Mortgage Calculator
Estimate your monthly mortgage payment and see a breakdown of principal, interest, taxes, and insurance.
Mortgage Payment Details
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Learn More About Mortgages & Financial Planning
How to Use the Mortgage Calculator
- Home Price: Enter the purchase price of the home.
- Down Payment: Input your down payment as either a fixed amount or a percentage of the home price.
- Loan Term: Select the length of your mortgage, typically 15 or 30 years.
- Interest Rate: Enter the annual interest rate for the loan.
- Annual Taxes & Insurance: Add estimates for property taxes and homeowner's insurance to get a full PITI payment.
- Click “Calculate”: Get an instant breakdown of your estimated monthly payment.
Understanding Your Mortgage Payment
Your monthly mortgage payment is more than just paying back the loan. It's typically composed of four parts known as PITI:
- Principal: The portion of your payment that goes directly to paying down your loan balance.
- Interest: The cost of borrowing the money, paid to the lender. In the early years of a loan, this makes up the largest part of your payment.
- Taxes: Property taxes, which your lender usually collects and pays on your behalf from an escrow account.
- Insurance: Homeowner's insurance, also typically paid from your escrow account, to protect against damage to the property.