Home Mortgage Calculator
Calculate monthly mortgage payments, total costs, and debt-to-income ratios
Calculate Home Mortgage
Loan Specifications
Principal loan amount (home price minus down payment)
Loan duration (typically 15 or 30 years)
Annual percentage rate
Pre-tax monthly income for DTI calculation
Mortgage Payment Summary
Monthly Payment Breakdown
Affordability Analysis
Your DTI ratio is slightly above the ideal 28% but still within acceptable limits for most lenders.
First Year Payment Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,528.272 | $361.605 | $2,166.667 | $399,638.395 |
| 2 | $2,528.272 | $363.564 | $2,164.708 | $399,274.83 |
| 3 | $2,528.272 | $365.533 | $2,162.739 | $398,909.297 |
| 4 | $2,528.272 | $367.513 | $2,160.759 | $398,541.784 |
| 5 | $2,528.272 | $369.504 | $2,158.768 | $398,172.28 |
| 6 | $2,528.272 | $371.506 | $2,156.767 | $397,800.774 |
Showing first 6 months of 360 total payments
Example Calculation
Sample Mortgage
Home Price: $500,000
Down Payment: $100,000 (20%)
Loan Amount: $400,000
Interest Rate: 6.5%
Term: 30 years
Monthly Payment
Principal & Interest: $2,528
Property Tax: $417
Insurance: $125
Total PITI: $3,070
Loan Summary
Total Payments: $910,065
Total Interest: $510,065
Interest %: 56% of payments
Mortgage Tips
Shop Around
Compare rates from multiple lenders to save thousands
Improve Credit Score
Higher credit scores qualify for better interest rates
Consider 15-Year
Save on total interest with shorter loan terms
Common Loan Types
Conventional
Not government-backed, typically requires 3-20% down
FHA
Government-backed, 3.5% down, more flexible credit
VA
For veterans, no down payment required
Jumbo
For loan amounts above conforming limits
Understanding Home Mortgages
How Mortgage Payments Work
Your monthly mortgage payment typically includes four components known as PITI: Principal, Interest, Taxes, and Insurance. Early in the loan, most of your payment goes toward interest, but over time more goes toward principal.
Key Components
- •Principal: The loan amount you borrowed
- •Interest: The cost of borrowing money
- •Taxes: Property taxes paid to local government
- •Insurance: Homeowners insurance and PMI if applicable
Payment Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]
M = Monthly payment
P = Principal amount
r = Monthly interest rate
n = Number of payments
DTI Guidelines
- Front-end DTI: Housing costs ≤ 28% of income
- Back-end DTI: Total debt ≤ 36% of income
- Conventional loans: Often allow higher DTIs
- FHA loans: May allow DTI up to 43%
Tip: Consider all homeownership costs including maintenance, utilities, and HOA fees.