Mortgage Calculator

Calculate monthly payments, taxes, insurance, PMI, and amortization schedule.

What is a Mortgage Calculator?

Calculate your monthly mortgage payment with accurate property tax and insurance estimates by state. Includes PMI, full amortization schedule, and payment breakdown.

How to Use

Using the Mortgage Calculator is very simple:

  • Enter your values in the input fields
  • Click the Calculate button
  • View the result immediately

Tips

  • Double-check your inputs for accurate results
  • This tool is for estimation - consult a professional for important decisions
  • Save your results for future reference

Frequently Asked Questions

How is the monthly mortgage payment calculated?+
The monthly payment is calculated using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of payments.
How accurate are the property tax and insurance estimates?+
Property tax rates are based on effective rates by state. Insurance rates are based on average annual premiums by state. Both are applied as a percentage of the home price and update automatically when you change state or price. These are state averages; actual costs vary by county, city, coverage level, and property specifics.
What is PMI?+
Private mortgage insurance (PMI) is required when your down payment is less than 20% of the home price. It typically costs 0.3%-1.5% of the loan amount per year and protects the lender in case of default.
Why do property taxes differ so much by state?+
Property tax rates range from 0.28% in Hawaii to 2.47% in New Jersey. That means on a $350,000 home you'd pay $980 per year in Hawaii and $8,645 in New Jersey. States without income tax typically have higher property taxes to compensate.
Why is home insurance so expensive in some states?+
Insurance costs are significantly higher in states prone to natural disasters. Florida averages about 1.05% of home value due to hurricane risk. Oklahoma and Louisiana are high due to tornado and hurricane exposure. Hawaii, Utah, and Oregon have the lowest rates.
Does this include taxes and insurance?+
Yes. After you select a state, property taxes and home insurance are estimated automatically based on state averages and the home price. These are added to the principal and interest payment to show the true monthly cost. You can also adjust both values manually.
What is an amortization schedule?+
An amortization schedule shows how each monthly payment is split between principal and interest over the life of the loan. Early payments are mostly interest; later payments are mostly principal.

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