Mortgage Calculator

Calculate your monthly mortgage payments, total interest, and see a complete amortization schedule with our free online mortgage calculator. Plan your home loan with accurate calculations for down payment, principal, interest, taxes, and insurance.

About Mortgage Calculator

Our mortgage calculator helps you estimate your monthly mortgage payments and understand the total cost of your home loan. It takes into account the property value, down payment, interest rate, loan term, and optional expenses like property taxes, home insurance, and private mortgage insurance (PMI).

How to Use the Mortgage Calculator

1. Enter Property Value: Input the total purchase price of the property.
2. Enter Down Payment: Specify your down payment as either a fixed amount or a percentage of the property value.
3. Enter Interest Rate: Input the annual interest rate offered by your lender.
4. Enter Loan Term: Specify the duration of your mortgage in years (typically 15, 20, or 30 years).
5. Include Additional Costs (Optional): If you want to include property taxes, home insurance, and PMI in your calculation, select "Yes" and enter the relevant values.
6. Calculate: Click the Calculate button to see your monthly payment and other details.

Understanding Mortgage Terms

• Principal: The amount borrowed from the lender.
• Interest: The cost of borrowing money, expressed as a percentage of the loan amount.
• Down Payment: The initial upfront payment you make towards the property purchase.
• Loan Term: The length of time you have to repay the loan.
• PMI (Private Mortgage Insurance): Insurance that protects the lender if you default on your loan. Typically required if your down payment is less than 20% of the property value.