Mortgage Calculator

Calculate home loan payments with taxes, insurance, and PMI

Monthly Payments
Amortization
PMI Calculator
Tax & Insurance
Affordability
Mortgage Calculator
Calculate home loan payments with taxes, insurance, and PMI

Loan Details

Additional Costs

Mortgage Types Comparison
Understanding different mortgage options and their benefits

30-Year Fixed

6.5% - 8.0%

Most popular mortgage with stable payments

Pros:

  • Lower monthly payments
  • Predictable payments
  • More cash flow

Cons:

  • Higher total interest
  • Slower equity building

15-Year Fixed

6.0% - 7.5%

Faster payoff with higher monthly payments

Pros:

  • Lower total interest
  • Faster equity building
  • Lower rates

Cons:

  • Higher monthly payments
  • Less cash flow

ARM (5/1)

5.5% - 7.0%

Adjustable rate mortgage with initial fixed period

Pros:

  • Lower initial rates
  • Good for short-term ownership

Cons:

  • Rate uncertainty
  • Payment can increase

FHA Loan

6.0% - 7.5%

Government-backed loan with lower down payment

Pros:

  • Lower down payment (3.5%)
  • Easier qualification

Cons:

  • Mortgage insurance required
  • Loan limits apply
Example Mortgage Scenarios
Common home purchase scenarios with payment breakdowns

Starter Home

$1,775/month
Home Price:
$300,000
Down Payment:
$60,000 (20%)
Loan Amount:
$240,000
Total Interest (30 years): $399,000

Family Home

$2,958/month
Home Price:
$500,000
Down Payment:
$100,000 (20%)
Loan Amount:
$400,000
Total Interest (30 years): $665,000

First-Time Buyer

$1,897/month
Home Price:
$250,000
Down Payment:
$12,500 (5%)
Loan Amount:
$237,500
Total Interest (30 years): $446,920
Typical Closing Costs
Additional costs to budget for when buying a home

Lender Fees

0.5% - 1.0%
Origination fee
Underwriting fee
Processing fee

Third-Party Fees

0.5% - 1.5%
Appraisal
Home inspection
Title insurance
Attorney fees

Government Fees

0.1% - 0.5%
Recording fees
Transfer taxes
HOA transfer fees

Prepaid Items

0.5% - 2.0%
Property taxes
Homeowners insurance
Interest
Calculator Features

Monthly Payment

Calculate principal, interest, taxes, insurance, and PMI

Amortization Schedule

Detailed payment breakdown by month and year

Total Cost Analysis

See total interest and lifetime cost of the loan

Affordability Analysis

Understand what you can afford with different scenarios

Common Use Cases
  • Calculate affordability before house hunting
  • Compare different loan terms and rates
  • Plan for monthly budget including all costs
  • Understand the impact of down payment size
  • Evaluate refinancing opportunities
  • Compare ARM vs fixed-rate mortgages
  • Plan for PMI removal timeline
  • Budget for property taxes and insurance
Home Affordability Rules

28% Rule

Your monthly housing payment should not exceed 28% of gross monthly income

36% Rule

Total monthly debt payments should not exceed 36% of gross monthly income

Emergency Fund

Maintain 3-6 months of expenses in savings after down payment

Down Payment

Save at least 20% to avoid PMI, or explore low down payment programs

Money-Saving Tips

Shop Around

Compare rates from multiple lenders. Even 0.25% difference can save thousands over the loan term.

Improve Credit Score

Higher credit scores qualify for better rates. Pay down debt and fix errors before applying.

Consider Points

Buying discount points can lower your rate if you plan to stay in the home long-term.

Understanding Mortgages

Principal vs Interest

Your monthly mortgage payment consists of principal (paying down the loan balance) and interest (the cost of borrowing). Early payments go mostly toward interest, while later payments pay down more principal.

This amortization structure means you build equity slowly at first, then more rapidly as the loan matures.

PMI and When It's Removed

Private Mortgage Insurance (PMI) is required when you put down less than 20%. It protects the lender if you default, typically costing 0.3% to 1.5% of the loan amount annually.

PMI can be removed when you reach 20% equity through payments or home appreciation, potentially saving hundreds per month.