Mortgage Calculator - Monthly Payment with Taxes & Insurance
Calculate accurate monthly mortgage payments including principal, interest, taxes, and insurance. See how rates affect your loan.
Financial calculations are estimates provided for planning purposes only and do not constitute financial advice. Actual results may vary based on market conditions, tax laws, and other factors. Please consult with a qualified financial advisor before making any investment decisions.
How to Use the Mortgage Calculator
Our mortgage calculator helps you estimate your monthly payments and understand how your loan amortizes over time. This tool is designed to give you a clear picture of your potential housing costs, whether you are buying your first home or refinancing.
Inputs Explained
- Home Price: The purchase price of the property.
- Down Payment: The cash you pay upfront (typically 20% to avoid PMI).
- Interest Rate: The annual rate charged by the lender.
- Loan Term: The duration of the loan (usually 15 or 30 years).
Pro Tip
Don't forget to expand "Advanced Options" to include Property Taxes,Homeowners Insurance, and HOA Fees for a true "PITI" (Principal, Interest, Taxes, Insurance) estimate.
Step-by-Step Example
Let's say you want to buy a house worth $400,000 with a 20% down payment ($80,000). Your loan amount will be $320,000.
Scenario: 30-Year Fixed Loan at 7.0% Interest
*This example excludes taxes and insurance, which vary by location.
Mortgage Questions Answered
What is a good rule of thumb for affordability?
Many financial experts recommend the 28/36 rule. Your monthly housing costs should not exceed 28% of your gross monthly income, and your total debt payments (including car loans, student loans, etc.) should not exceed 36%.
How can I lower my monthly payment?
- Make a larger down payment to reduce the principal.
- Secure a lower interest rate (improving your credit score helps).
- Choose a longer loan term (e.g., 30 years vs 15 years), though you will pay more interest in total.
- Shop for lower homeowners insurance rates.
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