🏠 Free Mortgage Calculator
Calculate mortgage payments, total interest, and home affordability with taxes, insurance, and PMI included in your monthly payment estimate.
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Mortgage Calculator
Monthly Payment Breakdown
Total Monthly Payment
$0.00
Payment Breakdown
Principal & Interest
$0.00
Property Tax
$0.00
Home Insurance
$0.00
PMI
$0.00
Total Monthly Payment
$0.00
Loan Amount
$0.00
Total Interest Paid
$0.00
💰 Affordability Guidelines
Recommended Income: $0/year
Based on 28% debt-to-income ratio
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Understanding Your Mortgage
🏠 Principal & Interest
The main portion of your mortgage payment that goes toward paying down the loan balance and the cost of borrowing money.
🏛️ Property Taxes
Annual taxes paid to local government based on your home's assessed value. Usually collected monthly with your mortgage payment.
🛡️ Home Insurance
Required insurance that protects your home and belongings. Lenders require this to protect their investment in your property.
🔒 PMI (Private Mortgage Insurance)
Required when down payment is less than 20%. Protects the lender if you default on the loan. Can be removed once you reach 20% equity.
💡 Mortgage Tips
- Aim for a down payment of 20% to avoid PMI
- Consider shorter loan terms to save on total interest
- Factor in closing costs (typically 2-5% of home price)
- Get pre-approved to understand your budget
- Compare rates from multiple lenders
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