Mortgage Calculator
Plan your home loan with our free calculator. See monthly payments, total costs, and make informed decisions about your mortgage.
Mortgage Calculator
Mortgage Summary
How to Use This Mortgage Calculator
Our mortgage calculator helps you estimate your monthly mortgage payments. Adjust the home price, down payment, interest rate, and loan term to see how each affects your monthly payment.
Understanding Mortgage Payments
A typical mortgage payment consists of four components, often referred to as PITI:
- PPrincipal: The amount you borrowed from the lender
- IInterest: The cost of borrowing the money
- TTaxes: Property taxes assessed by your local government
- IInsurance: Homeowners insurance and possibly mortgage insurance
Factors Affecting Your Mortgage
Several factors can affect your mortgage payment and the total amount you'll pay over the life of the loan:
The total amount you're borrowing
The initial payment you make upfront
The percentage charged for borrowing
The time period to repay the loan
Annual taxes based on property value
Insurance that protects your property
Required if your down payment is less than 20% of the home's value
Types of Mortgages
There are several types of mortgages available:
Fixed-rate mortgages
The interest rate remains the same for the entire term
Adjustable-rate mortgages (ARMs)
The interest rate may change after an initial fixed period
FHA loans
Insured by the Federal Housing Administration
VA loans
Guaranteed by the Department of Veterans Affairs
USDA loans
Offered by the U.S. Department of Agriculture for rural homebuyers