Mortgage Calculator

Calculate your monthly mortgage payment including principal, interest, taxes, insurance, and PMI. Compare loan options and view detailed amortization schedules.

Loan Details

$
$50K $2M
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0% 50%
Down payment: $70,000
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1% 12%
years
$ /yr
$ /yr
%
PMI typically ranges from 0.3% to 1.5% of the loan amount annually
$ /mo

Payment Summary

Monthly Payment
$0

Payment Breakdown

P&I $0
Principal $0
Interest $0
Property Tax $0
Insurance $0
PMI $0
Loan Amount
$0
Total Interest
$0
Total of All Payments
$0
Payoff Date
-

Affordability Guidelines

Recommended income for this payment: $0/year
28% Rule (Housing expense): -
Housing costs should ideally be ≤28% of gross monthly income

Compare Loan Terms

Balance Over Time

Remaining Balance Principal Paid Interest Paid

Amortization Schedule

Payment # Date Payment Principal Interest Total Interest Balance

Extra Payment Impact

$
$
$
Original Term
30 years
New Term
30 years
Time Saved 0 months
Interest Saved $0

Types of Mortgages

Conventional

  • Not backed by government
  • Requires 620+ credit score
  • 3-20% down payment
  • PMI required if <20% down
  • Best rates with 20%+ down

FHA Loan

  • Backed by Federal Housing Admin
  • 580+ credit score (3.5% down)
  • 500-579 score (10% down)
  • MIP required for life of loan
  • Good for first-time buyers

VA Loan

  • For veterans & active military
  • No down payment required
  • No PMI required
  • Competitive interest rates
  • No minimum credit score

USDA Loan

  • For rural area properties
  • No down payment required
  • Income limits apply
  • 640+ credit recommended
  • Guarantee fee required

Average Mortgage Rates (2024)

30-Year Fixed
6.5% - 7.5%
Most popular choice. Lower monthly payments but more total interest.
15-Year Fixed
5.75% - 6.75%
Higher payments, but significant interest savings over loan life.
5/1 ARM
5.5% - 6.5%
Fixed for 5 years, then adjusts annually. Good if you plan to move.
FHA 30-Year
6.0% - 7.0%
Government-backed. Easier qualification but requires mortgage insurance.
Rates vary by lender, credit score, down payment, and location. Always shop around!

Mortgage Tips & Strategies

Save for 20% Down

Avoiding PMI saves $100-300/month. Even if it takes longer to save, the long-term savings are substantial.

Boost Your Credit Score

A score of 760+ gets the best rates. Even a 0.5% rate difference saves tens of thousands over 30 years.

Compare Multiple Lenders

Get quotes from at least 3-5 lenders. Compare APR, not just interest rate, to see true costs.

Consider 15-Year Term

If you can afford higher payments, a 15-year mortgage saves massive interest and builds equity faster.

Make Extra Payments

Even $100/month extra toward principal can cut years off your mortgage and save thousands in interest.

Don't Forget Closing Costs

Budget 2-5% of home price for closing costs including appraisal, title, attorney, and origination fees.

Frequently Asked Questions

What is PMI and when is it required?

Private Mortgage Insurance (PMI) protects the lender if you default. It's required for conventional loans with less than 20% down payment. PMI typically costs 0.3-1.5% of the loan amount annually. You can request removal once you have 20% equity.

What's included in a mortgage payment (PITI)?

PITI stands for Principal (paying down loan balance), Interest (cost of borrowing), Taxes (property tax held in escrow), and Insurance (homeowners insurance). Some payments also include PMI and HOA fees.

Should I choose a 15-year or 30-year mortgage?

30-year: Lower monthly payments, more flexibility, but more total interest. 15-year: Higher payments, but lower rates, faster equity building, and huge interest savings. Choose 30-year if you need cash flow; 15-year if you can afford it.

What credit score do I need for a mortgage?

Conventional: 620+ (best rates at 740+). FHA: 580+ for 3.5% down, 500-579 for 10% down. VA: No minimum, but 620+ preferred. The higher your score, the better your rate and terms.

What's the difference between APR and interest rate?

Interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate PLUS other costs like points, fees, and PMI. APR gives a more complete picture of total loan cost.

How much house can I afford?

A common guideline: housing costs should be ≤28% of gross monthly income (front-end ratio), and total debt payments ≤36% (back-end ratio). Lenders may approve more, but staying within these limits keeps you financially comfortable.

Should I pay points to lower my rate?

One point costs 1% of the loan and typically reduces rate by 0.25%. Calculate the break-even point: divide point cost by monthly savings. If you'll stay longer than break-even, points make sense.

What's the difference between pre-qualification and pre-approval?

Pre-qualification is a quick estimate based on self-reported info. Pre-approval involves full credit check and income verification—it's a conditional commitment and carries more weight with sellers.