Mortgage Payment Calculator
Monthly Payment Breakdown
Principal & Interest:
$0
Property Tax:
$0
Property Insurance:
$0
PMI:
$0
Total Monthly Payment:
$0
Loan Summary
Total Loan Amount:
$0
Down Payment Amount:
$0
Total Interest Paid:
$0
Total Cost of Loan:
$0
Amortization Schedule
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|
How to Use This Mortgage Calculator
Our premium mortgage calculator helps you estimate your monthly mortgage payments and understand the total cost of your home loan. Follow these simple steps:
- Enter your loan amount - The total amount you plan to borrow from the lender.
- Set your interest rate - The annual interest rate offered by your lender.
- Choose your loan term - The number of years you'll take to repay the loan (typically 15 or 30 years).
- Specify your down payment percentage - The percentage of the home's purchase price you'll pay upfront.
- Add property tax and insurance costs - Your annual property tax and homeowner's insurance amounts.
- Click "Calculate Payment" - See your monthly payment breakdown and loan summary.
The calculator will instantly show you your monthly principal and interest payment, along with taxes, insurance, and PMI if applicable. You'll also see a visual breakdown of your payment components and a year-by-year amortization schedule.
Understanding Mortgage Payments
A mortgage payment typically consists of four components, often referred to as PITI:
- Principal: The amount you borrowed and need to pay back.
- Interest: The cost of borrowing money, calculated as a percentage of your loan.
- Taxes: Property taxes assessed by your local government.
- Insurance: Homeowner's insurance and possibly private mortgage insurance (PMI).
Factors That Affect Your Mortgage Payment
Several factors can impact your monthly mortgage payment:
- Loan amount: The more you borrow, the higher your payment.
- Interest rate: Higher rates mean higher monthly payments.
- Loan term: Shorter terms have higher monthly payments but lower total interest.
- Down payment: A larger down payment reduces your loan amount and might eliminate PMI.
- Property taxes: Vary by location and property value.
- Homeowner's insurance: Depends on your home's value, location, and coverage.
Types of Mortgages
Common mortgage types include:
- Fixed-rate mortgages: Interest rate remains the same throughout the loan term.
- Adjustable-rate mortgages (ARMs): Interest rate may change periodically.
- FHA loans: Government-backed loans with lower down payment requirements.
- VA loans: For veterans and service members, often with no down payment required.
- USDA loans: For rural homebuyers, often with no down payment required.
Understanding these factors can help you make informed decisions about your mortgage and find the best option for your financial situation.