Mortgage Calculator
Estimate your monthly home loan payments including taxes, insurance, and HOA fees.
Mortgage Summary
| Year | Interest | Principal | Balance |
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| Month | Interest | Principal | Balance |
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What is a Mortgage Calculator?
A mortgage calculator is an essential financial tool that helps prospective homebuyers estimate their monthly mortgage payments based on the home price, down payment, interest rate, and loan term. It provides a clear picture of what to expect before speaking with a lender.
Beyond principal and interest, a comprehensive mortgage calculator also factors in property taxes, homeowners insurance, and HOA fees to give you the true total monthly payment. This helps you budget realistically and avoid surprises after closing.
How to Use
- Enter the purchase price of the home and your planned down payment.
- Set the loan term using the slider (5 to 40 years) and input the annual interest rate.
- Add estimated annual property tax, home insurance, and any monthly HOA fees.
- Click Calculate to see your monthly payment, total interest, and amortization schedule.
Frequently Asked Questions
What is included in the total monthly payment?
The total monthly payment includes principal and interest on the loan, plus one-twelfth of annual property taxes and insurance, plus any monthly HOA fees.
How does a larger down payment affect my mortgage?
A larger down payment reduces your loan amount, which lowers your monthly payment and total interest paid over the life of the loan. It may also help you avoid private mortgage insurance (PMI).
What is an amortization schedule?
An amortization schedule is a table showing each payment broken down into interest and principal, and the remaining loan balance after each payment. Early payments are mostly interest; later payments are mostly principal.
Does this calculator include PMI?
No, this calculator does not estimate private mortgage insurance. If your down payment is less than 20%, you should add PMI costs separately.