Calculate your monthly mortgage payments including principal and interest. Enter home price, down payment, interest rate, and loan term to see your amortization schedule. This free mortgage calculator helps with home buying decisions.
Type in the home price and your down payment amount. The calculator subtracts your down payment from the home price to determine your loan amount.
Enter the annual interest rate, loan term in years, annual property tax, and yearly home insurance. Typical mortgages have 15 or 30-year terms.
Click Calculate to see your total monthly payment, amortization schedule, and year-by-year breakdown of principal and interest.
Q: What is a good down payment for a house?
A: A 20% down payment is standard to avoid private mortgage insurance (PMI), but many lenders offer loans with as little as 3-5% down.
Q: Should I choose a 15-year or 30-year mortgage?
A: A 30-year mortgage has lower monthly payments but more total interest. A 15-year mortgage has higher payments but saves significant interest over the loan life.
Q: What is included in my monthly mortgage payment?
A: Your monthly payment typically includes principal, interest, property taxes, and homeowners insurance. Some payments also include PMI or HOA fees.