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Mortgage Calculator
$
$
20 %
%
Monthly Payment
$0
Loan Amount
$0
Total Interest
$0
Total of all payments $0
Payment Breakdown
Principal (50%) Interest (50%)
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How to Use the Mortgage Calculator
- Enter the home purchase price
- Enter your down payment amount or use preset percentages
- Enter the annual interest rate
- Select your loan term (15, 20, or 30 years)
- View your monthly payment and total costs
Understanding Your Mortgage
- 20% down payment - Avoids private mortgage insurance (PMI)
- 15-year vs 30-year - Shorter term means higher payments but less total interest
- Fixed vs adjustable - Fixed rates stay the same; adjustable rates can change
- Points - Paying points upfront can lower your interest rate
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Frequently Asked Questions
How is a mortgage payment calculated?
Monthly payment = P × [r(1+r)^n] / [(1+r)^n – 1], where P is principal, r is monthly interest rate, and n is number of payments. Our calculator does this automatically.
What's included in a mortgage payment?
A typical mortgage payment includes principal, interest, property taxes, and homeowners insurance (PITI). Our calculator shows the principal and interest portion.
What's the difference between APR and interest rate?
Interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus other fees, giving you the true cost of the loan.
How much house can I afford?
A common guideline is that your monthly housing costs shouldn't exceed 28% of your gross monthly income. Total debt payments shouldn't exceed 36%.