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See year-by-year breakdown of principal vs interest payments.
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Mortgage payments are calculated using the loan amount, interest rate, and loan term. The formula considers compound interest to determine a fixed monthly payment that pays off both principal and interest over the loan period.
A common guideline is that your monthly housing costs (including mortgage, taxes, insurance) should not exceed 28% of your gross monthly income. For example, with $6,000/month income, aim for housing costs under $1,680/month.
A mortgage payment typically includes Principal (loan repayment), Interest (cost of borrowing), Property Taxes, and Homeowner's Insurance - often called PITI. This calculator shows principal and interest; add taxes and insurance for total payment.
A 20% down payment is traditional and helps avoid PMI (Private Mortgage Insurance). However, many loans allow 3-10% down. Larger down payments mean lower monthly payments and less interest paid over time.
A 30-year mortgage has lower monthly payments but more total interest. A 15-year mortgage has higher payments but saves significantly on interest. Choose based on your budget and financial goals.
Every 1% increase in interest rate increases your monthly payment by roughly 10-12%. For a $240,000 loan, going from 6% to 7% adds about $160/month to your payment.
Amortization is how your loan is paid off over time. Early payments are mostly interest; later payments are mostly principal. Our amortization schedule shows this breakdown year by year.
Yes! Making extra payments reduces your principal faster, saving interest and shortening your loan term. Even small extra payments can save thousands over the life of the loan.
Yes! Our mortgage calculator is 100% free with no limits. Calculate as many scenarios as you want to find the best home loan option for your situation.