Moneko
Moneko

Mortgage Calculator

Calculate your monthly mortgage payments and see a complete amortization schedule.

$
$
or
%
$
%
years

Additional Costs

Monthly Payment Breakdown

Principal & Interest$1,216
Total Monthly Payment$1,216

Loan Summary

Total Loan Amount$240,000
Total Interest Paid$197,776
Total Cost of Loan$437,776
Loan Payoff DateJul 2055

Total Payment Distribution

Principal
Interest

Understanding Mortgage Calculations

Make informed home buying decisions with our comprehensive mortgage calculator guide

How Does a Mortgage Calculator Work?

A mortgage calculator helps you estimate your monthly home loan payments based on the loan amount, interest rate, term, and other factors. By inputting your details, you can quickly see how changes in down payment, interest rates, or loan terms affect your payment and the total interest paid over the life of the loan.

Key Mortgage Terms

  • Principal:The amount you borrow from the lender to purchase your home.
  • Interest:The cost charged by the lender for borrowing money, typically expressed as an annual percentage rate (APR).
  • Down Payment:The upfront amount you pay toward the home's purchase price, reducing the amount you need to borrow.
  • Loan Term:The length of time you have to repay the loan, commonly 15 or 30 years.
  • Amortization:The process of paying off your loan through regular payments over time, with each payment covering both principal and interest.

Benefits of Using Our Calculator

  • Accuracy:Get precise payment estimates based on current market rates and your specific loan details.
  • Transparency:See exactly how much of your payment goes toward principal vs. interest each month.
  • Scenario Testing:Compare different loan terms, interest rates, and down payment amounts to find your optimal mortgage.
  • Cost Awareness:Understand the total cost of your loan over its entire term, including all interest paid.
  • Budget Planning:Plan your housing budget more effectively with accurate monthly payment estimates.

Smart Mortgage Tips

Consider the Total Cost

Look beyond the monthly payment to understand the total cost over the life of the loan.

Don't Forget Extra Costs

Remember to include property taxes, insurance, PMI, HOA fees, and other expenses in your budget.

Shop Around for Rates

Even a 0.5% difference in interest rate can save you thousands over the life of your loan.

Consider Loan Term Carefully

A shorter term means higher payments but less interest paid overall.

Frequently Asked Questions

1What is PMI and when is it required?

Private Mortgage Insurance (PMI) is typically required if your down payment is less than 20% of the home's value. It protects the lender in case you default on the loan.

2How does the interest rate affect my mortgage?

A lower interest rate reduces your monthly payment and the total interest paid over the life of the loan. Even a small difference in rate can have a big impact.

3Can I pay off my mortgage early?

Yes, most mortgages allow early repayment. Making extra payments toward your principal can help you pay off your loan sooner and save on interest.

4What is an amortization schedule?

An amortization schedule is a table showing each monthly payment, how much goes toward principal and interest, and the remaining loan balance after each payment.

Ready to explore other calculators?

Try Our Calculators