Mortgage Calculator

Our mortgage calculator helps you estimate your monthly home loan payments, total interest, and payment breakdown. Whether you're a first-time homebuyer or refinancing, this tool provides accurate calculations for planning your budget.

What is a Mortgage?

A mortgage is a loan used to purchase real estate, where the property serves as collateral. Mortgages typically have terms ranging from 15 to 30 years, with monthly payments that include both principal and interest.

How Mortgage Payments Work

Monthly mortgage payments consist of four main components (PITI):

• Principal - The amount borrowed to purchase the home
• Interest - The cost of borrowing money from the lender
• Taxes - Property taxes assessed by local government
• Insurance - Homeowners insurance and PMI (if applicable)

Key Factors

• Down payment amount (typically 3-20% of home price)
• Interest rate (fixed vs. adjustable-rate mortgages)
• Loan term (15-year, 30-year, etc.)
• Credit score impact on interest rates
• Private Mortgage Insurance (PMI) for down payments under 20%

Example

For a $300,000 home with 20% down ($60,000), 4.5% interest rate, and 30-year term: Loan amount = $240,000, Monthly payment = $1,216.04 Total interest paid over 30 years = $197,773.44