Mortgage Calculator

Calculate your monthly mortgage payments and total cost with precision

🏠 Loan Details

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years
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📊 Additional Costs

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📊 Calculation Results

Monthly Payment
$2,567
Principal & Interest: $2,277 + Taxes & Insurance: $290
Principal & Interest $2,277
Property Taxes $400
Home Insurance $125
PMI Insurance $0
HOA Fees $0
Other Costs $0

Loan Summary

Loan Amount $320,000
Total Interest $499,720
Total Cost $819,720
Payoff Date July 2055

📈 Amortization Schedule

Year Beginning Balance Payment Principal Interest Ending Balance

📚 Understanding Your Mortgage

Down Payment

A larger down payment reduces your loan amount and may eliminate PMI. Aim for 20% to avoid private mortgage insurance.

Loan Term

Shorter terms mean higher monthly payments but less total interest. 30-year mortgages are most common for affordability.

PMI Insurance

Required when down payment is less than 20%. Can be removed when you reach 20% equity in your home.

Interest Rates

Interest rates vary based on loan term, credit score, and market conditions. Even a small difference in rate can significantly impact your total cost over time.