Mortgage Payment Calculator
Calculate monthly mortgage payment including principal, interest, taxes, insurance (PITI), PMI, and HOA fees. Get complete breakdown of all home loan payment components.
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Home & Loan Details
$
$
Minimum 3-5%, recommend 20% to avoid PMI
years
Common: 15 or 30 years
%
Additional Costs (Annual)
$
Annual property tax amount
$
Annual home insurance premium
$
If down payment < 20%
$/month
Monthly HOA/condo fees
Monthly Payment Breakdown
Understanding Your Mortgage Payment
Your total monthly mortgage payment includes several components beyond just the loan payment. This calculator breaks down all costs to give you an accurate picture of your monthly housing expense.
Payment Components
- Principal & Interest: The loan payment - principal reduces the balance, interest is the cost of borrowing
- Property Taxes: Annual taxes divided by 12, varies by location (typically 0.5-2% of home value)
- Home Insurance: Required by lenders, protects your investment
- PMI: Required if down payment is less than 20% of home price
- HOA Fees: Monthly fees for condos or planned communities
Tips for Managing Mortgage Costs
- Put down 20% or more to avoid PMI
- Shop around for best interest rates (0.5% difference saves thousands)
- Consider a 15-year loan if you can afford higher payments
- Budget for maintenance (1% of home value annually)
- Make extra principal payments to build equity faster
- Refinance if rates drop significantly
Frequently Asked Questions
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