Mortgage Calculator

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Mortgage Loan Calculator

Real Estate Price?:

Down Payment Pct?:

Amount of Loan?:

Enter a "0" (zero) for one unknown value above.

Monthly Payments?:

Annual Interest Rate?:

Points?:

Annual Prop. Taxes?:

Annual Insurance?:

Mortgage Ins. (PMI)?:

Payment Method?:

Monthly Payment:

Down Payment:

Total Interest:

Total P & I:

Original Size

Mortgage Calculator Help

You can calculate the mortgage loan amount from the price of the real estate by providing the down payment percentage.

If you know the mortgage amount you can afford and the cash down payment percentage required, you can calculate the affordable real estate price.

Or if you know the price of the real estate and the loan amout and enter "0" for the down payment percentage, the calculator will calculate the down payment amount and percentage.

Points, Annual Property Taxes, Annual Insurance and Private Mortgage Ins. (PMI) are all optional. If you enter values, the periodic portion of each will be calculated and shown on the schedule. Property taxes and insurance are combined under escrow.

If a borrower does not have cash to cover at least 20% of the purchase price, some lenders will require the borrower to purchase private mortgage insurance (PMI) to cover against a possible default. Premiums are typically 0.5% to 2.0% of the original loan amount. The borrower can drop the insurance coverage once the mortgage balance is less than 80% of the original purchase price. The calculator handles this automatically. (There may be other conditions as well under which the lender will no longer require PMI. One such case might be apprciation of the real estate.)

Points are charges that are normally due at closing. Borrowers (normally only in USA) may select to pay a lender "points" up front in exchange for a lower interest rate. Points are expressed in percent and are calculated on the amount borrowed. 3 points on a $200,000 mortgage equals $6,000. If the user enters points, this calculator includes their value in the summary and as part of the total payment at loan origination on the payment schedule.

The term (duration) of the loan is expressed as a number of months.

60 months = 5 years
120 months = 10 years
180 months = 15 years
240 months = 20 years
360 months = 30 years

Need more options including the ability to solve for other unknowns, change payment / compounding frequency and the ability to print an amortization schedule? Please visit, https://AccurateCalculators.com/mortgage-calculator

This Mortgage Calculator will help you calculate with a number of variables, including the affordable price of the home, the monthly mortgage payment or the percentage of the cost for the down payment. You can create a detailed amortization schedule with charts and date-based payments.

How to use the calculator?

Click “Clear” and enter values.
First enter the amount of the property, in the first box from the top.
Then in the next box enter the percentage corresponding to the initial payment or down payment.
You leave the third box from the top at zero, unless you do not know the amount of the initial payment, but if you know the amount of the loan, in this case, the amount of the initial payment should be zero 0.
In the fourth box from the top you will enter the number of months or payments, throughout the loan.
The following box is reserved for the interest rate of the loan.
The sixth box from the top, will place the amount of points, if any.
In the next box enter the estimated annual property taxes.
The next step is to place the annual cost of insurance on the property.
And finally in the next box you will enter the amount of the PMI if you have it.
Click “Calc“, or “Payment Schedule” for a detailed amortization schedule

Done!

Check Out More Financial Calculators

What is a mortgage?

A mortgage is a loan used to purchase a home, where the property itself serves as collateral. The borrower agrees to repay the loan, with interest, over a specified period.

Why use a mortgage calculator?

A mortgage calculator helps estimate monthly payments, understand the impact of different interest rates, and plan for the total cost of purchasing a home. It can also generate an amortization schedule showing how payments are split between interest and principal over time.

How does the interest rate affect my mortgage payments?

The interest rate determines the cost of borrowing. Higher interest rates lead to higher monthly payments and more interest paid over the life of the loan, while lower rates reduce both.

What is an amortization schedule?

An amortization schedule is a table that shows the breakdown of each mortgage payment into interest and principal over the loan term. It helps borrowers understand how their loan balance decreases over time.

How does the loan term impact my mortgage?

The loan term (e.g., 15, 20, or 30 years) affects the monthly payment and total interest paid. Shorter terms have higher monthly payments but lower total interest costs, while longer terms have lower monthly payments but higher total interest costs.

What is PMI and when is it required?

Private Mortgage Insurance (PMI) is required when the down payment is less than 20% of the home’s purchase price. It protects the lender if the borrower defaults on the loan, and it increases the monthly mortgage payment.

Can extra payments reduce my mortgage term?

Yes, making extra payments towards the principal can reduce the loan term and total interest paid, helping you pay off your mortgage faster.

How do property taxes and insurance affect my mortgage payment?

Property taxes and homeowners insurance are often included in the monthly mortgage payment through an escrow account. These costs can significantly impact the total monthly payment amount.

What is the difference between fixed-rate and adjustable-rate mortgages?

A fixed-rate mortgage has a consistent interest rate and monthly payment throughout the loan term. An adjustable-rate mortgage (ARM) has an interest rate that can change periodically, resulting in varying monthly payments.

Why is it important to know the total cost of the mortgage?

Understanding the total cost, including principal, interest, taxes, and insurance, helps you budget accurately and ensures you are prepared for the long-term financial commitment of homeownership.

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