Mortgage Calculator
Plan your home purchase by estimating monthly mortgage payments. Include property taxes and insurance for a more complete picture of your housing costs.
Monthly Payment (Total)
Principal & Interest
Tax & Insurance
Total Interest
Total Cost
This calculator provides estimates and is for informational purposes only.
Understanding Mortgage Payments
A typical mortgage payment includes four components known as PITI: Principal, Interest, Taxes, and Insurance. The principal and interest portion is calculated using the standard amortization formula, while taxes and insurance are added on top.
A larger down payment (20% or more) can help you avoid private mortgage insurance (PMI) and reduce your monthly costs. Even a slightly lower interest rate can save tens of thousands over the life of the loan.
Frequently Asked Questions
How much should my down payment be?
Traditionally, 20% is recommended to avoid PMI. However, many lenders offer programs with as little as 3-5% down. A larger down payment means lower monthly payments and less total interest.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but much lower total interest. A 30-year offers lower payments with more flexibility. Consider your monthly budget and long-term financial goals.
What other costs should I consider?
Beyond PITI, factor in HOA fees, maintenance costs (1-2% of home value per year), closing costs (2-5% of loan amount), and moving expenses.