Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, property taxes, and insurance. Understand the true cost of homeownership.
Home & Loan Details
Typically 0.5% - 1.5% of home value annually
Typically $800 - $2,000 annually
Total Monthly Payment
$1,969.79
Loan Amount
$280,000.00
Down payment: 20.0%
Principal & Interest
$1,769.79
Property Tax
$100.00
Insurance
$100.00
Total
$1,969.79
Total Cost of Homeownership
Home Price
$350,000.00
Total Interest
$357,124.57
Total Taxes
$36,000.00
Total Insurance
$36,000.00
Grand Total Over 30 Years
$779,124.57
How to Use Mortgage Calculator
- 1Enter home price - The purchase price of the property
- 2Set down payment - Amount you'll pay upfront (typically 10-20%)
- 3Choose interest rate - Your mortgage rate (check current rates)
- 4Select loan term - Usually 15, 20, or 30 years
- 5Add taxes & insurance - Optional but recommended for accuracy
Understanding Your Mortgage
A mortgage is a long-term loan used to purchase a home. Our mortgage calculator helps you understand the true cost of homeownership by calculating not just your loan payment, but also property taxes and insurance.
Your monthly mortgage payment typically includes four components: principal (paying down the loan), interest (cost of borrowing), property taxes, and homeowners insurance. This is often referred to as PITI.
Understanding these components helps you budget effectively, compare different loan options, and make informed decisions about home affordability.
Frequently Asked Questions
What is a good down payment percentage?
Typically 10-20% of the home price. A 20% down payment avoids PMI (Private Mortgage Insurance). However, some loans allow as little as 3-5% down, though you'll pay PMI.
What's the difference between 15-year and 30-year mortgages?
A 30-year mortgage has lower monthly payments but you pay more interest overall. A 15-year mortgage has higher monthly payments but you pay significantly less interest and build equity faster.
What is PMI and when do I need it?
PMI (Private Mortgage Insurance) is required when your down payment is less than 20%. It protects the lender if you default. You can remove it once you've paid down to 80% of the home's value.
How do property taxes vary by location?
Property taxes vary significantly by state and county, ranging from about 0.3% to 2.5% of home value annually. Check your local tax rates when estimating your payment.
Should I include HOA fees in my calculation?
Yes, if the property is in a homeowners association. HOA fees are a required monthly expense and should be included in your total housing cost calculation.
Mortgage Summary
Affordability Tips
- •Aim for housing costs ≤ 28% of gross income
- •Save for 20% down to avoid PMI
- •Compare rates from multiple lenders
- •Consider closing costs (2-5% of price)
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