Mortgage Calculator
Calculate your monthly mortgage payments including principal, interest, taxes, and insurance (PITI). Get detailed amortization schedules and see how much you'll pay over the life of your loan.
Mortgage Calculator
How to Use This Mortgage Calculator
Required Information
- Home Price/Loan Amount: The total purchase price or loan amount
- Down Payment: Amount paid upfront (typically 10-20%)
- Interest Rate: Annual percentage rate (APR) from your lender
- Loan Term: Length of the mortgage (15, 20, 25, or 30 years)
Optional Costs
- Property Tax: Annual property taxes (varies by location)
- Home Insurance: Annual homeowners insurance premium
- PMI: Private Mortgage Insurance (required if down payment < 20%)
Understanding Your Results
Principal & Interest: The core mortgage payment that goes toward paying down your loan.
PITI: Principal, Interest, Taxes, and Insurance - your total monthly housing payment.
Amortization Schedule: Shows how much of each payment goes to principal vs. interest over time.
Mortgage Tips & Guidelines
💡 Money-Saving Tips
- • Put down 20% to avoid PMI
- • Shop around for the best interest rates
- • Consider a shorter loan term to save on interest
- • Make extra principal payments when possible
📊 Financial Guidelines
- • Housing costs should be ≤ 28% of gross income
- • Total debt payments should be ≤ 36% of income
- • Maintain 3-6 months emergency fund
- • Get pre-approved before house hunting
Important Note
This calculator provides estimates based on the information you provide. Actual mortgage terms, rates, and costs may vary. Always consult with qualified mortgage professionals and get official loan estimates from lenders before making financial decisions.
Frequently Asked Questions
What's included in my monthly payment?
Your monthly payment typically includes Principal, Interest, Taxes, and Insurance (PITI). If you put down less than 20%, you'll also pay Private Mortgage Insurance (PMI).
How does loan term affect my payment?
Shorter terms (15 years) have higher monthly payments but lower total interest. Longer terms (30 years) have lower monthly payments but higher total interest paid over the life of the loan.
When can I remove PMI?
PMI can typically be removed when you reach 20% equity in your home, either through payments or appreciation. Contact your lender for specific requirements.