Mortgage Calculator

About Mortgage Calculations

This mortgage calculator helps you estimate your monthly payment including principal, interest, property taxes, homeowners insurance, and PMI (if applicable). Understanding your total monthly payment helps you budget for homeownership.

Payment Components:

• Principal & Interest: Your main mortgage payment based on loan amount and rate
• Property Tax: Annual property tax divided by 12 (varies by location)
• Insurance: Annual homeowners insurance premium divided by 12
• PMI: Private Mortgage Insurance, typically required if down payment is less than 20%

Tips:

• A 20% down payment typically eliminates PMI requirements
• Lower interest rates can significantly reduce your monthly payment
• Shorter loan terms (15 vs 30 years) mean higher payments but less total interest
• Property taxes and insurance costs vary greatly by location