How much will you spend per month on your mortgage?
You've got a house in mind and a down payment set aside. But what exactly are you going to owe each month on your mortgage payment? Enter your information in our monthly mortgage calculator to see how much you'll pay toward your principal and interest each month, and how your loan is amortized over time.
What about taxes and insurance?
Our mortgage payment calculator only calculates your base payment, so you'll still need to account for taxes and insurance. These numbers will depend on the size and location of your home.
Can you pay more?
While you'll never pay less on your monthly mortgage, it is possible to pay more each month. This will help you pay off your mortgage more quickly and pay less in interest over time. You can do this monthly or whenever you have a windfall, like a bonus at work or a gift from family.
What else to consider
How old is the home you're buying? An older home may need some upgrades in the near future on systems like the air conditioner, roof, appliance. If you plan on financing any of these repairs, you may be increasing the amount of money you owe each month.
Remember to include estimates for water, utilities, property tax, and insurance in your overall budget for your home! Your lender will likely be able to help you estimate taxes and insurance, but your utilities and water will depend on personal usage, the size of your home, and where your home is located.
The amortization table in the calculator will break down how much you'll pay in principal and interest each month. Remember, your mortgage payments are front-loaded with interest payments, which means the bulk of your monthly payment in the early years goes to interest. Eventually, you'll reach a point where you're paying more in principal than interest.