Mortgage Calculator
The Mortgage Calculator helps you estimate your monthly payment and understand the true long-term cost of a home loan before you sign.
Inputs
- ›Home Price — the purchase price of the home
- ›Down Payment — dollar amount or percentage
- ›Loan Term — typically 15 or 30 years
- ›Interest Rate (APR) — your estimated or quoted rate
- ›Property Tax (optional) — annual property tax estimate
- ›Home Insurance (optional) — annual insurance estimate
What It Calculates
- ›Principal & Interest payment — your base monthly mortgage payment
- ›Total monthly payment — including taxes and insurance (PITI) if entered
- ›Total interest paid — the full cost of the loan over its life
- ›Total cost of the home — purchase price plus all interest and fees
- ›Break-even point — how long until you've built meaningful equity
Down Payment Impact
The calculator shows how different down payment amounts affect your monthly payment and total interest. A larger down payment means:
- ›Lower monthly payment
- ›Less total interest
- ›No PMI (Private Mortgage Insurance) once you reach 20%
15-Year vs. 30-Year
Run the calculator with both terms to compare. A 15-year mortgage has a higher monthly payment but dramatically less total interest — often hundreds of thousands of dollars less over the life of the loan.
Next Steps
If the numbers work for your situation, add the monthly mortgage payment to your Budget Builder as an expense to see how it integrates with your full financial plan.