The Mortgage Calculator lets you estimate your monthly mortgage payments quickly. Get a full breakdown of monthly and total payments, plus an amortization schedule to see how your loan balance decreases over time.
Enter home price, down payment, interest rate, loan term, and optional costs like property taxes, insurance, PMI, HOA fees, and other expenses.
Or I can rent out my garage to the first 20 people that call dibs. There's only one bed so tenants must join Fight Club to battle for it nightly. Any complaints will be used for kindling in the community trash can fire because you dont talk about Fight Club.
| YR | PRINCIPAL | INTEREST | BALANCE |
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| Item | Type | Details | Usage |
|---|---|---|---|
| Home Price | $ | Total cost of the property | Calculates loan amount and payments |
| Down Payment | $ or % | 20%+ recommended to avoid PMI | Reduces loan amount and monthly payment |
| Loan Term | Years | Duration of mortgage | Determines monthly payment and interest |
| Annual Interest Rate | % | Rate applied to the loan | Calculates monthly interest portion |
| Property Taxes | Annual $ | Paid yearly on the property | Divided by 12 for monthly payment |
| Home Insurance | Annual $ | Homeowner's insurance premium | Included in monthly payment |
| PMI Insurance | Annual $ | Required if down payment < 20% | Divided by 12 for monthly payment |
| HOA Fee | Annual $ | Homeowners association fees | Divided by 12 for monthly payment |
| Other Costs | Annual $ | Any additional recurring costs (maintenance, assessments, etc.) | Divided by 12 for monthly payment |
| Monthly Mortgage Payment | $ | Principal + Interest | Used for budget and payoff calculation |
| Total Monthly Payment | $ | Mortgage + Taxes + Insurance + PMI/HOA/Other | Total cost per month including all expenses |
| Total Payment | $ | Sum of all monthly payments over loan term | Shows total cost of mortgage |
| Total Interest Paid | $ | Total interest paid over loan term | Helps evaluate loan cost |
| Payoff Date | Date | Estimated date loan is fully paid | Used for planning and payoff visual |
| Amortization Schedule | Table | Shows yearly principal, interest, and remaining balance | Visualizes loan payoff over time |
Mortgage Calculator Reference Data
Overview: The Mortgage Calculator estimates monthly payments, total interest, and payoff dates for home loans. It includes property taxes, insurance, HOA fees, and PMI when applicable, helping homeowners plan accurately for the full cost of homeownership.
Key Considerations:
Down Payment: A down payment of 20% or more eliminates the need for PMI, reducing monthly costs and total interest paid. Smaller down payments require PMI, which increases monthly expenses.
Loan Term & Interest Rate: Longer terms (e.g., 30 years) lower monthly payments but increase total interest paid. Shorter terms (e.g., 15 years) raise monthly payments but reduce total interest.
Other Costs: Recurring expenses like property taxes, homeowners insurance, HOA fees, and maintenance should be included in monthly planning for a realistic picture of homeownership costs.
Payment Structure:
Principal vs. Interest: Early payments primarily cover interest. Over time, the principal portion grows, reducing remaining balance.
Amortization Schedule: Breaks down yearly payments, showing how much goes toward principal and interest, and tracks the remaining balance.
Impact of Extra Payments: Additional payments toward principal reduce total interest and shorten the loan term.
Financial Insights:
Total Cost of Homeownership: Includes mortgage, taxes, insurance, HOA, PMI (if applicable), and other recurring costs.
Monthly Payment Breakdown: Clearly separates mortgage, taxes, insurance, and additional costs for accurate budgeting.
Total Interest Paid: Highlights how much interest is paid over the life of the loan.
Payoff Planning: Provides an estimated payoff date based on term and payment amounts, allowing homeowners to strategize early payoff if desired.
Recommendations:
Make a down payment of 20% or more to avoid PMI.
Consider shorter-term loans if feasible to reduce interest costs.
Include all recurring annual expenses in your budget for accurate monthly payment planning.
Use the amortization schedule to visualize payment progress and plan extra principal payments to save on interest.