Mortgage Calculator

The monthly mortgage payment calculation includes:

• Principal and interest (based on loan amount and interest rate)
• Property taxes (if included)
• Home insurance (if included)
• PMI insurance (if included)
• HOA fees (if included)

Private Mortgage Insurance (PMI) is typically required when:

• Down payment is less than 20% of the home price
• Protects the lender against default risk
• Can be removed once you reach 20% equity
• Cost varies based on down payment and credit score

Several factors can help reduce your monthly payment:

• Making a larger down payment
• Finding a lower interest rate
• Extending the loan term (though this increases total interest)
• Avoiding or removing PMI insurance
• Shopping for better home insurance rates

Beyond the mortgage payment, consider these costs:

• Property taxes and insurance
• Regular maintenance and repairs
• Utility costs
• HOA fees (if applicable)
• Emergency savings for unexpected repairs