Mortgage Calculator

Calculate monthly mortgage payments, total interest, and see a complete cost breakdown.

homeMortgage Calculator

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Mortgage Details

Home Price

Down Payment

Interest Rate (% per year)

Loan Term

Property Tax (yearly)

Home Insurance (yearly)

PMI (% per year)

Private Mortgage Insurance is typically required if down payment is less than 20%.

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Mortgage Summary

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Enter your mortgage details and click Calculate

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About Mortgage Calculator

The Mortgage Calculator helps you estimate your monthly mortgage payments based on the home price, down payment, interest rate, and loan term. It provides a complete cost breakdown including property tax, home insurance, and private mortgage insurance (PMI) so you can understand the full picture of homeownership costs before committing to a loan.

Simply enter your mortgage details and the calculator will show your monthly payment, total interest paid over the life of the loan, and total cost of ownership. All calculations use the standard amortization formula and run entirely in your browser with no data sent to any server.

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How to Use

Enter Home Details

Input the home price and your down payment amount. The calculator automatically syncs the dollar amount and percentage fields for convenience.

Set Loan Terms

Enter the annual interest rate and choose your loan term from 10, 15, 20, or 30 years. The default is a 30-year fixed rate mortgage.

Add Extra Costs

Optionally add yearly property tax, home insurance, and PMI rate. PMI is automatically included when the down payment is less than 20%.

Calculate

Click Calculate to see your monthly payment, a detailed monthly breakdown, total interest, and total cost of the mortgage over its full term.

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Frequently Asked Questions

How is the monthly mortgage payment calculated? expand_more

The monthly principal and interest payment is calculated using the standard amortization formula: M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of payments. Property tax, insurance, and PMI are added on top of this amount.

What is PMI and when is it required? expand_more

Private Mortgage Insurance (PMI) is typically required by lenders when your down payment is less than 20% of the home price. It protects the lender in case you default on the loan. Once you build 20% equity in your home, you can usually request to have PMI removed.

How much should I put as a down payment? expand_more

A 20% down payment is often recommended because it avoids PMI and reduces your monthly payment. However, many loan programs allow down payments as low as 3-5%. A larger down payment means a smaller loan, less interest paid, and lower monthly payments.

How does the interest rate affect my mortgage? expand_more

Even a small change in interest rate can significantly impact your total cost. For example, on a $300,000 loan over 30 years, the difference between a 5% and 6% rate can mean over $60,000 more in total interest. Shopping around for the best rate can save you thousands over the life of the loan.

Is this calculator accurate for all mortgage types? expand_more

This calculator estimates payments for a standard fixed-rate mortgage with level monthly payments over the full term. It does not account for adjustable-rate mortgages (ARMs), interest-only loans, or other specialized loan structures. For precise figures, consult your lender or mortgage advisor.