Mortgage Calculator
Calculate your monthly mortgage payments, total interest, and compare different loan terms.
Home Loan Payment Calculator
Enter your home details and loan terms to calculate your monthly mortgage payment
Understanding Your Mortgage
What's Included in Your Payment?
Your monthly mortgage payment (PITI) includes Principal (loan repayment), Interest (cost of borrowing), Taxes (property tax), and Insurance (homeowners insurance). If your down payment is less than 20%, PMI is also added.
Tips for Getting the Best Rate
- Improve your credit score (740+ for best rates)
- Save for a larger down payment (20%+)
- Compare rates from multiple lenders
- Consider paying points to lower rate
- Lock in your rate at the right time
15-Year vs 30-Year Mortgage
- 15-year: Higher payments, lower rates, less total interest
- 30-year: Lower payments, more flexibility, more total interest
- 15-year builds equity faster
- 30-year frees up cash for other investments
Ways to Pay Off Faster
- Make bi-weekly payments (26 half-payments = 13 monthly payments)
- Round up your monthly payment
- Make one extra payment per year
- Apply windfalls to principal
- Refinance to a shorter term when rates drop