Mortgage Calculator
Estimate monthly payments and explore amortization
Loan Details
Monthly Payment
$0
P&I: $0
Loan Amount
$0
Total Interest
$0
Total Cost
$0
Payoff Date
-
PMI
$0
PMI Drops Off
N/A
Monthly Breakdown
Principal vs Interest Over Time
Term Comparison
| Metric | 15-Year | 30-Year | Difference |
|---|
Amortization Schedule
| # | Principal | Interest | Total | Balance |
|---|
Understanding Your Mortgage Payment
Your monthly mortgage payment is made up of more than just principal and interest. This calculator includes property taxes, homeowner's insurance, and private mortgage insurance (PMI) to give you the true cost of homeownership. Compare 15-year and 30-year loan terms side by side to find the right balance between monthly affordability and total interest paid.
If your down payment is less than 20% of the home price, you'll typically need to pay PMI — an extra monthly cost that protects the lender. This calculator factors in PMI automatically and shows you when it would drop off as you build equity.
Frequently Asked Questions
A common guideline is that your total housing costs (mortgage, taxes, insurance) should not exceed 28% of your gross monthly income. Use this calculator to find a home price where the total monthly payment fits comfortably within your budget. Genesis Budget's budgeting tools can help you see how a mortgage payment fits into your full financial picture.
A 15-year mortgage has higher monthly payments but saves significantly on total interest and builds equity faster. A 30-year mortgage offers lower monthly payments, giving you more cash flow flexibility. Use the comparison feature in this calculator to see the exact difference in payments and total interest for your situation.
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. It typically costs 0.5% to 1% of the loan amount annually, added to your monthly payment. PMI can usually be removed once you've built 20% equity in your home through payments or appreciation.
An amortization schedule shows how each monthly payment is split between principal (building equity) and interest (cost of borrowing). Early in the loan, most of your payment goes to interest. Over time, more goes to principal. This calculator generates a full amortization schedule so you can see this breakdown month by month.