Planning to buy a home? Understanding your monthly mortgage payments is a critical step. This mortgage calculator helps you estimate your monthly costs based on key inputs like home price, down payment, loan term, interest rate, property tax, insurance, PMI, and HOA fees.
The calculator takes your inputs and breaks down the financial picture clearly:
Loan Amount: This is the amount you’ll borrow after subtracting the down payment from the home price.
Monthly Mortgage Payment: Based on your loan amount, interest rate, and loan term, it calculates your principal and interest payment.
Additional Costs: Property tax, home insurance, private mortgage insurance (PMI), and HOA fees are factored into the total monthly payment.
PMI Calculation: If your down payment is less than 20%, the calculator includes PMI until that threshold is reached.
Beyond the monthly summary, the calculator provides a year-by-year view of your loan balance through a visual chart. It also shows an amortization table with the first 12 months of payments, breaking each one into principal and interest amounts, and showing how your balance changes over time.
Homebuyers: Understand what you can afford before applying for a mortgage.
Homeowners: Compare your current mortgage with refinancing options.
Investors: Evaluate property costs with all expenses included.
Unlike basic calculators, this tool provides a complete picture, including long-term costs and a detailed breakdown. It makes planning more accurate and gives you the clarity you need to make informed decisions.
Calculate your monthly mortgage payments and amortization schedule
