Mortgage Calculator
This mortgage calculator helps you estimate your monthly mortgage payments.
To see how your monthly payment changes, input different values for home price, down payment, loan term and interest rate.
| Principal & interest | $1,216.04 |
| Homeowner's Insurance | $100.00 |
| Property Tax | $200.00 |
| HOA Fees | $0.00 |
Mortgage Amortization Graph
(See how your payments change over time)Mortgage Amortization Schedule
Definition of terms
Home Price - Total amount of the home you want to buy.
Down Payment - Initial cash payment paid upon purchase. It us usually represented as percentage of total home price amount. As an example 20% of down payment on $300 000 home is $60 000. A 20% down payment usually avoids need for private mortgage insurance (PMI).
Loan Term - Number of years for the loan to be paid over.
Interest Rate - Cost of borrowing, charged as the percentage of the loan. This mortgage calculator show calculation for fixed rate mortgage (FRM), where interest rate remain the same for the term of the loan.
Property Tax - A tax that home owners are charged to pay for various municipality expenses. It is usually included as part of your monthly mortgage payment. This tax is usually managed by municipal or county governments.
Homeowner's Insurance - Insurance policy that protects the owner from possible accidents like fire, windstorms, lightning, vandalism, theft, etc. to their real estate properties.
HOA - Home owner's association fee that covers routine maintenance of the building or structural issues. It is common for condos, townhomes and other shared-property communities.
PMI - Property mortgage insurance is a policy that protects the lender in case the borrower is unable to repay the loan.