Mortgage Payment Calculator
Calculate monthly mortgage payments, total interest, and view detailed amortization schedule for home loans.
Mortgage Payment Calculator
About Mortgage Calculations
A mortgage calculator helps you estimate your monthly home loan payments and understand the total cost of borrowing. The calculation includes principal, interest, and optionally taxes, insurance, and other costs.
Key Terms:
- Principal: The loan amount you borrow
- Interest: The cost of borrowing, expressed as an annual percentage
- PMI: Private Mortgage Insurance, required when down payment is less than 20%
- PITI: Principal, Interest, Taxes, and Insurance
- Amortization: The process of paying off a loan over time
Factors Affecting Mortgage Payments:
- Loan Amount: Higher loans mean higher payments
- Interest Rate: Lower rates reduce monthly payments
- Loan Term: Longer terms lower monthly payments but increase total interest
- Down Payment: Larger down payments reduce loan amount and may eliminate PMI
Note: This calculator provides estimates. Actual mortgage terms may vary
based on credit score, lender requirements, and market conditions.
Quick Calculations
Down Payment Guide
20% or more: No PMI required, better rates
10-19%: PMI required, conventional loans available
5-9%: PMI required, some conventional options
3-4%: FHA loans, PMI required
0-2%: VA loans (veterans), USDA rural loans
Rate Information
Excellent Credit (740+): Best rates available
Good Credit (670-739): Good rates
Fair Credit (580-669): Higher rates
15-year vs 30-year: 15-year typically 0.5-1% lower
Points: Pay upfront to reduce rate
Money-Saving Tips
- Shop around with multiple lenders
- Improve credit score before applying
- Consider making extra principal payments
- Save for 20% down payment to avoid PMI
- Consider shorter loan terms for less interest