Calculate your monthly payment, see the full amortization schedule, and understand the true cost of your home.
PMI typically required below 20% down
Avg: 1-2% of home value/year
Typically 0.5-1% of loan/year
See how extra payments reduce your loan term and interest paid.
Principal & Interest
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Taxes & Insurance
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Total Monthly
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Total Paid
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Total Interest
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Payoff Date
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Loan Term
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Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home's value. It protects the lender if you default on the loan. PMI typically costs 0.5-1% of your loan amount annually and can be removed once you reach 20% equity in your home.
A fixed-rate mortgage keeps the same interest rate for the entire loan term, making payments predictable. An adjustable-rate mortgage (ARM) has a rate that can change after an initial period, which could mean lower initial payments but uncertainty later.
Even small extra payments can dramatically reduce your loan term and total interest paid. For example, adding just $100/month to a $300,000 loan at 7% can save you over $50,000 in interest and pay off your home 5 years early. Use the calculator above to see your specific savings.
A common guideline for affordability: spend no more than 28% of your gross monthly income on housing costs (mortgage, taxes, insurance) and no more than 36% on total debt payments. This helps ensure you can comfortably afford your home while maintaining financial flexibility.
Disclaimer: This calculator provides estimates for educational purposes only. Actual mortgage terms, rates, and costs will vary based on your credit score, location, lender, and other factors. Always consult with a qualified mortgage professional before making financial decisions.