AstraCalculator

Mortgage Calculator

The payment a lender quotes is rarely the payment you make. This adds the property tax, the insurance and the mortgage insurance to the principal and interest.

$
% of price
% per year
% of price per year

The US average is a little over 1 percent, but it ranges from 0.3 to over 2 by state.

$ per year
$ per month

How the math works

Principal and interest = L x r x (1 + r)^n / ((1 + r)^n - 1), with L the loan amount, r the yearly rate over 12 and n the number of months. Everything else is annual cost divided by 12. PMI is estimated at 0.6 percent of the loan per year and only applies under 20 percent down.

Common questions

What is included in a monthly mortgage payment?
Four things, often called PITI: principal, interest, property taxes and insurance. Under 20 percent down there is a fifth, mortgage insurance, and in some neighborhoods a sixth, HOA dues.
How much difference does a 15 year term make?
The payment rises by roughly half, but the total interest usually falls by more than 60 percent. Switch the term in the dropdown and watch the last line, not the first.
When does PMI stop?
At 20 percent equity it can be requested, and at 22 percent the lender must cancel it automatically on a conventional loan. FHA loans work differently and it often runs for the life of the loan.

People also work out

More financial calculators