AixKit
All-in-One Online Calculators
AixKit
All-in-One Online Calculators
Buying a home is one of the biggest financial decisions you'll ever make. A Mortgage Calculator helps you understand how much you’ll pay each month for your mortgage and provides a breakdown of costs such as principal, interest, property taxes, insurance, and more. Whether you're buying your first home or refinancing an existing loan, this tool helps you make informed, confident decisions.
A mortgage is a type of loan used to purchase real estate, where the property serves as collateral. Mortgages typically come with fixed or variable interest rates and are paid back over periods ranging from 10 to 30 years.
A mortgage calculator estimates your monthly home loan payments based on key variables, including:
M = P × [r(1 + r)n] ÷ [(1 + r)n – 1]
Estimated Monthly Principal & Interest Payment: $1,717.83
Total Payment Over 30 Years: $618,418.80
Total Interest Paid: $298,418.80
Many mortgage payments include escrows for property taxes and homeowners insurance. A complete monthly estimate might look like this:
| Month | Payment | Principal | Interest | Remaining Balance |
|---|---|---|---|---|
| 1 | $1,717.83 | $384.50 | $1,333.33 | $319,615.50 |
| 2 | $1,717.83 | $386.11 | $1,331.72 | $319,229.39 |
| 3 | $1,717.83 | $387.73 | $1,330.10 | $318,841.66 |
| 4 | $1,717.83 | $389.35 | $1,328.48 | $318,452.31 |
| 5 | $1,717.83 | $390.97 | $1,326.86 | $318,061.34 |
Typically, your monthly mortgage payment includes principal, interest, property taxes, and insurance (homeowners and PMI).
PMI (Private Mortgage Insurance) is required when your down payment is less than 20%. It protects the lender, not the borrower.
Yes. You can lower your payment by increasing your down payment, extending your loan term, or shopping for a lower interest rate.
Even small differences in interest rate can significantly affect total payments over the life of the loan.
A 15-year mortgage has higher monthly payments but much lower total interest. A 30-year loan offers lower payments but higher interest costs over time.
Buying a home is a big investment, and understanding your mortgage payment is key to financial success. Our Mortgage Calculator offers a quick, detailed estimate of your monthly payment and helps you plan for the future. Whether you’re preparing to buy, refinance, or evaluate loan options, this calculator empowers you with the knowledge to make the best decision for your budget.
Use the Mortgage Calculator today to take the guesswork out of home financing.