Calculate monthly mortgage payments, total interest, and view detailed amortization schedule
Input your home price, down payment, loan term, and interest rate.
Include property tax, insurance, PMI, and HOA fees for accurate estimates.
Get your monthly payment, total cost, and amortization schedule.
This is the core of your mortgage payment. The principal is the amount you borrowed, and the interest is what the lender charges you to borrow that money. In the early years, most of your payment goes toward interest. As time goes on, more goes toward paying down the principal.
Property taxes are based on your home's assessed value and local tax rates. They typically range from 0.5% to 2.5% of your home's value annually, depending on your location. Most lenders collect these monthly and hold them in escrow.
This protects your home against damage from fire, storms, and other covered disasters. Lenders require it to protect their investment. The cost varies based on your home's value, location, and coverage amount.
If your down payment is less than 20%, you'll typically need to pay PMI. This insurance protects the lender if you default on the loan. PMI usually costs 0.3% to 1.5% of the loan amount annually and can be removed once you reach 20% equity.
If you're buying a condo, townhouse, or home in a planned community, you may have to pay Homeowners Association (HOA) fees. These cover maintenance of common areas and amenities. HOA fees can range from $100 to $1,000+ per month.
A higher credit score can get you a lower interest rate, saving thousands over the life of the loan.
20% down payment helps you avoid PMI and typically gets you better interest rates.
Compare offers from multiple lenders. Even a 0.25% difference in rate can save you thousands.
15-year mortgages have higher monthly payments but lower interest rates and less total interest paid.
Principal & Interest: The monthly payment that goes toward paying off your loan, calculated using the standard mortgage formula.
Property Tax: Annual property tax divided by 12 months. Varies by location and property value.
Home Insurance: Required by lenders to protect the property. Annual premium divided by 12.
PMI: Private Mortgage Insurance required when down payment is less than 20%. Can be removed when equity reaches 20%.
HOA Fee: Homeowners Association fees for maintaining common areas in condos or planned communities.