Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and view a full amortization schedule.
📖 How to Use
Enter the home price, down payment, interest rate, and loan term. The calculator shows your monthly principal & interest payment, plus estimated property tax, insurance, and PMI. PMI is automatically added when your down payment is below 20%.
Understanding Your Mortgage
Principal & Interest
The core monthly payment that goes toward paying off your loan balance and the interest charged by the lender.
Down Payment
The upfront amount you pay. 20% or more avoids PMI (Private Mortgage Insurance), saving you money monthly.
Amortization
Early payments are mostly interest. Over time, more goes to principal. A 15-year loan saves significantly on total interest.
PMI
Private Mortgage Insurance is required when your down payment is less than 20%. It typically costs 0.5–1% of the loan annually.
Frequently Asked Questions
How much house can I afford?
A common rule is that your monthly mortgage payment should be no more than 28% of your gross monthly income. Use this calculator to find a price point that fits your budget.
15-year vs 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves tens of thousands in interest. A 30-year gives lower payments and more flexibility. Try both terms to compare.
What's included in my monthly payment?
Your total monthly payment (PITI) includes Principal, Interest, Taxes, and Insurance. Some lenders collect these in an escrow account.