Mortgage Calculator
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Monthly Payment
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Total Principal:
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Total Interest:
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Total Cost of Loan:
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How to Use This Mortgage Calculator
Our free Mortgage Calculator helps you estimate your monthly home loan payments. By calculating your principal and interest, you can quickly understand your budget and see the true cost of borrowing before buying a home.
Step-by-Step Guide:
- Loan Amount: Enter the total amount you plan to borrow (the home price minus your down payment).
- Interest Rate (%): Input the annual interest rate expected from your lender.
- Loan Term (Years): Enter the total lifespan of the loan. The most common terms are 15 or 30 years.
- Calculate Payment: See your estimated monthly payment, the total interest you will pay over the life of the loan, and the overall total cost.
Important Note: This calculator provides an estimate of your principal and interest payments. Your actual monthly out-of-pocket costs will likely be higher as this calculation does not include property taxes, homeowners insurance, HOA fees, or Private Mortgage Insurance (PMI).
Disclaimer: The results provided by this calculator are estimates for informational purposes only and do not constitute financial advice. Actual mortgage rates, monthly payments, and total loan costs may vary based on your specific lender, credit score, and market conditions. Please consult with a qualified financial advisor or mortgage broker for official rates.