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Mortgage Calculator

Calculate monthly mortgage payments, total interest paid, and view amortization schedule.

Quick Examples

$
The purchase price of the home
$
The amount paid upfront
The length of the mortgage loan
%
Annual interest rate for the mortgage
$
Annual property tax payment
$
Annual home insurance premium
%
Private Mortgage Insurance rate (if down payment < 20%)

Display the detailed amortization schedule

About This Calculator

This mortgage calculator helps you estimate your monthly mortgage payments. It also provides a breakdown of your total payment over the loan term, including principal and interest. You can see a detailed amortization schedule showing how your payments are distributed over time.

Frequently Asked Questions

How is the monthly mortgage payment calculated?

The monthly mortgage payment is calculated using the loan amount, interest rate, and loan term. The formula uses the compound interest formula to determine the fixed monthly payment required to pay off the loan over the specified term.

What is PMI and when is it required?

Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home's purchase price. It protects the lender in case you default on the loan.

How can I lower my monthly mortgage payment?

You can lower your monthly payment by making a larger down payment, extending the loan term, finding a loan with a lower interest rate, or reducing the home price. Be aware that extending the loan term will increase the total interest paid over the life of the loan.

What is an amortization schedule?

An amortization schedule is a table showing each payment throughout the life of the loan and how much of each payment goes toward principal and interest. It also shows the remaining balance after each payment.