Mortgage Calculator

Q: How much down payment do I need?

While 20% is often recommended to avoid Private Mortgage Insurance (PMI), many conventional loans allow for as little as 3-5% down. Government-backed loans like FHA may require as little as 3.5%. Use our calculator to see how different down payment amounts affect your monthly payment.

Q: How can I pay my mortgage off faster?

You can pay your mortgage off faster by making extra payments directly towards the principal. Common strategies include making one extra payment per year, paying bi-weekly, or rounding up your monthly payment amount. Our amortization schedule shows the impact of these extra payments.

Estimate your monthly mortgage payments with our easy-to-use calculator.

1. Home Price

Enter the full purchase price of the property.

2. Down Payment

Enter either a dollar amount or percentage.

3. Loan Term

Select the length of your mortgage.

4. Interest Rate

Enter your estimated annual interest rate.

Include Taxes & Costs (Optional)

Your Estimated Payment

Total Monthly Payment

$0.00

Total Principal

Total Interest

Total Loan Cost

Amortization Schedule

Month	Principal	Interest	Remaining Balance

Master Your Mortgage: A Guide to Your Home Loan

A mortgage is one of the most significant financial commitments you'll make. Our calculator is designed to demystify the numbers, giving you a clear picture of your monthly payments and the total cost of your loan over time. By understanding these figures, you can budget more effectively, plan for the future, and make confident decisions about your home purchase.

This tool goes beyond a simple payment estimation. It provides a full amortization schedule, showing you exactly how much of each payment goes toward your principal versus interest. This insight is key to understanding how you can pay off your loan faster and save thousands of dollars.

How to Use This Mortgage Calculator

Get a comprehensive breakdown of your potential mortgage in a few simple steps:

Step 1: Home Price. Enter the full purchase price of the property.
Step 2: Down Payment. Input your down payment as either a dollar amount (e.g., $60,000) or a percentage (e.g., 20%). The corresponding field will update automatically.
Step 3: Loan Term. Select the length of your mortgage. A 30-year term offers lower monthly payments, while a 15-year term leads to significant interest savings.
Step 4: Interest Rate. Enter the annual interest rate quoted by your lender.
Step 5 (Optional): Include Taxes & Costs. For the most accurate estimate of your monthly payment, toggle this section on and add your annual property taxes, homeowners insurance, and any monthly PMI.

Frequently Asked Questions

What does PITI stand for?

PITI stands for Principal, Interest, Taxes, and Insurance. These are the four main components of a monthly mortgage payment. Our calculator estimates the Principal and Interest (P&I) by default, but you can use the optional section to include estimates for taxes and insurance to get a more accurate total PITI payment.

What is an amortization schedule?

An amortization schedule is a detailed table showing each monthly payment over the life of the loan. It breaks down how much of each payment goes towards principal (the loan balance) and how much goes towards interest. You can use it to track your equity growth and see the financial impact of making extra payments.

How much down payment do I need?

While a 20% down payment is the traditional advice to avoid Private Mortgage Insurance (PMI), it's not always required. Many conventional loan programs offer options with as little as 3-5% down, and government-backed loans like FHA can be even lower. Our calculator can help you compare how different down payment amounts will affect your monthly costs and overall loan.

How can I pay my mortgage off faster?

The key to paying your mortgage off faster is to make extra payments that are applied directly to the principal balance. This reduces the total interest you'll pay over the life of the loan. Common strategies include making one extra payment per year, switching to bi-weekly payments, or simply rounding up your monthly payment. The amortization schedule in our calculator clearly shows how your loan balance shrinks faster with these methods.