Mortgage Calculator
Calculate monthly mortgage payments and total interest
Mortgage Calculator
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About Mortgages
A mortgage is a loan used to purchase real estate, where the property itself serves as collateral. The monthly payment includes both principal repayment and interest charges. Use this calculator to estimate your monthly payments and total loan costs based on the loan amount, interest rate, and term.
Common Questions
What is a down payment?
A down payment is an upfront payment made when purchasing a home. Typically 3-20% of the home's price, it reduces your loan amount and can help you avoid private mortgage insurance (PMI).
Fixed vs. Adjustable Rate?
A fixed-rate mortgage keeps the same interest rate for the entire loan term, providing predictable monthly payments. An adjustable-rate mortgage (ARM) starts with a lower rate that changes periodically based on market conditions.
What is PMI?
Private Mortgage Insurance (PMI) protects lenders if you default on your loan. It's typically required when your down payment is less than 20% of the home's value.
How much should I budget?
A common rule is the 28/36 rule: spend no more than 28% of gross monthly income on housing costs, and no more than 36% on total debt payments including your mortgage.