Calculate your estimated monthly payments, including principal, interest, taxes, and insurance.
$300,000
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A mortgage calculator helps you estimate your monthly house payments.
It considers the home price, down payment, interest rate, and loan term.
Real estate taxes and homeowner's insurance are significant parts of your monthly bill.
PMI (Private Mortgage Insurance) is usually required if you put down less than 20%.
HOA fees are paid to homeowners associations for condo or neighborhood maintenance.
A shorter loan term (e.g., 15 years) means higher monthly payments but less interest paid overall.
Interest rates fluctuate based on the economy and your credit score.
Your 'Principal' is the money that actually pays down the loan balance.
In the early years of a mortgage, most of your payment goes toward interest.
Making extra payments toward principal can shorten your loan term significantly.
Always shop around with multiple lenders to get the best rate.
Fixed-rate mortgages keep the same interest rate for the life of the loan.
Adjustable-rate mortgages (ARMs) have rates that can change after an initial period.
Closing costs are one-time fees paid when you finalize the mortgage.
Use this tool to budget effectively before you start house hunting.