Calculate Your Mortgage
Enter your loan details to calculate monthly payments and total cost.
Mortgage Calculation Results
Monthly Payment
Principal & Interest
$0.00
Total Monthly Payment
Including taxes & insurance
$0.00
Total Interest Paid
$0.00
Total Cost of Loan
Principal + Interest
$0.00
Pay-off Date
Loan completion date
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Amortization Preview
Principal: $0
Interest: $0
Extra Payments Calculator
See how extra payments affect your loan term and interest saved.
Mortgage Calculator Guide: Understanding Your Home Loan
A mortgage is likely the largest loan you'll ever take. Understanding the numbers can save you tens of thousands of dollars. Our calculator helps you visualize the true cost of home ownership.
How Mortgage Payments Work
Your monthly mortgage payment consists of four main components:
- Principal: The actual loan amount you borrowed
- Interest: The cost of borrowing money
- Property Taxes: Typically 1-2% of home value annually
- Homeowners Insurance: Usually $800-$2,000 per year
- PMI (Private Mortgage Insurance): Required if down payment < 20% (0.5-1% of loan)
The Power of Extra Payments
Making extra payments toward your mortgage principal has a dramatic effect:
| Extra Payment | Time Saved | Interest Saved | Example: $300k at 4% |
|---|---|---|---|
| $50/month | 2 years | $14,000 | Pay off in 28 years |
| $100/month | 4 years | $28,000 | Pay off in 26 years |
| $200/month | 7 years | $48,000 | Pay off in 23 years |
Frequently Asked Questions
Should I get a 15-year or 30-year mortgage?
15-year: Higher payments but less interest (save ~50%). 30-year: Lower payments, more flexibility. Consider a 30-year with extra payments for best of both.
How much house can I afford?
The 28/36 rule: Max 28% of gross income on housing, max 36% on total debt. For $100k income: $2,333/month max housing payment.