Mortgage & Loan Calculator
Calculate monthly payments, view amortization schedules, and compare loan scenarios instantly.
Payment Breakdown
Amortization Schedule
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Loan Scenario 1
Loan Scenario 2
Comparison Summary
Enter your budget to find out what home price you can afford.
How to Use the Mortgage Calculator
Enter your home price, down payment amount (or percentage), desired loan term, and interest rate. The calculator instantly computes your monthly payment, total interest, and provides a complete amortization schedule. You can also add property taxes, insurance, PMI, and HOA fees to see your full monthly housing cost.
Understanding Mortgage Payments
Your monthly mortgage payment typically includes Principal and Interest (P&I), but may also include Property Taxes, Homeowners Insurance, and PMI (if applicable). The principal is the amount you borrowed, and interest is the cost of borrowing. Property taxes vary by location, and PMI is required if your down payment is less than 20%.
What is an Amortization Schedule?
An amortization schedule shows how your loan is paid off over time. Each month, a portion of your payment goes toward principal (reducing the loan balance) and a portion goes toward interest. Early in the loan, most of your payment is interest. As you progress, more goes toward principal.
PMI (Private Mortgage Insurance)
PMI protects the lender if you default on your loan. It's typically required when your down payment is less than 20% of the home price. PMI is calculated as a percentage of the remaining loan amount and is added to your monthly payment. Once your loan balance reaches 80% of the original home value, PMI can usually be removed.
Comparing Loan Scenarios
Use the Compare Loans tab to evaluate different mortgage options side by side. You might compare a 15-year vs. 30-year mortgage, or different interest rates, to see the impact on your monthly payment and total interest paid.
Affordability Calculator
The "What Can I Afford?" tab helps you determine the maximum home price based on your monthly budget. Enter your target monthly payment, and the calculator shows the maximum home price you could afford with your down payment percentage and loan terms.
Frequently Asked Questions
What's a good down payment percentage?
A 20% down payment is traditionally considered ideal as it avoids PMI and shows lenders you're financially stable. However, many buyers put down 3-10% and pay PMI. The right amount depends on your financial situation and goals.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but lower total interest. A 30-year mortgage has lower monthly payments but you pay more interest over time. The choice depends on your cash flow, income stability, and long-term plans.
How does interest rate affect my payment?
Interest rate significantly affects your monthly payment and total interest paid. Even a 0.5% difference in rate can result in thousands of dollars in savings or additional cost over the life of the loan. Shop around for the best rate.
Can I pay off my mortgage early?
Most mortgages allow early payoff without penalty. Making extra principal payments reduces the loan balance faster and saves interest. This calculator shows your payoff schedule; you can adjust it to see the impact of extra payments.
What is a refinance?
Refinancing means taking out a new loan to pay off your existing mortgage, typically to get a lower interest rate. Use this calculator to compare your current loan with a potential refinance scenario.
How do property taxes and insurance affect my payment?
Property taxes and homeowners insurance are often included in your monthly mortgage payment as part of escrow. These costs vary significantly by location. Our calculator lets you estimate your total monthly housing cost including these expenses.
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