Mortgage Calculator

Estimate your monthly mortgage payments

Home Price ($)

Down Payment ($) (20%)

Interest Rate (%)

Loan Term (years)

Property Tax ($/year)

Home Insurance ($/year)

Interesting Mortgage Facts

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The 30-year mortgage was created during the Great Depression

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Interest typically makes up 50-60% of total mortgage payments

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The average US home price is over $400,000 as of 2024

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20% down payment avoids PMI (Private Mortgage Insurance)

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A 1% lower interest rate saves ~$50,000 on a $300K loan

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Banks require credit scores of 620+ for conventional mortgages

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Bi-weekly payments instead of monthly save years off your mortgage

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The word 'mortgage' comes from French meaning 'death pledge'

How to Use

Enter the home price and your down payment amount
Input the annual interest rate and select the loan term
Add annual property tax and home insurance costs for a complete estimate
Click "Calculate" to see your estimated monthly payment and breakdown