Home Mortgage Calculator
Calculate home mortgage payments with amortization schedule. Analyze total payments, interest, and debt-to-income ratios.
How it works
Calculates monthly mortgage payments using loan amount, interest rate, and term. Includes total costs, amortization details, and affordability analysis.
Example
$300K loan at 6.5% for 30 years = $1,896/month. Total payments $682,632 with $382,632 in interest over loan life.
FAQ
What's included in a mortgage payment?
Principal and interest are required. Taxes, insurance, and PMI are often escrowed and included in your monthly payment to the lender.
How is mortgage interest calculated?
Interest is calculated monthly on the remaining loan balance. Early payments are mostly interest; later payments are mostly principal.
What's a good debt-to-income ratio?
Most lenders prefer total debt-to-income ratios below 36-43%, with housing costs below 28% of gross monthly income.
Should I make extra principal payments?
Extra payments reduce total interest and shorten the loan term. Consider your other financial priorities and investment opportunities first.
What affects my interest rate?
Credit score, down payment size, loan term, loan type, and market conditions all influence your mortgage interest rate.