Mortgage Calculator
Plan your home purchase with confidence using our comprehensive mortgage calculator. This tool helps you estimate your monthly house payments by considering the loan amount, interest rate, loan term, and down payment.
Understanding your potential monthly commitment is the first step toward smart home ownership. Our calculator provides a clear breakdown of principal and interest, helping you stay within your budget.
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How to Use the Mortgage Calculator
- 1
Enter the total Home Price and your intended Down Payment.
- 2
Input the annual Interest Rate and the Loan Term (e.g., 30 years).
- 3
Review the calculated Monthly Payment and total interest over the life of the loan.
Mortgage Terms Explained
What is Principal?
Principal is the original amount of money borrowed or the remaining amount of the loan to be paid off, excluding interest.
How does interest rate affect my payment?
A higher interest rate increases your monthly payment and the total amount you pay over the life of the loan. Even a 0.5% difference can save or cost you thousands.
Frequently Asked Questions
Does this include property taxes?
Our basic calculator focuses on principal and interest. However, you should always factor in property taxes and insurance for a complete budget.
What is a good down payment?
While 20% is often recommended to avoid private mortgage insurance (PMI), many buyers put down as little as 3-5% depending on the loan type.
Why Use This Tool?
- ✓Interactive payment breakdown
- ✓Total interest calculation
- ✓Amortization insights
- ✓Free and secure - no data stored