Mortgage Calculator

Estimate your monthly mortgage payments with our free calculator. Perfect for home buyers planning their budget or homeowners considering refinancing. Get detailed payment breakdowns and amortization schedules instantly.

Calculate Your Mortgage Payments

Enter your details above to calculate your mortgage payments.

Key Features of Our Mortgage Calculator

How to Use This Mortgage Calculator

  1. Enter the home price you're considering
  2. Input your planned down payment amount
  3. Select your preferred loan term (30-year fixed is most common)
  4. Enter the current interest rate (check local rates)
  5. Click "Calculate Mortgage" to see your results

Frequently Asked Questions

What's included in a mortgage payment?

A full mortgage payment typically includes principal, interest, property taxes, and homeowners insurance (PITI). Our calculator focuses on principal and interest; you'll need to add about 1-2% of the home value annually for taxes and insurance.

How does the down payment affect my mortgage?

A larger down payment reduces your loan amount, which lowers monthly payments and total interest paid. Typically, 20% down avoids private mortgage insurance (PMI), but many loans allow as little as 3-5% down.

What's the difference between 15-year and 30-year mortgages?

A 15-year mortgage has higher monthly payments but much lower total interest costs. A 30-year mortgage has lower monthly payments but you'll pay more interest over time. Use our calculator to compare both options.

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