Mortgage Calculator

Your monthly mortgage payment is calculated using the standard amortization formula based on your loan amount, interest rate, and term. It covers both principal repayment and interest charges.

As of 2024, a good mortgage rate is typically below 7% for a 30-year fixed. Rates vary based on your credit score, down payment, loan type, and market conditions.

A common rule is that your monthly housing costs should not exceed 28% of your gross monthly income. Your total debt payments should stay below 36% (the 28/36 rule).

Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. It protects the lender and typically costs 0.5%–1.5% of the loan amount per year.

A 15-year mortgage has higher monthly payments but you pay significantly less interest overall. A 30-year mortgage has lower payments but costs more in total interest. Choose based on your monthly budget.