Mortgage Calculator
Calculate mortgage payments, analyze affordability, and explore home buying scenarios
Home Price
Purchase price of home
Down Payment
20.00% of home price
Interest Rate
Annual interest rate
Loan Term
Length of mortgage
Property Tax (Annual)
Typically 1-2% of home value
Home Insurance (Annual)
Homeowner's insurance
PMI (Annual)
Not required (LTV ≤ 80%)
HOA Fees (Annual)
Homeowner association fees
Loan Details
Loan Amount: $320,000
LTV Ratio: 80.00%
0Mortgage Amortization & Equity Growth
This chart shows how your mortgage balance decreases and home equity increases over time.
Monthly Payment Breakdown
Principal & Interest
$2,023
Property Tax
$500
Insurance
$100
PMI + HOA
$200
Total Monthly
$2,823
Loan Summary
Affordability Analysis
PMI Removal
Private Mortgage Insurance can be removed once you reach 20% equity (80% LTV). Additional payments help you reach this threshold faster.
28/36 Rule
Housing costs should not exceed 28% of gross income, and total debt should not exceed 36%. These ratios help ensure affordability.
Home Equity
As you pay down your mortgage and your home appreciates, you build equity. This equity can be accessed through refinancing or home equity loans.
This calculator provides estimates for educational purposes only. Actual costs and returns may vary. This is not financial advice. Please consult with a financial advisor for personalized guidance.