Mortgage Calculator

Mortgage Calculation Result:

Monthly Payment: $0.00

Total Principal Paid: $0.00

Total Interest Paid: $0.00

Total Cost of Loan: $0.00

About Mortgage Calculator

Our free mortgage calculator helps you estimate monthly payments, total interest, and amortization schedule for your home loan. Whether you're buying your first home or refinancing, this tool provides accurate calculations to help you understand your mortgage costs and plan your budget effectively.

The calculator uses standard mortgage formulas to show you exactly how much you'll pay each month and over the life of the loan, helping you compare different loan options and make informed decisions about your home financing.

How to Use the Mortgage Calculator

1. Enter Loan Amount: Input the total mortgage amount (home price minus down payment)
2. Set Interest Rate: Enter the annual interest rate offered by your lender
3. Choose Loan Term: Select the loan duration in years (typically 15 or 30 years)
4. Calculate: Click calculate to see your monthly payment and total costs
5. Review Results: Analyze the monthly payment, total interest, and total amount paid
6. Compare Options: Try different amounts, rates, and terms to find the best option

Mortgage Planning Tips

• Save for Down Payment: Aim for 20% down to avoid PMI and get better rates
• Improve Credit Score: Higher scores qualify for lower interest rates
• Consider Loan Terms: 15-year loans have higher payments but less total interest
• Factor in All Costs: Include property taxes, insurance, and HOA fees in your budget
• Get Pre-approved: Know your budget before house hunting
• Shop Multiple Lenders: Compare rates and terms from different lenders
• Consider Points: Paying points upfront can lower your interest rate

Important Mortgage Considerations

28/36 Rule: Your housing payment should be no more than 28% of gross income, and total debt no more than 36%.

PMI (Private Mortgage Insurance): Required if you put down less than 20%, typically 0.3-1.5% of loan amount annually.

Fixed vs ARM: Fixed rates stay the same, while adjustable rates can change after an initial period.