Mortgage Calculator
Additional Costs (Optional)
Monthly Payment Breakdown
Enter loan details to see payment breakdown
How to Use the Mortgage Calculator
Our mortgage calculator helps you estimate your monthly mortgage payments and understand the total cost of your home loan. Enter your home price, down payment, loan term, and interest rate to get detailed payment breakdowns.
Understanding Mortgage Payments
- Principal & Interest: The main loan payment that goes toward paying off your mortgage
- PMI (Private Mortgage Insurance): Required if your down payment is less than 20%
- Property Tax: Annual taxes paid to your local government
- Home Insurance: Protects your home against damage and liability
Mortgage Tips
- Aim for a down payment of at least 20% to avoid PMI
- Consider shorter loan terms to save on interest
- Shop around with multiple lenders for the best rates
- Factor in all costs: taxes, insurance, and maintenance
- Get pre-approved to understand your budget
Mortgage Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]
Where: P = Principal, r = Monthly interest rate, n = Number of payments