🏠 Mortgage And Home Loan Calculator
Calculate your monthly mortgage payment and view amortization schedule
Loan Information
Monthly Payment Summary
Loan Summary
First 12 Months
How to Use: Enter your home price, down payment, loan term, and interest rate to calculate your monthly mortgage payment. Include property taxes, insurance, and HOA fees for a complete estimate. The calculator shows your principal and interest breakdown plus total costs over the life of the loan.
Current Mortgage Rates (2025 Averages)
| Loan Type | Rate Range | Best For | Requirements |
|---|---|---|---|
| 30-Year Fixed | 6.25% to 7.00% | Long-term stability, lower monthly payments | Good credit, 20% down ideal |
| 15-Year Fixed | 5.50% to 6.25% | Faster equity building, less interest | Higher income, larger monthly payment |
| 20-Year Fixed | 5.75% to 6.50% | Balance between 15 and 30 year | Moderate income, medium payment |
| 5/1 ARM | 5.75% to 6.50% | Planning to move in five to seven years | Good credit, understanding of rate adjustments |
| FHA Loan | 6.00% to 6.75% | First-time buyers, lower down payment | 3.5% down, credit score 580 plus |
| VA Loan | 5.75% to 6.50% | Veterans, active military | 0% down, military service requirement |
| Jumbo Loan | 6.50% to 7.25% | High-value properties over $766,550 | Excellent credit, 20 to 30% down, high income |
Down Payment Guidelines
| Down Payment | Loan-to-Value (LTV) | PMI Required? | Pros | Cons |
|---|---|---|---|---|
| 3% to 5% | 95% to 97% | Yes | Lower upfront cost, faster homeownership | Higher monthly payment, PMI cost, less equity |
| 10% | 90% | Yes | Moderate upfront cost, building equity | Still requires PMI, higher monthly payment |
| 15% | 85% | Yes | More equity, lower loan amount | PMI still required, significant savings needed |
| 20% | 80% | No | No PMI, better rates, more equity, lower monthly payment | Large upfront cost, takes longer to save |
| 25% or More | 75% or less | No | Best rates, lowest monthly payment, most equity | Very large upfront cost, opportunity cost of cash |
Monthly Payment Comparison by Loan Term
| Loan Amount | 15-Year (5.5%) | 20-Year (6.0%) | 30-Year (6.5%) | Interest Saved (15 vs 30) |
|---|---|---|---|---|
| $200,000 | $1,634 per month | $1,433 per month | $1,264 per month | $134,000 |
| $300,000 | $2,451 per month | $2,149 per month | $1,896 per month | $201,000 |
| $400,000 | $3,268 per month | $2,866 per month | $2,528 per month | $268,000 |
| $500,000 | $4,085 per month | $3,582 per month | $3,160 per month | $335,000 |
| $600,000 | $4,902 per month | $4,299 per month | $3,792 per month | $402,000 |
| $700,000 | $5,719 per month | $5,015 per month | $4,424 per month | $469,000 |
How Much House Can You Afford?
| Annual Income | Max Monthly Payment (28% rule) | Estimated Home Price (20% down) | With 10% Down | With 3% Down |
|---|---|---|---|---|
| $50,000 | $1,167 | $180,000 | $165,000 | $155,000 |
| $75,000 | $1,750 | $275,000 | $250,000 | $235,000 |
| $100,000 | $2,333 | $365,000 | $335,000 | $315,000 |
| $125,000 | $2,917 | $455,000 | $415,000 | $390,000 |
| $150,000 | $3,500 | $545,000 | $500,000 | $470,000 |
| $200,000 | $4,667 | $730,000 | $665,000 | $625,000 |
Mortgage Terms Explained
| Term | Definition | Why It Matters |
|---|---|---|
| Principal | The amount you borrow to buy the home | Determines your loan amount and monthly payment |
| Interest | The cost of borrowing money, expressed as a percentage | Lower rate equals lower total cost over life of loan |
| Amortization | How loan payments are divided between principal and interest | Early payments are mostly interest, later mostly principal |
| PMI | Private Mortgage Insurance, protects lender if you default | Required with less than 20% down, adds to monthly cost |
| APR | Annual Percentage Rate, includes interest plus fees | True cost of loan, useful for comparing offers |
| Escrow | Account for property taxes and insurance payments | Lender manages payments, included in monthly bill |
| LTV Ratio | Loan-to-Value ratio, loan amount divided by home value | Affects interest rate and PMI requirement |
| DTI Ratio | Debt-to-Income ratio, monthly debts divided by income | Lenders use to determine how much you can borrow |
| Closing Costs | Fees paid at loan closing, typically 2 to 5% of purchase price | Upfront expense beyond down payment |
| Fixed Rate | Interest rate stays the same for entire loan term | Predictable payments, protects against rate increases |
| ARM | Adjustable Rate Mortgage, rate changes after initial period | Lower initial rate, but payment can increase later |
Important Considerations: This calculator provides estimates only. Actual rates, terms, and payments may vary based on credit score, down payment, property location, loan type, and lender requirements. Additional costs like closing costs, moving expenses, home maintenance, and utilities should also be factored into your budget.
Important Disclaimer
This Mortgage Calculator provides estimated payments and costs for educational and planning purposes only. Results are based on the information you provide and should not be considered financial advice or a loan offer.
Actual mortgage terms, rates, payments, and costs will vary based on many factors including credit score, down payment amount, loan type, property location, lender fees, closing costs, and market conditions. Interest rates change frequently and vary by lender.
This calculator does not account for all potential costs of homeownership including closing costs, moving expenses, home maintenance, repairs, utilities, HOA special assessments, or potential changes in property taxes and insurance rates.
Consult with licensed mortgage professionals, financial advisors, and real estate professionals for personalized advice. Shop around with multiple lenders to compare rates and terms. Get pre-approved before making an offer on a home. Read all loan documents carefully before signing.
This calculator is for U.S. conventional mortgages and may not apply to other loan types or countries. Results are approximations and may not reflect exact amortization schedules provided by lenders.