View Amortization Schedule
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Estimate Your Monthly Home Payment
Planning to buy a home? Our free mortgage calculator helps you estimate your monthly mortgage payment in seconds. Simply enter your home price, down payment, loan term, and interest rate to see a detailed breakdown of your payment, including principal, interest, property taxes, and insurance. Whether you’re a first-time homebuyer or refinancing your current home, understanding your monthly payment is crucial for budgeting and finding a home within your means.
How to Use This Calculator
- Enter the home purchase price
- Input your down payment amount or percentage
- Select your loan term (typically 15 or 30 years)
- Enter the interest rate (check current rates with lenders)
- Add property tax and insurance estimates for your area
- Click "Calculate" to see your estimated monthly payment
Understanding Your Results
Your monthly mortgage payment typically consists of four parts, often called PITI: Principal (the amount that goes toward paying down your loan balance), Interest (the cost of borrowing money), Taxes (property taxes paid into escrow), and Insurance (homeowners insurance). If your down payment is less than 20%, you’ll also see Private Mortgage Insurance (PMI) in your payment breakdown.
Features
- Monthly payment breakdown with pie chart
- Total payment over loan life calculation
- Complete amortization schedule
- PMI calculation when applicable
- Support for 15, 20, 25, and 30-year terms
Frequently Asked Questions
How much house can I afford?
A general rule is that your monthly housing costs should not exceed 28% of your gross monthly income. Use our calculator to find a payment that fits your budget.
What's the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but lower total interest paid. A 30-year mortgage has lower payments but costs more in interest over time.
When can I remove PMI?
You can typically request PMI removal when your loan balance reaches 80% of your home's original value, or it's automatically removed at 78%.
How does the interest rate affect my payment?
Even a 0.5% difference in interest rate can mean thousands of dollars over the life of your loan. For a $300,000 loan, 0.5% equals approximately $30,000 in extra interest over 30 years.
Disclaimer
This calculator provides estimates for informational purposes only. Actual loan terms, rates, and payments may vary based on your credit profile, lender, and other factors. Consult with a qualified mortgage professional for personalized advice.