• Enter the Loan Amount

Specify the total amount you plan to borrow for your home loan. This is typically the purchase price minus your down payment.

• Select the Loan Term

Choose the duration of your loan. Common terms are 15, 20, and 30 years. Longer terms usually mean lower monthly payments but higher total interest costs.

• Input the Interest Rate

Provide the interest rate for your loan. This rate can vary based on your credit score, loan type, and market conditions.

• Specify the Down Payment

Enter the amount you plan to put down upfront. A higher down payment reduces the loan amount and can lower your monthly payments and interest rate.

• Add Property Taxes and Insurance

Estimate your annual property taxes and homeowner's insurance costs. These amounts are typically included in your monthly mortgage payment through an escrow account.

• Include PMI (if applicable)

If your down payment is less than 20% of the home’s purchase price, you may need to pay Private Mortgage Insurance (PMI). Include this cost in your calculations.

• Monthly Payment Breakdown

The calculator will provide a detailed breakdown of your monthly mortgage payment, including principal, interest, property taxes, homeowner's insurance, and PMI (if applicable).

• Total Interest Paid

See the total amount of interest you will pay over the life of the loan. This helps you understand the long-term cost of your mortgage.

• Amortization Schedule

Review a complete amortization schedule showing how your payments are applied to principal and interest over time. This can help you see how quickly you will build equity in your home.