Calculator
Mortgage Calculator
Calculate your monthly mortgage payment and see a detailed breakdown of costs.
Loan Details
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Additional Costs
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Monthly Payment$2,560per month
Principal & Interest$2,023
Property Tax$292
Insurance$113
Loan Amount$320,000
Total Interest$408,142
Total Cost$1,001,642
Payoff DateJul 2056
$2,560/month
Principal & Interest$2,023
Property Tax$292
Insurance$113
PMI$133
How to Use This Calculator
- Home Price: The purchase price of the home you're considering.
- Down Payment: The amount of money you're paying upfront. A larger down payment means lower monthly payments.
- Interest Rate: The annual interest rate on your mortgage. Check current rates from lenders.
- Loan Term: How long you'll take to repay the loan. 30 years is most common; 15-year loans have lower rates but higher payments.
- Property Tax: Yearly property taxes, typically 1-2% of home value.
- Insurance: Homeowner's insurance, required by lenders.
Understanding Your Payment
Your monthly mortgage payment includes:
- Principal: The portion of payment that goes toward paying down your loan balance.
- Interest: The cost of borrowing money, determined by your interest rate.
- Property Tax: Paid to your local government, typically yearly.
- Insurance: Protects your home and satisfies lender requirements.
- HOA Fees: If applicable, paid to your homeowners association.
- PMI: Required if down payment is less than 20%.