Mortgage Calculator

To calculate your mortgage payments, enter the home price, your down payment (either amount or percentage), select the loan term (in years), and provide the annual interest rate. Optionally, you can add property tax, home insurance, PMI, HOA fees, and extra monthly payments. Click “Calculate” to see your estimated monthly payment, total interest paid, and a detailed amortization schedule.

A mortgage calculator helps you estimate your monthly payments and the total cost of your loan before you commit. It allows you to compare different loan scenarios, adjust down payments, interest rates, and terms to find the most affordable option. This tool is useful for budgeting, understanding long-term costs, and making informed home-buying decisions.

You can use the calculator to test different home prices and down payment amounts. A good rule of thumb is that your total monthly housing costs (including mortgage, taxes, insurance, and fees) should not exceed 28-30% of your gross monthly income. Adjust the inputs until you find a monthly payment that fits comfortably within your budget.

To lower your monthly payment, you can increase your down payment, choose a longer loan term, shop for a lower interest rate, or reduce the home price. Eliminating or reducing PMI (by putting 20% or more down) and minimizing optional costs like HOA fees can also help.

The standard formula for a fixed-rate mortgage is: M = P[r(1+r)^n]/[(1+r)^n-1] where M is the monthly payment, P is the principal (loan amount), r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. The calculator applies this formula automatically based on your inputs.

A typical monthly mortgage payment includes principal and interest. It may also include property taxes, homeowner’s insurance, private mortgage insurance (PMI), and HOA fees if applicable. These extra costs can be added in the calculator to give a more accurate estimate of your total monthly obligation.