Mortgage Calculator - Advanced Loan Estimator
Accurately estimate your monthly payments, interest costs, and loan amortization schedule
Mortgage Calculator
Advanced loan estimator with detailed payment breakdown and amortization schedule
Note: This calculator provides estimates only. Actual loan terms may vary based on credit score, lender policies, and other factors.
Loan Information
20%
5.5%
Payment Summary
Monthly Payment
$1,877
Principal & Interest
Total Interest
$325,635
Over loan term
Payoff Date
Jan 2054
30 years
| Year | Principal | Interest | Balance |
|---|
Loan Amount
$280,000
Down Payment
$70,000 (20%)
Property Tax
$292/mo
Home Insurance
$100/mo
PMI
$0/mo
Total Monthly Payment
$2,269
Total Cost of Loan
$605,635
Interest Savings (vs 30yr)
$0
Frequently Asked Questions
How does a mortgage calculator work?
A mortgage calculator estimates your monthly payment based on the loan amount, interest rate, and loan term. It calculates the principal and interest payment using the loan amortization formula, then adds property taxes, homeowners insurance, and PMI if applicable.
What is PMI and when is it required?
Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home's purchase price. It protects the lender in case of default and usually costs between 0.3% to 1.5% of the loan amount annually.
How does the loan term affect my mortgage?
Shorter loan terms (15 or 20 years) have higher monthly payments but significantly lower total interest costs. Longer terms (30 years) have lower monthly payments but higher total interest paid over the life of the loan.
What other costs should I consider when buying a home?
Beyond your mortgage payment, consider closing costs (2-5% of home price), homeowners association fees, maintenance costs (1-3% of home value annually), utilities, and potential renovation expenses.
How can I pay off my mortgage faster?
Strategies include making biweekly payments instead of monthly, paying extra toward principal each month, making one additional payment per year, or refinancing to a shorter loan term when financially feasible.
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