🏠 Mortgage Calculator
About the Mortgage Calculator
Enter your home price, down payment, interest rate, and loan term to instantly see your estimated monthly payment. The optional property tax and insurance fields give you a full PITI (Principal, Interest, Tax, Insurance) picture of your monthly housing cost.
Amortization
An amortization schedule shows how each payment is split between principal and interest over time. Early payments are mostly interest; later payments shift toward principal as the balance decreases.
What's a Good Mortgage Rate?
Rates vary based on your credit score, loan type, and economic conditions. Generally, a score above 740 qualifies for the best rates. Shopping at least 3–5 lenders can save thousands over the life of the loan.
⚠️ Estimates only. Consult a licensed mortgage professional before making financial decisions.
Frequently Asked Questions
Your monthly payment uses the formula M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments. For example, a $280,000 loan at 6.8% for 30 years gives a monthly P&I payment of about $1,826.
A full mortgage payment (PITI) includes Principal (reduces your balance), Interest (cost of borrowing), Taxes (property tax, typically 1/12 of annual bill), and Insurance (homeowner's insurance). If your down payment is under 20%, you'll also pay PMI (Private Mortgage Insurance).
A larger down payment directly reduces your loan amount, lowering both your monthly payment and total interest paid. A 20% or greater down payment also eliminates PMI, which can save 0.5–1.5% of your loan per year.
An amortization schedule breaks down every payment into principal and interest over the life of your loan. Early payments are mostly interest; as the balance shrinks, more of each payment goes toward principal. Our calculator generates a full year-by-year schedule automatically.
A 'good' rate depends on market conditions, your credit score, loan type, and term. Borrowers with scores above 740 typically qualify for the lowest rates. In general, shopping 3–5 lenders can save tens of thousands over the life of the loan.
A 15-year mortgage has higher monthly payments but far less total interest — typically 50–60% less. A 30-year mortgage offers lower monthly payments and more cash flow flexibility. The right choice depends on your budget and financial goals.