Mortgage Calculator
Calculate your monthly mortgage payments and see a complete breakdown of your costs including principal, interest, taxes, insurance, and PMI.
Mortgage Calculator
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Understanding Your Mortgage Payment
Principal & Interest
The main portion of your payment that goes toward paying off your loan balance and the cost of borrowing.
Property Taxes
Annual taxes assessed by your local government, typically 1-2% of your home's value, paid monthly.
Home Insurance
Protection for your home and belongings, required by lenders to safeguard their investment.
PMI (Mortgage Insurance)
Required for all loans with less than 20% down. PMI protects the lender and typically costs 0.5-1% of your loan amount annually.
Tips to Lower Your Monthly Payment
Make a 20% Down Payment
Avoid PMI entirely by putting down 20% or more. This saves you 0.5-1% of your loan amount annually—that's $2,500-$5,000 per year on a $500,000 loan!
Shop for Better Interest Rates
Even a 0.5% difference in interest rate can save you thousands over the life of your loan.
Consider a Longer Loan Term
While you'll pay more interest overall, a 30-year loan has lower monthly payments than a 15-year loan.
Improve Your Credit Score
A higher credit score qualifies you for better interest rates, which directly lowers your monthly payment.
Ready to Start Your Home Buying Journey?
Get expert guidance through every step of the process. From pre-approval to closing, I'm here to help you find your dream home.