Mortgage Calculator

Calculate your estimated monthly mortgage payment and see the full breakdown of costs.

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Additional Costs (Optional)

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Estimated Monthly Payment
$2,313
Loan Amount
$280,000

Payment Breakdown

Principal & Interest $1,817
Property Tax $350
Home Insurance $125

Loan Summary

Total of Payments
$654,188
Total Interest
$374,188

How to Use This Calculator

Enter your home price, down payment, interest rate, and loan term to see your estimated monthly payment. The calculator breaks down your payment into principal, interest, taxes, and insurance (PITI).

Understanding Your Results

  • Principal & Interest: The main loan payment, split between paying down your balance and interest charges.
  • Property Tax: Annual tax assessed by your local government, typically 0.5-2.5% of home value.
  • Home Insurance: Protection against damage to your home and liability.
  • PMI: Private mortgage insurance, required if your down payment is less than 20%.
Tips to Lower Your Payment
  • Increase your down payment to reduce loan amount and potentially avoid PMI
  • Improve your credit score to qualify for lower interest rates
  • Choose a 15-year term for lower rates (but higher monthly payments)
  • Shop multiple lenders to find the best rate

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