Mortgage Calculator

Calculate your monthly mortgage payment and total loan costs instantly with our free, easy-to-use calculator

Calculate Your Mortgage Payment

Enter your loan details below to get instant results

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Monthly Payment
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Principal & Interest
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Total Interest
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Total Amount Paid
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Monthly Payment Breakdown

Principal & Interest $0
Property Tax $0
Home Insurance $0
PMI $0
HOA Fees $0

Understanding Your Mortgage

Get the knowledge you need to make informed decisions about your home loan and monthly payments.

How Mortgage Payments Work

Your monthly mortgage payment typically includes four components: Principal (loan amount), Interest (cost of borrowing), Taxes (property taxes), and Insurance (homeowners insurance). This is often called PITI. Understanding each component helps you budget effectively and plan for homeownership costs.

Down Payment Impact

A larger down payment reduces your loan amount and monthly payments. Putting down 20% or more eliminates Private Mortgage Insurance (PMI), saving you hundreds monthly. Even smaller down payments can help you qualify for certain loan programs designed for first-time homebuyers.

Interest Rates & Terms

Interest rates significantly impact your total loan cost. A 30-year loan offers lower monthly payments but higher total interest. A 15-year loan has higher monthly payments but substantial interest savings over the loan's life. Compare different scenarios to find what works for your budget.

Additional Costs to Consider

Beyond your mortgage payment, budget for maintenance, utilities, and potential HOA fees. Property taxes and insurance can change annually. PMI is typically required with less than 20% down but can be removed once you reach 20% equity in your home.

Pre-Approval Benefits

Getting pre-approved for a mortgage helps you understand your buying power and shows sellers you're a serious buyer. Use this calculator to estimate payments, then speak with lenders to get actual rates and terms based on your credit score and financial situation.

Refinancing Opportunities

Monitor interest rates and your home's value over time. Refinancing can lower your monthly payment, reduce your loan term, or help you access your home's equity. Calculate potential savings to determine if refinancing makes financial sense for your situation.