Calculate your monthly mortgage payments, total interest, and amortization schedule
Calculate Your MortgageCalculate your monthly mortgage payments, total interest, and amortization schedule
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The monthly mortgage payment is calculated using the standard annuity formula: M = P * [i(1+i)^n] / [(1+i)^n - 1], where M is the monthly payment, P is the principal loan amount, i is the monthly interest rate (annual rate divided by 12), and n is the number of payments (loan term in years multiplied by 12).
PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20% of the home's value. It protects the lender in case you default on the loan. The cost of PMI varies but is generally between 0.5% to 1% of the loan amount annually.
A shorter loan term (e.g., 15 years) means higher monthly payments but significantly less interest paid over the life of the loan. A longer term (e.g., 30 years) results in lower monthly payments but more total interest paid.
The total monthly payment includes the principal and interest on your loan, plus prorated monthly amounts for property taxes, homeowners insurance, and PMI (if applicable).