Finance
Mortgage Calculator
Calculate home loan payments, total interest, and down payment.
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Mortgage Calculator
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About Mortgage Calculator
Our mortgage calculator helps you understand the true cost of buying a home. Enter the property price, down payment, interest rate, and loan term to see your monthly payments and total cost over the loan period.
Frequently Asked Questions
A mortgage is a loan used to purchase real estate, where the property serves as collateral. You repay the loan plus interest over a set term (typically 15–30 years) in regular monthly payments.
A typical mortgage payment (PITI) includes: Principal (reduces your loan balance), Interest (cost of borrowing), Taxes (property taxes, often escrowed), and Insurance (homeowner's and PMI if down payment < 20%).
PMI is required when your down payment is less than 20% of the home price. It protects the lender if you default. PMI typically costs 0.5%–1.5% of the loan amount annually and can be removed once you reach 20% equity.
A 15-year mortgage has higher monthly payments but much lower total interest (often 50%+ less). A 30-year mortgage has lower payments, freeing cash for other investments. Choose 15-year if you can afford the payments; 30-year for flexibility.
A fixed-rate mortgage keeps the same interest rate for the entire term — predictable payments. An ARM (adjustable-rate mortgage) starts with a lower rate for a fixed period, then adjusts periodically based on market rates — riskier but initially cheaper.
A larger down payment reduces the loan amount, lowers monthly payments, eliminates PMI (if ≥ 20%), and often qualifies you for better interest rates. Every extra dollar down saves you more than a dollar in total interest.
DTI = monthly debt payments / gross monthly income. Lenders typically require a DTI of 43% or less. Your mortgage payment alone should ideally be under 28% of gross income (the "front-end ratio").
Mortgage points (also called discount points) are fees paid upfront to reduce the interest rate. One point = 1% of the loan amount and typically reduces the rate by 0.25%. Calculate break-even period to decide if points are worthwhile.
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