Mortgage Calculator
Calculate monthly mortgage payments including principal, interest, taxes, insurance, PMI, and HOA fees. Compare different loan terms and interest rates.
Home Price & Loan
$60,000
Monthly Costs
Monthly Payment
Loan Summary
Total Cost of Ownership
Over 30 years
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Understanding Your Mortgage Payment
Your monthly mortgage payment typically includes four main components, often called PITI:
Principal & Interest (P&I)
Principal is the amount you borrowed. Interest is what the lender charges for borrowing. Early in your loan, most of your payment goes toward interest. Later, more goes toward principal.
Property Taxes
Typically 1-2% of your home's value annually, collected monthly by your lender and paid to local government. Varies significantly by location.
Homeowners Insurance
Required by lenders to protect the property. Costs vary based on location, home value, and coverage level. Usually $800-$2,000+ annually.
PMI (Private Mortgage Insurance)
Required if your down payment is less than 20%. Typically 0.3-1.5% of the loan amount annually. Can be removed once you reach 20% equity.
HOA Fees (if applicable)
Homeowners Association fees for condos, townhomes, or planned communities. Covers common area maintenance and amenities.
Tips for Lower Payments
- 20% down: Avoid PMI and get better interest rates
- Good credit: Higher scores = lower interest rates
- Shorter term: 15-year loans have lower rates (but higher monthly payments)
- Shop around: Compare rates from multiple lenders