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Mortgage Calculator
Estimate your monthly mortgage payments for your new home.
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Estimate your monthly mortgage payments for your new home.
Calculate your monthly home loan payments, including principal, interest, taxes, and insurance (PITI). Understand the impact of compounding and terms based on your region.
M = P[r(1+r)^n] / [(1+r)^n - 1]This formula calculates your fixed monthly principal and interest payment. 'M' is the total monthly payment, 'P' is the principal loan amount, 'r' is your monthly interest rate (annual rate divided by 12), and 'n' is the number of payments (loan term in years multiplied by 12).
To calculate it manually, use the formula M = P[r(1+r)^n] / [(1+r)^n - 1]. However, don't forget to add monthly property taxes (annual tax / 12) and homeowners insurance (annual premium / 12) to get your true 'PITI' payment.
Mortgage rates fluctuate daily based on the bond market and inflation. A 'good' rate is typically within 0.25% - 0.50% of the national average for a borrower with a 740+ credit score.
While 20% is ideal to avoid Private Mortgage Insurance (PMI), many first-time buyers use FHA loans (3.5% down) or conventional loans with as little as 3% down.
This tool estimates your ongoing monthly payments. Closing costs (typically 2-5% of the loan amount) are paid upfront and are not usually part of the monthly payment calculation unless financed into the loan.
"Federal tax estimates are based on 2024 brackets. Consult a tax professional for official filing."