How is a mortgage payment calculated?

Monthly payment = P × [r(1+r)^n]/[(1+r)^n-1], where P=loan amount, r=monthly rate, n=number of payments.

Private Mortgage Insurance is required when your down payment is less than 20%. It typically costs 0.5–1.5% of the loan annually.

Should I choose a 15 or 30-year mortgage?

15-year mortgages have higher monthly payments but significantly less total interest. 30-year mortgages offer lower payments with more flexibility.

Calculate your monthly mortgage payment, total interest paid, and full amortization schedule. Includes PMI, taxes, and insurance options.

Use the full interactive calculator below, or

Compound Interest

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