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Mortgage Calculator

Calculate your Mortgage.

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Mortgage Details

Home Price

Down Payment ($)

Term (Years)

APR (%)

Annual Property Tax

Annual Home Insurance

PMI (%/yr)

HOA ($/mo)

Start Date

Monthly Mortgage Summary

Total Monthly

—

Principal & Interest —

Tax & Insurance — · —

PMI & HOA — · —

Loan Amount: —

Total Interest: —

Payoff Date: —

Amortization (12 rows for 1y)

#	Date	Payment	Interest	Principal	Balance	PMI	Tax	Ins	HOA	Total

Note: The mortgage calculation is based on an average annual tax and insurance rate.

Mortgage Calculator & Home Loan Guide

Planning your home purchase? Our Mortgage Calculator helps you estimate monthly, yearly, and total home loan payments including principal, interest, taxes, and insurance (PITI). Use it to plan your mortgage budget, compare loan options, and make informed decisions for home financing and property investments.

Key Factors in Mortgage Calculation

Principal: The total amount borrowed for your mortgage.
Interest Rate: Annual percentage rate (APR) applied to your loan.
Loan Term: Duration of your mortgage (e.g., 15, 20, 30 years).
Taxes and Insurance: Property taxes and homeowner’s insurance included in monthly payments.
Extra Payments: Optional additional payments to reduce principal faster and save on interest.

Step-by-Step Mortgage Calculation

The Mortgage Calculator uses your loan amount, interest rate, and loan term to calculate your monthly, yearly, and total payments. Here’s an example breakdown:

Example Scenario

Loan Amount (Principal): $300,000
Interest Rate: 5% per year
Loan Term: 30 years
Property Taxes: $200/month
Insurance: $100/month

Step-by-Step Calculation

Step 1: Calculate the monthly principal and interest using the formula:
M = P [r(1+r)^n] / [(1+r)^n -1] (where P = loan amount, r = monthly interest rate, n = total payments)
Step 2: Add monthly taxes and insurance to get total monthly payment.
Step 3: Calculate annual payments by multiplying monthly payment by 12.
Step 4: Calculate total cost of mortgage over the loan term.
Step 5: Adjust for extra payments if you plan to pay more than the minimum monthly amount.

Using this method, our Online Mortgage Calculator helps you see how interest rates, loan terms, and extra payments affect your total home loan cost. Perfect for first-time home buyers, property investors, or anyone planning their mortgage budget.

The Mortgage Calculator is also useful for comparing different loan options, visualizing amortization schedules, and ensuring your monthly payments align with your financial goals.

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