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🏠 Mortgage Calculator

Calculate your monthly payment and see the total cost of your home loan

Loan Details

Additional Costs (Optional)

How to Use

  1. Enter the total home purchase price
  2. Enter your down payment amount (typically 20% to avoid PMI)
  3. Input the annual interest rate (current rates typically range from 6-8%)
  4. Select your loan term (30 years is most common)
  5. Optionally add property taxes, insurance, and PMI for complete monthly cost
  6. Click "Calculate Monthly Payment" to see results and amortization schedule

Understanding Your Mortgage

Principal vs Interest

Early in your loan, most of your payment goes to interest. Over time, more goes toward principal. This is called amortization.

Down Payment

A 20% down payment helps you avoid PMI (Private Mortgage Insurance) and reduces your monthly payment. Larger down payments mean less interest over time.

Loan Terms

15-year mortgages have higher monthly payments but lower total interest. 30-year mortgages offer lower monthly payments but cost more over time.

Additional Costs

Property taxes (typically 1-2% of home value annually), home insurance ($1,000-$2,000/year), and PMI (0.5-1% annually if down payment is less than 20%).