How do I calculate my monthly mortgage payment?

Monthly mortgage payments are calculated using the loan amount, interest rate, and loan term. The formula is M = P[r(1+r)^n]/[(1+r)^n-1], where M is monthly payment, P is principal, r is monthly interest rate, and n is number of payments. Our calculator handles this automatically and includes taxes, insurance, PMI, and HOA fees.

What is included in PITI mortgage payments?

PITI stands for Principal, Interest, Taxes, and Insurance. Principal reduces your loan balance, Interest is the cost of borrowing, Property Taxes are paid to local governments, and Insurance protects your home. Many lenders also include PMI (Private Mortgage Insurance) and HOA fees in your monthly payment.

How much house can I afford with my income?

Use the 28/36 rule: your housing payment should not exceed 28% of gross monthly income, and total debt payments should not exceed 36%. Our affordability calculator analyzes your income, debts, and down payment to determine your maximum home price and monthly payment.

Should I choose a 15-year or 30-year mortgage?

15-year mortgages have higher monthly payments but lower total interest costs and faster equity building. 30-year mortgages offer lower monthly payments and more cash flow flexibility. Choose based on your budget, financial goals, and other investment opportunities.

How much should I put down on a house?

Down payment requirements vary by loan type: Conventional loans require as little as 3%, FHA loans 3.5%, and VA/USDA loans 0%. While 20% down eliminates PMI, lower down payments can make homeownership more accessible. Consider your cash flow, emergency funds, and investment opportunities.

What are the different types of mortgage loans?

Main loan types include: Conventional (flexible terms, 3% down), FHA (3.5% down, easier qualification), VA (0% down for veterans), and USDA (0% down for rural areas). Each has different requirements, benefits, and costs. Our calculator supports all major loan types.

How do extra mortgage payments save money?

Extra payments go directly toward principal, reducing your loan balance faster and saving interest over the life of the loan. Even small extra payments can save thousands and reduce loan terms by years. Use our extra payment calculator to see your specific savings.

Is mortgage calculator data stored anywhere?

No, all calculations happen locally in your browser. Your financial data never leaves your device, ensuring complete privacy and security for your sensitive mortgage and income information.

Free Mortgage Calculator - Calculate Monthly Payments & Total Interest

Complete Guide to Mortgage Calculations: Everything You Need to Know in 2024

Buying a home is one of the most significant financial decisions you'll make, and understanding mortgage calculations is crucial for making informed choices. Our comprehensive mortgage calculator helps you determine monthly payments, total interest costs, and affordability limits, giving you the power to compare loan options and plan your homebuying journey with confidence.

Whether you're a first-time homebuyer exploring FHA loans, a veteran considering VA financing, or an experienced buyer comparing conventional mortgage options, this guide covers everything from basic payment calculations to advanced affordability analysis and loan comparisons.

How Mortgage Payments Work: Understanding PITI

Your monthly mortgage payment consists of four main components, commonly referred to as PITI:

Principal & Interest

The core loan payment that reduces your debt and pays the lender's interest. Early payments are mostly interest, while later payments focus more on principal reduction.

Loan Term	Monthly Payment	Total Interest	Best For
30-Year Fixed	Lower	Higher	First-time buyers, lower income
15-Year Fixed	Higher	Lower	Higher income, faster payoff

Property Taxes

Homeowners Insurance

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Complete Guide to Mortgage Calculations: Everything You Need to Know in 2024

How Mortgage Payments Work: Understanding PITI

Principal & Interest

Property Taxes

Homeowners Insurance

PMI/MIP (If Required)

Popular Loan Types: Conventional, FHA, VA, and USDA

Conventional Loans: Flexibility with Competitive Rates

FHA Loans: First-Time Buyer Friendly

VA Loans: Zero Down Payment for Veterans

USDA Rural Development Loans

15-Year vs 30-Year Mortgages: Choosing the Right Term

Pro Tip: Extra Payments

How Much House Can You Afford? Understanding Debt-to-Income Ratios

28% Rule (Front-End Ratio)

36% Rule (Back-End Ratio)

Down Payment Strategies: From 3% to 20% and Beyond

Understanding Interest Rates: Fixed vs Adjustable and Market Factors

Fixed-Rate Mortgages: Stability and Predictability

Adjustable-Rate Mortgages (ARMs): Lower Initial Rates

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Frequently Asked Questions About Mortgage Calculations

How accurate are online mortgage calculators?

Should I pay PMI or make a larger down payment?

What's the difference between APR and interest rate?

How much do extra payments really save?

When should I consider refinancing my mortgage?

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