Mortgage Calculator 2024
Calculate your monthly mortgage payment including principal, interest, taxes, and insurance. See your complete amortization schedule and total interest paid over the life of your loan.
Loan Details
Additional Monthly Costs
How to Use the Mortgage Calculator
Step 1: Enter Home Details
- • Home purchase price
- • Down payment amount or percentage
- • Loan term (15 or 30 years typically)
- • Interest rate
Step 2: Add Other Costs
- • Property taxes (annual amount)
- • Homeowners insurance
- • PMI (if down payment < 20%)
- • HOA fees (if applicable)
Understanding Your Results
Our mortgage calculator provides comprehensive results to help you understand the true cost of homeownership:
Key Metrics Explained
Monthly Payment
Your total monthly housing payment including principal, interest, taxes, insurance, and other fees.
Total Interest
The total amount of interest you'll pay over the life of the loan.
Loan-to-Value Ratio
The percentage of the home's value that you're financing with the mortgage.
Amortization Schedule
A detailed breakdown showing how much of each payment goes to principal vs. interest.
Money-Saving Tips
Make a larger down payment: Putting down 20% or more eliminates PMI and reduces your monthly payment and total interest paid.
Shop around for rates: Even a 0.25% difference in interest rate can save you thousands over the life of your loan.
Consider a shorter term: A 15-year mortgage typically has lower rates and saves significantly on total interest, though monthly payments are higher.
Make extra principal payments: Even an extra $50-100 per month can shave years off your mortgage and save thousands in interest.
Frequently Asked Questions
How is my monthly mortgage payment calculated?
Your monthly mortgage payment is calculated using the formula: M = P * [r(1+r)^n] / [(1+r)^n-1], where M is the monthly payment, P is the loan amount, r is the monthly interest rate, and n is the number of payments.
What is included in my total monthly payment?
Your total monthly payment typically includes principal and interest (P&I), property taxes, homeowners insurance, and PMI (if applicable). Some payments may also include HOA fees.
When can I remove PMI from my mortgage?
You can typically remove PMI when you've paid down your mortgage to 80% of the original home value, or when your home's current value makes your loan-to-value ratio 80% or less.
How much house can I afford?
A general rule is that your total monthly housing costs shouldn't exceed 28% of your gross monthly income. This includes your mortgage payment, taxes, insurance, and HOA fees.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but lower total interest paid. A 30-year mortgage has lower monthly payments but higher total interest. Choose based on your budget and financial goals.