Mortgage Calculator
Estimate your monthly payment and total cost of your home loan.
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Monthly Payment
$2,161.46
Principal & Interest$1,769.79
Property Tax$291.67
Insurance$100.00
Loan Amount$280,000.00
Total Interest$357,124.57
Total Paid$637,124.57
Principal (43.9%)Interest (56.1%)
How to Use This Mortgage Calculator
Enter the home price, your down payment, the interest rate from your lender, and select your preferred loan term. The calculator instantly shows your estimated monthly payment, total interest over the life of the loan, and a full amortization schedule showing how each payment is split between principal and interest.
Understanding Your Mortgage Payment
Your monthly mortgage payment typically consists of four components (PITI): Principal, Interest, Taxes, and Insurance. The principal is the portion that reduces your loan balance. Interest is the cost of borrowing. Property taxes and homeowner's insurance are often collected monthly and held in escrow by your lender.
Tips to Lower Your Monthly Payment
- Make a larger down payment (20% or more avoids PMI)
- Choose a longer loan term (30 years vs 15 years)
- Shop around for a lower interest rate
- Improve your credit score before applying
- Consider buying points to reduce your rate