Mortgage Payment Calculator

Mortgage Payment Calculator – Plan Your Home Purchase

Buying a home is the largest financial decision most people make. This mortgage payment calculator helps you estimate your monthly payment based on the home price, down payment, loan term, and interest rate — so you can plan your budget before you shop.

Components of a Mortgage Payment

• Principal: The portion that reduces your loan balance.
• Interest: The lender's charge for lending the money.
• Property Taxes: Usually escrowed monthly (varies by location).
• Homeowner's Insurance: Required by lenders, typically $100–$200/month.
• PMI: Required if your down payment is under 20% (typically 0.5%–1.5%/year of loan).

15-Year vs 30-Year Mortgage

How Down Payment Affects Your Loan

A larger down payment reduces your loan amount, monthly payment, and total interest. Putting down 20% also eliminates the need for private mortgage insurance (PMI), saving you money each month.