Mortgage Calculator

Home Price ($)

Down Payment

%

$

Loan Term (Years)

Interest Rate (%)

Property Tax ($/year)

Insurance ($/year)

Monthly Payment

$0

(Principal & Interest)

Total Monthly Payment

$0

(Including Tax & Insurance)

Loan Amount

$0

Total Interest

$0

Understanding Your Mortgage Payment

Your monthly mortgage payment typically includes several components:

Principal and Interest: The base loan payment
Property Taxes: Annual taxes divided into monthly payments
Insurance: Homeowner's insurance and possibly PMI

Down Payment Considerations

20% or more: Typically avoids PMI requirement
10-19%: Common range, but requires PMI
3.5-10%: Minimum for FHA loans
0-3%: Special programs like VA loans

Tips for Lower Payments

Improve your credit score for better interest rates
Make a larger down payment
Compare offers from multiple lenders
Consider a longer loan term (but note higher total interest)
Look for ways to reduce property taxes and insurance