Mortgage Calculator

What Does the Mortgage Calculator Show?

It works out your full monthly mortgage payment - principal and interest plus property tax, homeowners insurance, private mortgage insurance (PMI) and HOA fees, often called PITI. It also shows the loan amount, the total interest and an amortization table by year.

How to Use It

1. Enter the home price and your down payment as a percentage.
2. Enter the interest rate and choose the loan term.
3. Add yearly property tax and insurance, the PMI rate and any monthly HOA fees.
4. Choose your currency.

Example

For a $350,000 home with 10% down, a 30-year loan of $315,000 at 6.75% has principal and interest of $2,043 a month. Adding $3,500 a year of property tax, $1,400 of insurance and PMI at 0.6% of the loan brings the total to about $2,609 a month. Over 30 years the interest alone comes to about $420,510.

About PMI

Lenders usually require PMI on conventional loans when the down payment is under 20%. It protects the lender, not you, and can normally be removed once you have 20% equity. The calculator adds PMI only when the down payment is below 20%.

How Much House Can You Afford?

A common guideline is to keep total housing costs under about 28% of gross monthly income and all debt payments under about 36%. Lenders use their own limits, but the rule of thumb is a useful starting point.

Limitations

The calculator assumes a fixed rate. Adjustable-rate mortgages, closing costs, points and changes in property tax are not included. In India, home loans are quoted as EMIs without tax and insurance - use the EMI Calculator for those. To see how extra payments shorten the loan, use the Loan Prepayment Calculator.