Mortgage Calculator
Calculate Your Mortgage
Saved Results
Amortization Schedule
| Year | Interest | Principal | Ending Balance |
|---|
Mortgage Calculator Overview
Input your details below to estimate monthly payments and total costs. Adjust values as needed.
Calculator Inputs
| Field | Example Value |
|---|---|
| Home Price | $400,000 |
| Down Payment | 20% ($80,000) |
| Loan Term | 30 years |
| Interest Rate | 6.753% |
| Start Date | Feb. 2025 |
| Annual Costs | |
| Property Taxes | 1.2% ($4,800/yr) |
| Home Insurance | $1,500/yr |
| PMI | $0 |
| HOA Fee | $0 |
| Other Costs | $4,000/yr |
Results
- Monthly Payment: $2,076.15
- Total Mortgage Cost:Â 747,414.75(incl.747,414.75(incl.427,414.75 interest)
- Payoff Date: Feb. 2055
| Cost Breakdown | Monthly | Total |
|---|---|---|
| Principal & Interest | $2,076.15 | $747,414.75 |
| Property Tax | $400 | $144,000 |
| Home Insurance | $125 | $45,000 |
| Other Costs | $333.33 | $120,000 |
| Total | $2,934.49 | $1,056,414.75 |
Key Mortgage Components
- Loan Amount: Purchase price minus down payment (e.g., 400k−400k−80k = $320k).
- Down Payment: Aim for ≥20% to avoid PMI.
- Loan Term: 15–30 years; shorter terms = lower rates.
- Interest Rate: Fixed (FRM) or adjustable (ARM). This calculator uses fixed rates.
Homeownership Costs
- Recurring:
- Property Tax: ~1.1% of home value annually (varies by state).
- Home Insurance: Covers damage/liability (~$1,500/yr average).
- PMI: 0.3%–1.9% of loan if down payment <20%.
- HOA Fees: Common for condos/townhomes.
- Maintenance: ~1% of home value yearly.
- Non-Recurring:
- Closing Costs: ~10kona10kona400k home (attorney fees, title services, etc.).
- Renovations/Moving: Optional but often significant.
Early Repayment Strategies
- Extra Payments: Reduce principal faster, saving interest.
- Biweekly Payments: 26 half-payments yearly = 13 full payments.
- Refinancing: Lower rate/shorter term (beware closing costs).
Pros: Save interest, achieve debt freedom faster.
Cons: Prepayment penalties, lost tax deductions, opportunity cost (e.g., investing elsewhere).
Historical Context
- Pre-1930s: 50% down payments + short-term loans led to low homeownership.
- Post-Depression Reforms: FHA (1934) and Fannie Mae (1938) introduced 30-year mortgages, boosting affordability.
- Modern Impact: Government-backed loans stabilized markets during crises (2008 recession).
Amortization Snapshot
| Year | Interest Paid | Principal Paid | Remaining Balance |
|---|---|---|---|
| 1 | $21,505 | $3,408 | $316,592 |
| 10 | $18,665 | $6,248 | $272,983 |
| 20 | $12,661 | $12,252 | $180,787 |
| 30 | $888 | $24,026 | $0 |
Visualization: Over 30 years, interest dominates early payments, shifting to principal over time.
Latest Mortgage Rates (Example)
- 30-Year Fixed: 6.753%
- 15-Year Fixed: 6.224%
- 10-Year Fixed: 6.134%
Tip: Use the calculator to compare scenarios (e.g., 15 vs. 30 years, extra payments).
By simplifying inputs and understanding costs, borrowers can make informed decisions tailored to their financial goals.