Mortgage Payment Calculator

Calculate your monthly mortgage payments and see the full breakdown of principal, interest, taxes, and insurance. Use this free calculator to estimate your home affordability and plan your budget.

Understanding Your Mortgage

A mortgage is a long-term loan used to purchase real estate. Your monthly payment typically includes principal (loan repayment), interest (cost of borrowing), property taxes, and homeowners insurance (PITI). Understanding these components helps you make informed decisions about homeownership.

Loan Details

$50K$1M
$0$150,000
2%12%

Monthly Payment

Total Monthly Payment
$1,917
Principal & Interest$1,517
Property Tax$250
Home Insurance$150

Loan Summary

Loan Amount$240,000
Down Payment$60,000 (20.0%)
Total Interest$306,107
Total Cost$750,107

First 5 Years Breakdown

Year 1Balance: $237,317
Principal: $2,683Interest: $15,521
Year 2Balance: $234,455
Principal: $2,862Interest: $15,341
Year 3Balance: $231,402
Principal: $3,054Interest: $15,150
Year 4Balance: $228,143
Principal: $3,258Interest: $14,945
Year 5Balance: $224,667
Principal: $3,477Interest: $14,727

Frequently Asked Questions

Common questions about mortgages and home financing

Important Disclaimer

This calculator provides estimates for educational purposes only. Actual mortgage payments may vary based on lender requirements, credit score, loan type, and other factors. This tool does not constitute financial advice. Always consult with qualified mortgage professionals and lenders for accurate quotes and personalized guidance.

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