment. It also shows the total interest paid and an amortization breakdown.