Mortgage Calculator
Calculate monthly payments, total interest, and loan details for home purchases
Mortgage Calculator
Calculate monthly payments, total interest, and loan details for home purchases
Additional Monthly Costs (Optional)
How It Works
1. Enter Home Price
Total cost of the home you want to buy
2. Set Down Payment
Amount you'll pay upfront (typically 10-20%)
3. Interest Rate & Term
Current mortgage rates and loan duration
4. Add Extra Costs
Property tax, insurance, and PMI
Mortgage Types
30-Year Fixed
Lower monthly payments, more total interest
15-Year Fixed
Higher monthly payments, less total interest
ARM
Adjustable rate, starts lower but can change
Perfect For
🏠 Home Buyers: Calculate affordability and monthly costs
🔄 Refinancing: Compare current vs new loan terms
📊 Budgeting: Plan total housing costs
💡 Scenarios: Compare different loan options
Key Terms
Principal: The loan amount
Interest: Cost of borrowing money
PMI: Private Mortgage Insurance (if down payment < 20%)
Escrow: Account for taxes and insurance