Comprehensive Mortgage Calculator 2025
Calculate monthly payments, total interest costs, amortization schedules, and compare different loan options.
Estimate affordability • Plan refinancing • Analyze mortgage scenarios
Mortgage Payment Calculator
Payment Breakdown
Monthly Principal & Interest
$0.00
Property Tax
+$0.00
Home Insurance
+$0.00
PMI
+$0.00
HOA Fee
+$0.00
Total Monthly Payment
$0.00
Loan Amount
$0.00
Total Interest
$0.00
Total Cost of Loan
$0.00
Understanding Mortgage Payments
Our Mortgage Calculator helps you accurately estimate your monthly mortgage payments and the total cost of homeownership.
Components of a Mortgage Payment (PITI)
- Principal: The amount that goes toward paying down your loan balance.
- Interest: The cost of borrowing money, determined by your interest rate.
- Taxes: Annual property taxes divided into monthly payments.
- Insurance: Homeowners insurance and, if applicable, private mortgage insurance (PMI).
Mortgage Types and Terms
- Conventional Loans: Traditional mortgages not backed by government agencies, typically requiring at least 3% down.
- FHA Loans: Government-backed loans with down payments as low as 3.5% but requiring mortgage insurance.
- VA Loans: Available to service members and veterans with no down payment requirement.
- USDA Loans: Available in rural areas with low or no down payment requirements.
- Jumbo Loans: For loan amounts exceeding conforming loan limits.
Pro Tip: A shorter loan term means higher monthly payments but significantly less interest over the life of the loan.
Down Payments & PMI
- 20% Down Payment: Typically allows you to avoid Private Mortgage Insurance (PMI).
- PMI: Usually costs between 0.5% to 1% of the loan amount annually.
- PMI Removal: Can be removed once you reach 20% equity in your home.
- Low Down Payment Options: Many programs exist for first-time buyers that allow down payments as low as 3%.
Interest Rates & Refinancing
- Fixed-Rate Mortgages: Interest rate stays the same for the entire loan term.
- Adjustable-Rate Mortgages (ARMs): Interest rates can change after an initial fixed period.
- Points: Optional fees paid to lower your interest rate.
- Refinancing: May be beneficial when rates drop by at least 0.5-1% or to change your loan terms.
Frequently Asked Questions
Financial experts recommend that your mortgage payment (including taxes and insurance) should not exceed 28% of your gross monthly income, and your total debt payments should stay under 36%.
A 15-year mortgage typically has lower interest rates and builds equity faster, but has higher monthly payments. A 30-year mortgage offers lower monthly payments but costs more in interest over time. Choose based on your budget and financial goals.
This calculator doesn't include closing costs (typically 2-5% of the loan amount), home maintenance costs, utilities, or potential increases in property taxes and insurance over time.
Consider refinancing when interest rates drop at least 0.5-1% below your current rate, when you want to change the loan term, or when you need to tap into home equity. Factor in closing costs when calculating potential savings.
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Important Disclaimers
This calculator is for educational purposes only. Actual loan terms, interest rates, and fees will vary based on your credit profile, property location, and lender requirements. Always consult with a mortgage professional for precise loan options.