Advanced Mortgage Calculator

Calculate your monthly payments, amortization schedule, and total loan cost

Property Details

Home Price ($)

Down Payment ($)

Down Payment (%)

Loan Amount ($)

Loan Terms

Interest Rate (%)

Loan Term

Start Date

Additional Costs

Property Tax ($/year)

Home Insurance ($/year)

PMI (%)

Include taxes & insurance in payment

                         Estimated Monthly Payment
                    
$1,418.72
Principal & Interest only

                                Principal & Interest
                                $1,419
                            
                                Property Tax
                                $350
                            
                                Home Insurance
                                $100
                            
                                PMI
                                $58

Total Interest Paid

$230,739

52% of loan amount

Total Mortgage Cost

$510,739

Principal + Interest

Payoff Date

May 2053

30 years

Amortization Schedule

Mortgage Calculator FAQs

How is PMI calculated?

Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20%. The rate varies but is usually between 0.5% to 1.5% of the loan amount annually, divided into monthly payments.

Should I include taxes and insurance?

Including taxes and insurance gives you a more accurate estimate of your total monthly housing payment. Most lenders require you to pay these as part of your monthly mortgage payment (escrow account).

How can I pay less interest?

You can reduce total interest by: 1) Making a larger down payment, 2) Choosing a shorter loan term, 3) Making extra principal payments, or 4) Refinancing when rates drop significantly.