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Mortgage Calculator

Estimate your monthly mortgage payment and see how different down payments, loan terms, and interest rates affect your total cost.

$
$50,000$2,000,000
20% ($80,000)
0% ($0)50% ($200,000)
Loan Term
6.5%
1%12%
1.2%
0%4%
$
$
1% ($4,000/yr)
0% ($0/yr)3% ($12,000/yr)

Monthly Payment

$2,956

Principal, interest, taxes, insurance & maintenance

Loan Amount

$320,000

Down Payment

$80,000

Total Interest

$408,142

Interest charges over the loan

Total to Lender

$728,142

Principal + interest only

Monthly Payment Breakdown

$2,956per month
Principal & Interest
Property Tax
Insurance
Maintenance

Recommended Annual Income

$112,415 or more

This is the annual income you need to make before taxes to maintain a healthy debt-to-income ratio of 28%, assuming you have no other debt payments.

That's $9,368/mo gross income

Create a full plan

Create a free plan to see your complete financial picture

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Understanding Your Mortgage

How is my monthly payment calculated?

Your monthly mortgage payment consists of four components, often called PITI: Principal (the loan amount you're paying down), Interest (what the lender charges for the loan), Taxes (annual property taxes divided by 12), and Insurance (homeowner's insurance premium divided by 12).

How does the interest rate affect my payment?

Even small changes in interest rate can have a big impact over the life of a loan. For example, on a $300,000 loan over 30 years, the difference between 6% and 7% is roughly $200/month - or over $70,000 in total interest paid.

Should I choose a 15-year or 30-year loan?

A 15-year loan typically has a lower interest rate and saves you significantly on total interest, but your monthly payment will be higher. A 30-year loan offers lower monthly payments but costs more over the life of the loan. Use the calculator above to compare both options.

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