Mortgage Calculator

Calculate your monthly mortgage payments and amortization schedule

Share:

Enter Your Details

$
20%
$
%

Monthly Payment

$1,899

per month

Principal & Interest
$1,610
Property Tax $250
Home Insurance $100
PMI $0
HOA Fees $0
Loan Amount $240,000
Total Interest $339,511
Total Payment $579,511
Payoff Date Jan 2055

Unchecked: Summary only | Checked: Complete payment schedule (may be many pages)

Amortization Schedule

# Month Payment Principal Interest Balance

How to Use Our Mortgage Calculator

Our free mortgage calculator helps you estimate your monthly mortgage payments accurately. Simply enter your home price, down payment, interest rate, and loan term to get instant results. You can also include property taxes, homeowners insurance, PMI, and HOA fees for a comprehensive monthly payment estimate.

Frequently Asked Questions

How is monthly mortgage payment calculated?

Your monthly mortgage payment is calculated using the loan amount (home price minus down payment), interest rate, and loan term. The formula uses compound interest to determine your principal and interest payment. Additional costs like property tax, insurance, PMI, and HOA fees are added to get your total monthly payment.

What is included in a mortgage payment?

A typical mortgage payment includes four components (PITI): Principal (loan repayment), Interest (cost of borrowing), property Taxes, and homeowners Insurance. Additional costs may include PMI (Private Mortgage Insurance) if your down payment is less than 20%, and HOA fees if applicable.

How much house can I afford?

Most financial experts recommend that your monthly housing costs (including mortgage, taxes, and insurance) should not exceed 28% of your gross monthly income. Your total debt payments (including mortgage, car loans, credit cards) should stay below 36% of your gross monthly income.

What is an amortization schedule?

An amortization schedule shows how your mortgage payment is split between principal and interest over the life of the loan. Early payments go mostly toward interest, while later payments pay down more principal. Our calculator generates a complete amortization table showing this breakdown for every month of your loan.

Should I choose a 15-year or 30-year mortgage?

A 15-year mortgage has higher monthly payments but you'll pay significantly less interest over the life of the loan. A 30-year mortgage offers lower monthly payments but costs more in total interest. Use our calculator to compare both options and see which fits your budget and financial goals.

What is a good mortgage rate?

Mortgage rates fluctuate based on economic conditions, credit score, loan type, and down payment. Check with multiple lenders to compare current rates. Generally, rates below the national average are considered good. Your credit score significantly impacts the rate you'll receive - higher scores typically qualify for better rates.

How much should my down payment be?

A 20% down payment is ideal as it avoids PMI and often gets better interest rates. However, many loans allow 3-10% down. FHA loans require as little as 3.5%, while VA loans offer 0% down for eligible veterans. Weigh the trade-off between lower monthly payments and paying PMI.

What is PMI and how do I avoid it?

PMI (Private Mortgage Insurance) is required when you put down less than 20% on a conventional loan. It typically costs 0.5-1% of the loan amount annually. To avoid PMI, either put 20% down, choose a VA loan (if eligible), or consider a piggyback loan. PMI automatically drops off once you reach 22% equity.

How do property taxes affect my mortgage payment?

Property taxes are typically rolled into your monthly mortgage payment through an escrow account. Your lender collects 1/12 of the annual property tax each month and pays the tax bill on your behalf. Tax rates vary by location and can increase over time, affecting your monthly payment.