About Mortgage Calculator
Professional mortgage payment calculator with amortization schedules, PMI calculations, and total cost analysis. Make informed home buying decisions with accurate financial projections.
Common Use Cases
First-time home buyers planning purchases
Homeowners considering refinancing
Real estate agents assisting clients
Financial advisors creating projections
Investors analyzing rental properties
Budget planners calculating affordability
Examples & Demonstrations
Standard conventional mortgage calculation
Input:
$400,000 loan at 6.5% for 30 years
Output:
$2,528 monthly payment
PMI calculation for low down payment
Input:
$300,000 loan with 15% down payment
Output:
PMI required at ~$125/month
Loan term comparison analysis
Input:
Compare 15-year vs 30-year loan
Output:
Save $200,000+ in interest with 15-year
Tips & Best Practices
Consider a larger down payment to avoid PMI costs
Compare 15-year vs 30-year loans for total savings
Include all costs (taxes, insurance, HOA) for accurate budgeting
Use pre-qualification to understand your price range
Factor in closing costs (2-3% of loan amount)
Consider interest rate trends when timing your purchase
Related Tools
Frequently Asked Questions
How is the monthly mortgage payment calculated?
Monthly payment is calculated using the loan amount, interest rate, and loan term with the formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where M is monthly payment, P is principal, r is monthly interest rate, and n is number of payments.
What is PMI and when do I need it?
PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20% of the home's value. It protects the lender if you default on the loan and usually costs 0.3% to 1.5% of the loan amount annually.
Should property taxes and insurance be included in my mortgage payment?
Yes, most lenders require an escrow account for property taxes and homeowners insurance. This ensures these critical expenses are paid on time and protects both you and the lender.
How does the loan term affect my total cost?
Shorter loan terms (like 15 years) have higher monthly payments but significantly lower total interest costs. Longer terms (like 30 years) have lower monthly payments but cost much more in total interest over the life of the loan.
What's the difference between APR and interest rate?
Interest rate is the cost of borrowing the principal loan amount. APR (Annual Percentage Rate) includes the interest rate plus additional costs like origination fees, making it a more comprehensive measure of loan cost.
Why Choose Mortgage Calculator?
Our mortgage calculator stands out from other online tools with its precision, speed, and user-friendly interface. Built by engineers for professionals, students, and everyday users, it provides accurate results instantly without requiring any software installation or registration.
With robust error handling, multiple format support, and responsive design, this tool works seamlessly across all devices and browsers. Trust ConvertLarge for all your conversion and calculation needs.
Mortgage Calculator
Calculate your monthly mortgage payment, analyze loan costs, and explore amortization schedules.