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Enter details and click Calculate to see your results.
Compare Two Scenarios?
See how a different rate or term affects your payment side-by-side.
How to Use This Mortgage Calculator
- Loan Amount: Enter the total price of the home.
- Down Payment: Enter the amount you plan to pay upfront. This reduces your principal.
- Interest Rate: Input the annual interest rate (fixed).
- Loan Term: Select the duration of the loan (usually 15 or 30 years).
Understanding Your Monthly Payment
The calculated result breaks down your estimated monthly payment into Principal and Interest. Knowing this figure helps you budget effectively for your new home.
Note: This calculation uses the standard amortization formula. It does not include Property Taxes, Homeowners Insurance, or PMI (Private Mortgage Insurance), which can significantly increase your actual monthly outlay.
Why Use a Mortgage Calculator?
- Budget Planning: Determine how much house you can afford.
- Scenario Comparison: See how different down payments or interest rates affect your monthly cost.
- Financial Clarity: Visualize the total interest you will pay over the life of the loan.