How is the monthly payment calculated?

The monthly payment includes principal, interest, property taxes, home insurance, PMI (if applicable), and HOA fees. The calculator uses the standard mortgage formula to determine the principal and interest portion.

What's the difference between 15 and 30-year mortgages?

A 15-year mortgage typically has a lower interest rate but higher monthly payments, while a 30-year mortgage has higher interest rates but lower monthly payments. The 15-year option saves you money on interest in the long run.

How much should I put down?

A 20% down payment is ideal as it eliminates the need for PMI and reduces your monthly payments. However, many lenders accept as little as 3-5% down, though this will increase your monthly costs.

Mortgage Calculator

Calculate your monthly mortgage payments and total loan cost

Enter your home details to see your estimated monthly payments and amortization schedule.

Home Price ($)

Down Payment

Property Taxes

Home Insurance ($/year)

HOA Fees ($/month)

PMI (%)

Loan Term (Years)

Interest Rate (%)

Monthly Payment

$0.00

Loan Summary

Total Loan Cost:$0.00

Total Interest Paid:$0.00

Amortization Schedule (First 5 Years)

Month	Principal	Interest	Balance

Understanding Mortgage Payments

Why Mortgage Planning Matters

Helps you budget for homeownership costs
Understand total interest costs
Plan for long-term financial goals

Common Mortgage Terms

15-Year Fixed

Lower interest, higher payments

30-Year Fixed

Lower payments, more interest

Adjustable Rate

Variable rates, initial savings

Tips for Homebuyers

Before Buying

• Save for a substantial down payment
• Check your credit score
• Get pre-approved for a loan

After Buying

• Make extra payments when possible
• Consider refinancing options
• Build home equity

Use our DTI Ratio Calculator to understand how your mortgage affects your overall financial health.