Mortgage Calculator

This calculator provides estimates based on principal and interest using the standard amortization formula. Actual payments typically include property taxes, homeowner's insurance, PMI (if down payment is below 20%), and potentially HOA fees. Check with your lender for exact payment figures including all costs.

20% or more is ideal to avoid PMI (Private Mortgage Insurance), which adds to your monthly cost. Some loans allow as low as 3-5% down for first-time homebuyers, but you will typically pay more in interest over the life of the loan and additional insurance premiums.

A 15-year mortgage offers lower total interest paid but higher monthly payments. A 30-year mortgage has lower payments but pays more interest over time. Choose based on your budget comfort and whether you can afford the higher payments of a 15-year term without straining your finances.

Early in a mortgage, most of your payment goes to interest rather than principal. This front-loading means you pay more interest in the beginning of the loan. The amortization schedule shows how this shifts over time, with more going toward principal as the loan matures.

No. All calculations happen locally in your browser. Your financial information never leaves your device and is not stored or transmitted to any server.

Your mortgage rate depends on credit score, down payment amount, loan term, property type, and current market conditions. Higher credit scores and larger down payments typically qualify for lower rates. Federal Reserve policy, inflation, and economic conditions also influence overall rate levels.