Mortgage Calculator
Estimate your monthly home payment including taxes, insurance, and PMI.
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Everything you need to know
More Than Just Principal & Interest
Your actual monthly housing cost is more than the mortgage payment. This calculator includes property tax, homeowner's insurance, and PMI (Private Mortgage Insurance, if your down payment is under 20%). Enter all four to see your true monthly cost.
How Down Payment Affects Your Costs
A larger down payment reduces your loan amount, monthly payment, and total interest. Use the quick preset buttons (10%, 15%, 20%, 25%) to compare scenarios instantly. Putting 20% down eliminates PMI entirely — often saving hundreds per month.
Understanding the Amortization Schedule
Early in a mortgage, most of your payment goes to interest. Over time, the split shifts toward principal. The amortization table shows this year-by-year breakdown, so you can see exactly when interest costs decrease and equity builds.
Tips for Homebuyers
- Compare loan terms: A 15-year mortgage has higher monthly payments but saves tens of thousands in interest vs. 30 years.
- Budget for closing costs: Typically 2–5% of the home price on top of the down payment.
- Check property tax rates: These vary dramatically by location — from 0.3% to over 2% of home value annually.
- Consider extra payments: Even $100/month extra toward principal can shave years off your loan.
Related Tools
For general loans, use the Loan / EMI Calculator. Plan your savings for a down payment with the Savings Goal Calculator. Check your take-home pay with the Salary Calculator to budget your mortgage.