🏠Mortgage Calculator
Calculate monthly mortgage payments, total interest, and see how different loan terms affect your home purchase
Loan Details
$
Purchase price of the home
%
Percentage of home price
%
Annual interest rate
Additional Costs
$
Annual property tax amount
$
Annual homeowner's insurance premium
$
Private Mortgage Insurance (auto-calculated if down payment < 20%)
$
Homeowner's Association fees
Extra Payments
$
Additional principal payment each month
Understanding Your Mortgage
🏠 Key Components
- Principal: The amount borrowed
- Interest: Cost of borrowing money
- Property Tax: Annual tax on your property
- Insurance: Protects your home
- PMI: Required if down payment < 20%
- HOA: Community association fees
💡 Smart Tips
- • Aim for 20% down to avoid PMI
- • Extra payments reduce total interest
- • Shorter terms = lower total interest
- • Shop around for best interest rates
- • Factor in closing costs (2-5%)
- • Keep monthly payment under 28% of income
Mortgage Strategies
🎯 15-Year vs 30-Year
- • 15-year: Higher monthly payment, less total interest
- • 30-year: Lower monthly payment, more flexibility
- • 15-year rates typically 0.5% lower
📊 Extra Payments
- • Even small extra payments help
- • $100/month can save years
- • All extra goes to principal
- • Can save thousands in interest
🔄 Refinancing
- • Consider if rates drop 1%+
- • Account for closing costs
- • Calculate break-even point
- • May reset loan term
Understanding Your Mortgage Payment
What's Included
- ✓Principal & Interest (P&I)
- ✓Private Mortgage Insurance (PMI)
- ✓Property taxes (estimated)
- ✓Homeowner's insurance
- ✓HOA fees (if applicable)
- ✓Complete amortization schedule
Key Features
- •Down payment as amount or percentage
- •Automatic PMI calculation
- •Extra payment scenarios
- •Total interest over loan life
- •Payoff date calculation
PMI Information
Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20%. PMI can usually be removed once you reach 20% equity in your home.
Important Note
This calculator provides estimates. Actual payments may vary based on loan terms, lender requirements, and local tax rates. Consult with a mortgage professional for personalized advice.