Mortgage Calculator
Estimate your complete monthly payment: principal, interest, taxes, insurance, and HOA fees.
* This calculator is for educational purposes. Contact a mortgage professional for personalized advice.
Enter Mortgage Details
Example: 300000
Example: 60000 (20% down)
Loan: $240,000
Current average: 6.82% for 30-year fixed
Standard fixed mortgage terms
When you’ll make your first payment
Additional Monthly Costs:
$4,500/year ($375/month)
$1,920/year ($160/month)
Enter 0 if no HOA
$0/month
Extra amount paid toward principal each month
What Makes This a “Comprehensive” Mortgage Calculator?
Most online tools show only principal + interest for a fixed‑rate loan. Our Comprehensive Mortgage Calculator goes far beyond, letting you:
- Compare fixed, adjustable‑rate (ARM), and interest‑only options side‑by‑side.
- Add one‑time or recurring extra payments—monthly, yearly, or custom.
- Model bi‑weekly payment schedules and see payoff acceleration.
- Include the full PITI stack (taxes, insurance, HOA) plus PMI and discount points.
- Download a detailed amortization schedule in CSV or print‑ready PDF.
| Component | Why It Matters | Example (USD) |
|---|---|---|
| Principal | Reduces loan balance | $550 |
| Interest | Cost of borrowing | $1,100 |
| Property Taxes | Local government levy | $300 |
| Homeowners Insurance | Protects dwelling | $110 |
| HOA/Condo Fees | Community maintenance | $90 |
| PMI | <20 % down‑payment insurance | $85 |
| Total Monthly Payment | Complete housing cost | $2,235 |
Core Formulas Used
1. Fixed‑Rate PI Formula
2. ARM Payment Flow
PI recalculated at each reset with remaining term nk
3. Extra‑Payment Payoff Time
Key Mortgage Concepts Explained
APR vs. Interest Rate
APR includes broker fees and discount points—use it for apples‑to‑apples comparison.
Rate Caps on ARMs
Periodic, lifetime and first‑adjustment caps limit how much an ARM can jump when it resets.
Bi‑Weekly Payments
26 half‑payments per year = 13 full payments—shaves ≈4‑5 years off a 30‑year term.
Discount Points
Pre‑paying interest (≈1 % loan amount per point) typically cuts the rate by 0.25 % each.
6 Smart Ways to Save Thousands on Your Mortgage
- Quote at least five lenders—the median spread is ~0.5 % APR.
- Make one extra payment per year (or switch to bi‑weekly) to cut interest and term dramatically.
- Apply windfalls—tax refunds or bonuses—directly to principal.
- Refinance strategically when rates drop ≥0.75 % and you’ll keep the home long enough to break even on closing costs.
- Eliminate PMI early by requesting cancellation at 80 % LTV—don’t wait for automatic drop‑off at 78 %.
- Improve your credit score before applying; a 40‑point jump can lower your rate by 0.25–0.50 %.
Comprehensive Mortgage Calculator FAQ
How accurate are ARM projections?
The calculator applies the caps and margin you enter, but future index rates are estimated. Treat the ARM scenario as illustrative, not guaranteed.
Can I model a cash‑out refinance?
Yes—enter the new loan balance (old payoff + cash) and current rate; extra costs like refinance fees can be added under “Closing Costs / Points.”
What’s the difference between PMI and MIP?
PMI applies to conventional loans with <20 % down. FHA loans use Mortgage Insurance Premiums (MIP) calculated differently. This tool supports both—toggle “Loan Type.”
Does the calculator factor in tax deductions?
No. While mortgage interest and property taxes may be tax‑deductible, exact benefits depend on your filing status and standard‑deduction choice. Consult a tax advisor.
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