Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, and insurance. Perfect for home buying planning and understanding your total housing costs.
Mortgage Details
% down payment
Monthly Payment Breakdown
Understanding Mortgage Costs
Your total monthly mortgage payment includes four main components: Principal, Interest, Taxes, and Insurance (PITI). Understanding each component helps you budget accurately.
Key Mortgage Considerations:
- Down Payment: 20% avoids PMI, but many programs accept less
- Loan Term: 15-year vs 30-year affects both payment and total interest
- Interest Rate Type: Fixed rates vs adjustable rates (ARM)
- Closing Costs: Typically 2-5% of home price in additional fees
🏠 Pro Tip for US Home Buyers:
Explore FHA loans (3.5% down), VA loans (0% down for veterans), and USDA loans (0% down in rural areas). Many states also offer first-time home buyer programs with down payment assistance.