How do I calculate my monthly mortgage payment?

Use the formula M = P[r(1+r)^n]/[(1+r)^n-1] where P=loan amount, r=monthly interest rate, n=total payments. For a $240,000 loan at 4.5% for 30 years: monthly payment = $1,216.04. Add property tax and insurance for total monthly cost.

How much should my down payment be?

Conventional wisdom suggests 20% to avoid PMI (Private Mortgage Insurance). However, many loans allow 3-10% down. A larger down payment reduces loan amount, monthly payments, and total interest paid.

What is included in my monthly mortgage payment?

PITI: Principal (loan paydown), Interest (cost of borrowing), Taxes (property tax), Insurance (homeowners insurance and possibly PMI). Some lenders also include HOA fees in the monthly payment.

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

15-year mortgages have higher monthly payments but lower interest rates and less total interest paid. 30-year mortgages have lower monthly payments but more total interest. Choose based on your budget and financial goals.

Mortgage Calculator

Calculate monthly mortgage payments, total interest, and amortization schedule. Includes property tax and insurance estimates.

Calculate

Home Price ($)

Down Payment ($)

Annual Interest Rate (%)

Loan Term (Years)

Formula

M = P[r(1+r)^n]/[(1+r)^n-1] + Property Tax/12 + Insurance/12

Example

home Price:300000

down Payment:60000

loan Amount:240000

interest Rate:4.5

loan Term:30

monthly Payment:1216.04

total Interest:197774.4

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