Mortgage Calculator 🏠

Estimate monthly mortgage payments (PITI). Crucial for home buyers and real estate planning.

$ MORTGAGE

Mortgage Calculator 🏠

Estimate monthly mortgage payments (PITI). Crucial for home buyers and real estate planning.

Mortgage Calculator

🏠
Home Price
$
💰
Down Payment
$
📊
Interest Rate
%
📅
Loan Term
years
$ per year
$ per year
per month
$ per month
Monthly Mortgage Payment
$1,520.06
Principal & Interest: $1,216.04 | Taxes & Insurance: $304.02
Payment Breakdown: Principal: $1,216.04 | Interest: $304.02 | Taxes: $300.00 | Insurance: $4.02
📊 Amortization Schedule (First 5 Years)
Year Beginning Balance Interest Principal Ending Balance

Why Use Our Mortgage Calculator?

🧮 Accurate Calculations

Get precise mortgage payment estimates using industry-standard formulas. Plan your home purchase with confidence.

🏠 Home Buying

Determine how much house you can afford. Compare different loan options to find the best fit for your budget.

📊 Complete PITI

Calculate your full monthly payment including principal, interest, taxes, and insurance. No hidden costs or surprises.

💰 Down Payment Options

Experiment with different down payment amounts or percentages. See how they affect your monthly payments and loan costs.

📱 Mobile Friendly

Use our calculator on any device. Whether you're house hunting with an agent or planning at home, it works perfectly everywhere.

📋 Amortization Schedule

View your complete amortization schedule. See how each payment is split between principal and interest over the life of your loan.

How to Use the Mortgage Calculator

1
🏠 Enter Home Price

Type the price of the home you're considering purchasing. This is the total amount before any down payment is applied.

2
💰 Set Down Payment

Enter your down payment amount or percentage. A larger down payment typically results in lower monthly payments and may eliminate PMI requirements.

3
📊 Enter Interest Rate

Input the interest rate offered by your lender. Even small differences in interest rates can significantly impact your monthly payment over time.

4
📅 Choose Loan Term

Select the length of your loan (typically 15 or 30 years). Shorter terms have higher monthly payments but lower total interest costs.

Frequently Asked Questions

PITI stands for Principal, Interest, Taxes, and Insurance. These are the four components that make up your total monthly mortgage payment. Principal is the amount borrowed, interest is the cost of borrowing, taxes are property taxes assessed by local government, and insurance includes homeowners insurance and possibly private mortgage insurance (PMI). Our calculator helps you estimate all these components to give you a complete picture of your monthly housing costs.

The ideal down payment depends on your financial situation and goals. Traditionally, 20% is recommended to avoid Private Mortgage Insurance (PMI), but many loan programs allow for down payments as low as 3-5%. A larger down payment reduces your monthly payment, eliminates PMI, and may help you secure a better interest rate. However, it's important to maintain emergency savings rather than depleting all your funds for a down payment.

The interest rate is the annual cost of borrowing money expressed as a percentage. APR (Annual Percentage Rate) includes the interest rate plus other costs associated with the loan, such as origination fees, discount points, mortgage insurance, and closing costs. The APR is typically higher than the interest rate and provides a more comprehensive view of the cost of borrowing. When comparing loan offers, it's important to compare both the interest rate and APR.

An amortization schedule is a table detailing each periodic payment on a loan. It shows the amount of principal and the amount of interest that comprise each payment until the loan is paid off. In the early years of a mortgage, a larger portion of each payment goes toward interest, while in the later years, more goes toward principal. Our calculator provides an amortization schedule to help you understand how your payments are applied over the life of the loan.

The amount of house you can afford depends on several factors, including your income, debts, credit score, down payment, and the current interest rate. A common guideline is the 28/36 rule: your housing payment shouldn't exceed 28% of your gross monthly income, and your total debt payments (including the mortgage) shouldn't exceed 36%. However, these are just guidelines, and individual circumstances vary. Our calculator can help you estimate payments, but it's also wise to get pre-approved by a lender to understand your specific borrowing capacity.