Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, insurance, and PMI.
Your Estimated Monthly Payment
$2,240.62
/month
Monthly Payment Breakdown
| Principal & Interest | $1,769.79 |
| Property Tax | $320.83 |
| Home Insurance | $150.00 |
| Total Monthly | $2,240.62 |
Loan Summary
Loan Amount
$280,000
Total Interest
$357,125
Total Cost
$806,625
Money-Saving Tips
- ✓ Put 20% or more down to avoid PMI, which can save you hundreds per month.
- ✓ A 15-year loan has higher payments but saves significantly on total interest.
- ✓ Shop around with at least 3 lenders — even a 0.25% rate difference adds up over the life of the loan.
- ✓ Consider buying points to lower your rate if you plan to stay in the home long-term.
- ✓ Check if you qualify for first-time homebuyer programs in your state.
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Frequently Asked Questions
What is PMI and when can I remove it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. You can request PMI removal once your loan-to-value ratio reaches 80%, and it's automatically cancelled at 78%.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but lower interest rates and significantly less total interest. A 30-year mortgage offers lower payments and more flexibility. Choose based on your budget and financial goals.
What's a good interest rate right now?
Rates change daily based on market conditions. A "good" rate is one that's competitive for your credit score, loan type, and down payment. Always compare offers from multiple lenders to ensure you're getting the best deal.
Are property taxes included in my mortgage payment?
If your lender uses an escrow account (most do), property taxes and insurance are collected monthly as part of your payment. This calculator includes both so you can see your true monthly cost.