Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and total cost of your home loan. This calculator helps you understand the true cost of homeownership and plan your budget accordingly.
Loan Details
Results
Enter your loan details and click "Calculate Mortgage" to see results.
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Understanding Your Mortgage
How Monthly Payment is Calculated
This calculator uses the standard mortgage amortization formula to compute your monthly payment:
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where M = monthly payment, P = principal, r = monthly rate, n = total payments
What This Calculator Includes
- • Principal and interest payment
- • Total interest over loan life
- • Total amount paid
Note: This does not include property taxes, insurance, HOA fees, or PMI.
Important Considerations
- • APR vs Interest Rate: The APR includes fees and gives a more complete cost picture.
- • Additional Costs: Budget for property taxes, homeowners insurance, and possibly PMI.
- • Down Payment: A 20% down payment typically avoids private mortgage insurance (PMI).
Related Resources
- •CFPB: Owning a Home - Official guide from the Consumer Financial Protection Bureau
- •Federal Reserve: Mortgages - Information on mortgage regulations and consumer rights
This calculator provides estimates for educational purposes only. Consult with a mortgage lender or financial advisor for personalized advice.