Mortgage Calculator
Calculate monthly mortgage payments, total interest, and amortization schedule
Loan Details
The purchase price of the home
Loan Amount
$320,000
Additional Costs (Optional)
Private mortgage insurance (if down payment < 20%)
Payment Summary
Enter loan details and click Calculate
Fill in the form on the left to see your mortgage payment breakdown
Understanding Your Mortgage
Principal & Interest
Your monthly mortgage payment consists of principal (paying down the loan balance) and interest (the cost of borrowing). Early in your loan, most of your payment goes toward interest. Over time, more goes toward principal.
Down Payment
A larger down payment means a smaller loan and lower monthly payments. With less than 20% down, you'll typically need to pay Private Mortgage Insurance (PMI) until you reach 20% equity.
Interest Rate Impact
Even small changes in interest rate significantly affect your total cost. For example, on a $300,000 loan, a 0.5% rate difference could mean over $30,000 more in interest over 30 years.
Disclaimer: This calculator is for informational purposes only and should not be considered financial, tax, or legal advice. Results are estimates based on the information provided and current tax laws. Consult a qualified professional for advice specific to your situation.
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