Monthly Principal & Interest:
$1,216.04
Monthly Property Tax:
$300.00
Monthly Home Insurance:
$100.00
Total Monthly Payment:
$1,616.04
Total Interest Paid:
$197,778.20
How to Use the Mortgage Calculator
Our Mortgage Calculator helps you estimate the true cost of homeownership:
- Enter the Home Price you're considering.
- Specify your Down Payment amount.
- Select the Loan Term in years.
- Input the Interest Rate offered by your lender.
- Enter your estimated Annual Property Tax.
- Include your expected Annual Home Insurance premium.
- If applicable, specify the PMI rate (typically required for down payments less than 20%).
- Click "Calculate" to see your complete mortgage details.
Understanding the Results
- Loan Amount: The amount you'll borrow (home price minus down payment).
- Monthly Principal & Interest: Your base mortgage payment.
- Monthly Property Tax: Property taxes divided into monthly payments.
- Monthly Home Insurance: Insurance premiums divided into monthly payments.
- Monthly PMI: Private mortgage insurance, if required.
- Total Monthly Payment: The sum of all monthly costs.
- Total Interest Paid: The total interest you'll pay over the life of the loan.
Note:
This calculator provides estimates only. Actual mortgage terms, interest rates, property taxes, and insurance costs may vary. Additional costs like HOA fees, closing costs, and maintenance expenses are not included in this calculation. Always consult with a mortgage professional for personalized advice.
Tips for Home Buyers
- Down Payment: A larger down payment reduces your loan amount and may eliminate PMI.
- Loan Term: Shorter terms typically have lower interest rates but higher monthly payments.
- Extra Payments: Making additional principal payments can significantly reduce the total interest paid.
- Shop Around: Compare offers from multiple lenders to find the best interest rate and terms.
- Consider All Costs: Remember to budget for maintenance, utilities, and potential home value appreciation or depreciation.