Mortgage Calculator
Calculate mortgage payments with amortization schedule and total interest
Mortgage Details
Calculate Your Mortgage
Enter details to see monthly payments
How to Calculate Mortgage Payments
- 1Enter your home price or loan amount
- 2Input your down payment percentage
- 3Set your loan term (15, 20, or 30 years)
- 4Enter the interest rate
- 5Add property tax, insurance, and PMI if applicable
- 6View your monthly payment and total costs
Mortgage Calculator Features
Frequently Asked Questions
What is PMI and when do I need it?
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home's value. It protects the lender if you default on the loan. Once you reach 20% equity, you can typically request to remove PMI.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but you'll pay much less interest over time and own your home faster. A 30-year mortgage has lower monthly payments but costs more in total interest. Choose based on your budget and financial goals.
How much house can I afford?
A common rule is your monthly housing payment (including mortgage, taxes, and insurance) shouldn't exceed 28% of your gross monthly income. However, consider your full financial picture, including other debts, savings goals, and lifestyle expenses.