Mortgage Calculator
Calculate your monthly mortgage payments, including taxes and insurance.
Calculate your results
How Does a Mortgage Calculator Work?
A mortgage calculator helps you estimate your monthly house payment, including principal and interest, taxes, and insurance. By adjusting the home price, down payment, and interest rate, you can see how different scenarios affect your budget.
Key Components of a Mortgage Payment
- Principal: The actual amount you borrowed from the lender.
- Interest: The cost of borrowing the money, calculated as a percentage of the principal.
- Property Taxes: Annual taxes levied by your local government, usually divided by 12.
- Homeowners Insurance: Protection for your home against damage, usually required by lenders.
- PMI: Private Mortgage Insurance is typically required if your down payment is less than 20%.