Finance
Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and full loan cost. Supports optional property tax and shows a principal vs interest breakdown.
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Financial Disclaimer: Results are estimates only and should not be relied upon as financial or investment advice. Consult a licensed financial advisor for guidance specific to your situation.
Frequently Asked Questions
How is my monthly payment calculated?
The monthly payment uses the standard mortgage amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P = loan amount, r = monthly interest rate, and n = total number of payments. This gives a fixed payment that covers interest and principal over the full term.
How much down payment do I need?
Conventionally, 20% down avoids Private Mortgage Insurance (PMI). However, many lenders accept as little as 3–5% for first-time buyers. A larger down payment means a smaller loan, lower monthly payments, and less total interest paid.
15-year vs 30-year mortgage — which is better?
A 15-year mortgage has higher monthly payments but significantly less total interest — often saving tens of thousands of dollars. A 30-year mortgage has lower monthly payments, providing more cash-flow flexibility. The right choice depends on your income stability and financial goals.
Does this include property tax and insurance?
The base calculation shows principal and interest only. Use the optional property tax field to see a tax-inclusive estimate. Homeowners insurance and PMI (if applicable) should be added separately.
What happens if I make extra payments?
Extra payments reduce the principal faster, shortening the loan term and saving significant interest. For example, adding even $100/month to a 30-year mortgage can save thousands in interest and years off your loan.