How accurate is the mortgage calculator?

Our mortgage calculator uses standard mortgage formulas and includes all major cost components: principal, interest, property tax, home insurance, PMI, and HOA fees. It provides accurate estimates for planning purposes, though actual rates may vary based on lender, credit score, and location.

What is included in the monthly payment calculation?

The calculator includes: Principal and interest (based on loan amount and rate), property tax (annual percentage), home insurance (annual amount), PMI (if down payment is less than 20%), and monthly HOA fees. This gives you a complete picture of your total monthly housing costs.

What is the 28/36 rule for mortgage affordability?

The 28/36 rule is a common guideline: 28% of your gross monthly income should go toward housing expenses, and no more than 36% should go toward total debt payments (including housing, car loans, credit cards, etc.). Our affordability analysis helps you understand what you can comfortably afford.

How does PMI (Private Mortgage Insurance) work?

PMI is typically required when your down payment is less than 20% of the home price. It protects the lender if you default on the loan. PMI usually costs 0.5-1% of the loan amount annually and can be removed once you reach 20% equity in the home.

What are the different types of mortgages available?

Our calculator supports: Fixed-rate (same interest rate for entire term), Adjustable-rate (rate changes after initial period), FHA loans (government-insured with lower down payments), VA loans (for veterans with no down payment), and Interest-only loans (pay only interest for initial period).

Can I calculate mortgages in different currencies?

Yes, our calculator supports multiple currencies including USD ($), EUR (€), GBP (£), and INR (₹). You can switch between currencies and the calculator will automatically update all calculations and display formats accordingly.

What is an amortization schedule?

An amortization schedule shows how each mortgage payment is split between principal and interest over the life of the loan. Initially, most of your payment goes toward interest, but over time more goes toward principal. This helps you understand how your loan balance decreases over time.

Is my financial data secure when using the calculator?

Yes, all calculations are performed locally in your browser. We don't store any of your financial information on our servers. Your calculations are saved locally on your device and can be cleared at any time.

Mortgage Calculator - Calculate Monthly Payments & Affordability

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Mortgage Calculator

Mortgage Type

Currency

Home Price (USD)

$

Down Payment

%

Amount

$100,000.00

Loan Amount: $400,000.00

Interest Rate (%)

%

Loan Term (Years)

Mortgage Types

🏠

Fixed Rate

Same interest rate for entire loan term

6.5%

📈

Adjustable Rate

Rate changes after initial fixed period

5.5%

💳

Interest Only

Pay only interest for initial period

7%

🏛️

FHA Loan

Government-insured, lower down payment

6%

🎖️

VA Loan

Veterans Affairs, no down payment

5.75%

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Calculation History

No calculation history yet

Mortgage Tips

Affordability Rules

• 28% Rule: Housing ≤ 28% of gross monthly income
• 36% Rule: Total debt ≤ 36% of gross monthly income
• Down Payment: Aim for 20% to avoid PMI

Cost Considerations

• Closing Costs: 2-5% of home price
• Property Tax: Varies by location (0.5-2.5%)
• Home Insurance: $100-$200/month
• PMI: 0.5-1% annually if down payment <20%

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Mortgage Calculator

Mortgage Calculator

Mortgage Types

Calculation History

Mortgage Tips

Affordability Rules

Cost Considerations

Frequently Asked Questions

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