Mortgage Calculator
Calculate your monthly mortgage payments and plan your home purchase
Use our comprehensive mortgage calculator to estimate your monthly payments, understand the breakdown of costs, and explore different scenarios to find the perfect home financing solution for your budget.
Optional Costs
$2,161
per month
| Payment # | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $253.12 | $1,516.67 | $279,747 |
| 2 | $254.49 | $1,515.30 | $279,492 |
| 3 | $255.87 | $1,513.92 | $279,237 |
| 4 | $257.26 | $1,512.53 | $278,979 |
| 5 | $258.65 | $1,511.14 | $278,721 |
| 6 | $260.05 | $1,509.74 | $278,461 |
| 7 | $261.46 | $1,508.33 | $278,199 |
| 8 | $262.88 | $1,506.91 | $277,936 |
| 9 | $264.30 | $1,505.49 | $277,672 |
| 10 | $265.73 | $1,504.06 | $277,406 |
| 11 | $267.17 | $1,502.62 | $277,139 |
| 12 | $268.62 | $1,501.17 | $276,870 |
What's Included in Your Payment
Understanding the components of your monthly mortgage payment
The principal is the amount you borrowed, while interest is what you pay the lender for borrowing the money. This makes up the core of your payment.
Local government taxes based on your property's assessed value. These are typically collected by your lender and paid to the tax authority annually.
Required by lenders to protect your home from damage. Covers events like fire, theft, and certain natural disasters. Typically held in escrow.
Private Mortgage Insurance is required if your down payment is less than 20%. It protects the lender if you default on the loan.
Tips for Getting the Best Mortgage Rate
Follow these strategies to secure a better interest rate
A higher credit score can qualify you for lower interest rates. Pay bills on time, reduce debt, and check your credit report for errors.
Putting down 20% or more eliminates PMI and often qualifies you for better rates. It also reduces your loan amount and monthly payments.
Different lenders offer different rates and terms. Compare at least 3-5 lenders to find the best deal. Even 0.25% can save thousands.
Shorter loan terms (15 years) typically have lower rates but higher monthly payments. Balance your budget with long-term savings.
Frequently Asked Questions
Common questions about mortgages and home financing
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