Mortgage Calculator

Calculate your monthly mortgage payment and understand the breakdown of your total costs over the life of the loan.

Loan Configuration

Home Price

Down Payment

Loan Term (Years)

Interest Rate (%)

Property Tax Rate (%)

Home Insurance ($/year)

PMI ($/mo)

Payment Breakdown

Monthly Total$1,917Total: $690,107

Total Interest$306,107Over life of loan

Monthly Breakdown

Principal & Interest$1,517

Property Tax$300

Estimation based on standard 30-day billing cycles

Overview

A mortgage is more than just a loan; it's a long-term financial commitment. Understanding the components—principal, interest, taxes, and insurance (PITI)—is crucial for responsible homeownership. This calculator helps you see how changes in interest rates or down payments impact your monthly cash flow and long-term interest savings.

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Pro Tips

What is PMI?: Private Mortgage Insurance (PMI) is usually required if your down payment is less than 20% of the home price. It protects the lender if you default.
How does the loan term affect my payment?: Shorter terms (15 years) have higher monthly payments but lower total interest. Longer terms (30 years) offer lower monthly payments but cost more over time.
Are taxes and insurance included?: Most lenders use an escrow account to collect 1/12th of your annual taxes and insurance with each monthly payment.

Fun Facts

"The word "mortgage" comes from Old French "mort gaige", meaning "dead pledge.""
"In the early 1980s, US mortgage interest rates peaked at over 18%."
"Making one extra payment per year can shorten a 30-year mortgage by 4-5 years."

Formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]

Used with this

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