Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, property taxes, homeowner's insurance, and PMI. Enter the home price, down payment, interest rate, and loan term to see a complete payment breakdown. View the full amortization schedule showing how each payment splits between principal and interest.
Key Features
- ✓Monthly payment with PITI breakdown
- ✓Property tax and insurance inclusion
- ✓PMI calculation for low down payments
- ✓Full amortization schedule
- ✓Extra payment impact analysis
- ✓Multiple term comparison (15yr vs 30yr)
How to Mortgage Calculator — Home Loan Payments
- 1
Enter home price and down payment
Input the purchase price and your down payment amount or percentage.
- 2
Set rate and term
Enter the interest rate and choose 15-year or 30-year term.
- 3
View payment breakdown
See monthly payment with principal, interest, taxes, and insurance.
Common Use Cases
- •Estimating monthly payments before home shopping
- •Comparing 15-year vs 30-year mortgage options
- •Understanding how a larger down payment reduces payments
- •Calculating how extra payments shorten the loan
Frequently Asked Questions
What is PMI and when is it required?▼
PMI (Private Mortgage Insurance) is typically required when you put less than 20% down. It protects the lender and adds $50-$200/month to your payment. It can be removed once you reach 20% equity.
Is a 15-year or 30-year mortgage better?▼
A 15-year mortgage has higher monthly payments but significantly lower total interest. A 30-year mortgage has lower monthly payments but costs much more in total interest over the life of the loan.