Calculate your monthly payment, total interest paid, and full amortization schedule.
Your monthly mortgage payment is made up of four components — often called PITI: Principal, Interest, Taxes, and Insurance. The principal and interest portion is fixed for the life of a fixed-rate mortgage, while taxes and insurance can change annually.
A common rule of thumb is the 28/36 rule: your mortgage payment should not exceed 28% of your gross monthly income, and your total debt payments should not exceed 36%. So if you earn $6,000/month, your mortgage payment should ideally stay under $1,680.
A fixed-rate mortgage locks your interest rate for the entire loan term, giving you predictable payments. An adjustable-rate mortgage (ARM) starts with a lower rate that can change after an initial period — beneficial if you plan to sell or refinance within a few years, but risky if rates rise.
A larger down payment reduces your loan amount, lowers your monthly payment, and eliminates the need for private mortgage insurance (PMI) if you reach 20%. Even going from 10% to 15% down can save you thousands over the life of the loan.
This calculator is for informational and educational purposes only. Results are estimates. This does not constitute financial or mortgage advice. Always consult a licensed mortgage professional before making borrowing decisions.