Mortgage Calculator

Home Price ($)

Down Payment ($)

Loan Term (years)

Interest Rate (%)

How to Use This Mortgage Calculator

Enter the home price - the total cost of the property
Input your down payment amount
Select the loan term (typically 15 or 30 years)
Enter the current interest rate (check with lenders)
Click "Calculate Mortgage" to see your results

Benefits of Using This Calculator

💡 Budget Planning - Know exactly what you can afford
📊 Comparison Tool - Compare different loan scenarios
💰 Interest Awareness - See how much interest you'll pay over time
🏠 Informed Decisions - Make better home-buying choices
⏱️ Time Saver - Get instant results without complex math

Frequently Asked Questions

Q: How accurate is this mortgage calculator?

A: This calculator provides estimates based on standard mortgage formulas. For exact figures, consult with your lender as rates and fees may vary.

Q: Does this include property taxes and insurance?

A: No, this calculates only principal and interest. Your actual payment may include escrow for taxes and insurance (PITI).

Q: What's the difference between 15-year and 30-year mortgages?

A: A 15-year loan has higher monthly payments but much less total interest. A 30-year loan has lower payments but more interest over time.

Q: How does down payment affect my mortgage?

A: Larger down payments reduce your loan amount, monthly payment, and often get you better interest rates. 20% down avoids PMI insurance.

Q: Can I use this for refinancing calculations?

A: Yes! Simply enter your current loan balance as the "home price" and adjust other factors for refinance scenarios.

Mortgage Calculator