Mortgage Calculator
Calculate your true monthly payment with taxes, insurance & PMI. View amortization charts, compare loan terms, and check affordability.
Loan Details
Your Estimated Monthly Payment
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Principal & Interest only
Loan Amount
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Total Interest
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Total Paid
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Payoff Date
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Interest Ratio
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Down Payment
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15-Year vs 30-Year Comparison
| Metric | 15-Year | 30-Year |
|---|---|---|
| Monthly P&I | -- | -- |
| Total Interest | -- | -- |
| Total Paid | -- | -- |
| You Save | -- | |
Amortization Over Time
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|
Your Finances
Car payments, student loans, credit cards, etc.
You Can Afford a Home Up To
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Based on the 28/36 rule
Max Monthly Payment
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28% of gross monthly income
Max Loan Amount
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30-year term at your rate
How It Works
The 28/36 rule is a guideline lenders use: your mortgage payment should not exceed 28% of your gross monthly income, and your total debt payments should stay under 36%. We use the more conservative number to calculate your maximum home price.
Current Loan
New Loan
Current Payment
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New Payment
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Monthly Savings
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Lifetime savings: --
Break-even point
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Current total remaining
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New total (with closing)
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Net savings
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Frequently Asked Questions
How is my monthly mortgage payment calculated?
Monthly mortgage payment uses the formula M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan principal, r is the monthly interest rate, and n is the total number of payments. Your true monthly cost also includes property taxes, homeowners insurance, and PMI if applicable.
What is PMI and when do I need it?
PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20% of the home price. It usually costs 0.5% to 1% of the loan amount per year and protects the lender if you default. PMI can usually be removed once you reach 20% equity.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves significantly on total interest (often 50%+ less). A 30-year mortgage offers lower monthly payments but costs much more over time. Use our comparison tool above to see the exact difference for your situation.
How much house can I afford?
Most lenders use the 28/36 rule: your monthly housing costs should not exceed 28% of your gross monthly income, and total debt payments should stay under 36%. Switch to our "How Much Can I Afford?" tab for a personalized calculation.
About This Calculator
This mortgage calculator uses the standard amortization formula and includes optional PITI (Principal, Interest, Taxes, Insurance) breakdown. It also estimates PMI for down payments under 20%. Results are estimates for informational purposes only. Actual rates and payments will vary. Consult with a mortgage professional for exact figures. Data sources: Federal Reserve, Freddie Mac Primary Mortgage Market Survey.