Mortgage Calculator
Calculate your monthly mortgage payment, including principal, interest, taxes, and insurance.
Enter Your Loan Details
Understanding Your Mortgage Payment
Components of Your Payment
Principal & Interest (P&I)
The principal is the amount you borrowed. Interest is what the lender charges for lending you money. Together, these make up your base mortgage payment.
Property Taxes
Annual taxes assessed by your local government, typically 1-2% of your home's assessed value. Often paid monthly through an escrow account.
Homeowners Insurance
Protects your home and belongings from damage. Typically costs $1,000-$2,000 per year, depending on location and coverage.
PMI (Private Mortgage Insurance)
Required if your down payment is less than 20%. Protects the lender if you default. Typically 0.5-1% of the loan amount annually. Can be removed once you reach 20% equity.
HOA Fees
Monthly fees for homeowners associations (if applicable). Covers maintenance of common areas, amenities, and community services.
Loan Term Options
15-Year Loan
- • Lower interest rate
- • Pay off faster
- • Less total interest
- • Higher monthly payment
30-Year Loan
- • Lower monthly payment
- • More affordable
- • More total interest
- • Most common choice
20-Year Loan
- • Middle ground option
- • Balance of payment & term
- • Less interest than 30-year
- • More affordable than 15-year
Tips for Lowering Your Payment
- • Larger down payment: Reduces loan amount and may eliminate PMI
- • Shop for rates: Compare offers from multiple lenders
- • Improve credit score: Better scores = better rates
- • Consider points: Pay upfront to lower interest rate
- • Shorter loan term: Higher payment but less total interest
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