Mortgage Calculator
Estimate your monthly mortgage payments.
Monthly Payment
$0.00
About Mortgage Calculator
Buying a home is one of the biggest financial decisions you'll ever make. Our Mortgage Calculator is designed to help you understand the financial commitment involved in taking out a home loan. By estimating your monthly payments, you can budget more effectively and determine how much house you can afford.
How to Use This Calculator
Using this tool is simple. Just enter the following details:
- Loan Amount: The total amount of money you plan to borrow from the lender (Home Price minus Down Payment).
- Interest Rate: The annual interest rate offered by the lender. This can be fixed or variable.
- Loan Term: The number of years you have to repay the loan (commonly 15 or 30 years).
Click "Calculate Payment" to see your estimated monthly principal and interest payment.
Understanding Your Mortgage Payment
Your monthly mortgage payment typically consists of two main parts:
- Principal: The portion of your payment that goes toward reducing the loan balance.
- Interest: The cost of borrowing the money, paid to the lender.
Note: This calculator estimates Principal and Interest only. Your actual monthly payment may also include property taxes, homeowners insurance, and private mortgage insurance (PMI).
Tips for Homebuyers
- Shop Around: Interest rates can vary significantly between lenders. Even a small difference in rate can save you thousands over the life of the loan.
- Consider the Term: A shorter loan term (e.g., 15 years) usually has a lower interest rate and lower total interest cost, but higher monthly payments compared to a 30-year term.
- Factor in Extra Costs: Don't forget to budget for closing costs, maintenance, and potential HOA fees.