Mortgage Calculator

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Your Estimated Monthly Payment

Total Interest Paid

Total Cost of Loan

Monthly PITI Payment

Amortization Schedule

Year Beginning Balance Interest Paid Principal Paid Ending Balance

Turning the Dream of Homeownership into a Plan

Buying a home is more than just a purchase; it's one of the biggest financial commitments you'll ever make. The advertised price of a house is only the beginning. Your true monthly cost includes not just the loan payment (principal and interest), but also property taxes and homeowners insurance. This complete payment is known as **PITI**, and it's the number you need to budget for.

This calculator is designed to give you that full picture. It doesn't just calculate your monthly payment; it breaks down how much of your money goes to interest versus paying down your loan. The **amortization schedule** below shows you, year by year, how you build equity and how the bank profits from your loan. Use this tool to compare different loan scenarios and step into homeownership with your eyes wide open.

Plan Your Home Buying Journey

Frequently Asked Questions (FAQ)

What is a good down payment?

A 20% down payment is the traditional benchmark. The main benefit is that it allows you to avoid paying Private Mortgage Insurance (PMI), an extra fee that protects the lender if you default. However, many loan programs allow for much smaller down payments, some as low as 3-5%.

What's the difference between Interest Rate and APR?

The **Interest Rate** is the cost of borrowing the money, expressed as a percentage. The **Annual Percentage Rate (APR)** is a broader measure of the loan's cost. It includes the interest rate PLUS other loan fees, such as origination fees and closing costs. The APR is usually slightly higher than the interest rate and gives a more accurate picture of the total cost.