Mortgage Calculator
Calculate monthly payments, total interest, and amortization schedule for your mortgage.
Mortgage Payment Summary
Monthly Payment
$0
Total Interest
$0
Total Payment
$0
Pay-off Date
-
Loan Details
Down Payment Amount: $60,000
30-year Fixed
15-year Fixed
10-year Fixed
20-year Fixed
Interest & Additional Costs
Loan Breakdown
Loan Amount: $240,000
Interest Rate: 4.5%
Interest Rate: 4.5%
Monthly Breakdown:
Principal & Interest: $0
Taxes & Insurance: $0
Principal & Interest: $0
Taxes & Insurance: $0
Payment Schedule
Yearly Summary
Monthly Details
Amortization Table
Extra Payments Calculator
See how extra payments can save you money and reduce your loan term:
Interest Saved
$0
Loan Term Reduced
0 months
Home Affordability Calculator
Based on your income, see what home price you can afford:
28% Rule (Monthly)
$1,750
Max housing payment
36% Rule (Total)
$2,250
Max total debt payment
Affordable Home Price
$350,000
Based on 20% down
Historical Interest Rate Trends
About This Mortgage Calculator
This comprehensive mortgage calculator helps you understand all aspects of your home loan. It calculates monthly payments, total interest, and provides a detailed amortization schedule.
Key Features:
- Complete Payment Breakdown: See principal, interest, taxes, insurance, and PMI
- Amortization Schedule: View yearly and monthly payment details
- Extra Payments Calculator: See how extra payments affect your loan
- Affordability Calculator: Determine what home price you can afford
- Historical Rate Trends: View mortgage rate trends over time
Common Mortgage Terms:
- Principal: The original loan amount borrowed
- Interest: The cost of borrowing money
- PMI (Private Mortgage Insurance): Required if down payment is less than 20%
- Amortization: The process of paying off a loan over time through regular payments
- Escrow: An account where property taxes and insurance are held
Mortgage Tips:
- Aim for a 20% down payment to avoid PMI
- Consider a 15-year mortgage for faster equity buildup and less interest
- Make one extra payment per year to significantly reduce loan term
- Shop around for the best interest rates and terms
- Factor in closing costs (typically 2-5% of home price)