Mortgage Payment Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, insurance, and HOA fees. Get a complete amortization schedule and see how much you'll pay over the life of your loan.
Frequently Asked Questions
Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. It costs 0.3% to 1.5% of the loan amount annually, paid monthly.
PMI is automatically removed once you reach 22% equity, or you can request removal at 20% equity.
Your total monthly payment includes Principal & Interest (P&I), Property Taxes, Insurance, PMI (if applicable), and HOA fees.
P&I is calculated using the standard amortization formula based on loan amount, interest rate, and term length.
Closing costs typically range from 2-5% of the home's purchase price and include lender fees, appraisal, title insurance, recording fees, and prepaid items like taxes and insurance.
Tip: You can often negotiate with the seller to pay some closing costs.
30-year: Lower monthly payments, easier qualification, more cash flow.
15-year: Lower interest rate, less total interest paid, faster equity building.
Choose 15-year if payments are comfortable and you lack higher-interest debt.
20%+: Avoid PMI, better rates. 10-19%: PMI required.3-5%: First-time buyer programs. 3.5%: FHA loans. 0%: VA/USDA loans.
Consider keeping emergency funds and the opportunity cost of tying up cash.
Consider refinancing when rates drop 0.5-1%+, your credit improves significantly, or you want to change loan terms or remove PMI.
Refinancing costs 2-6% of loan amount, so calculate your break-even point before proceeding.