Mortgage Calculator — Monthly Payment & Amortization
Calculate your monthly mortgage payment including principal, interest, property tax, insurance, HOA, and PMI. See total interest and an amortization snapshot at key years.
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Frequently asked questions
What is PMI and when can I remove it?
Private Mortgage Insurance is required when your down payment is less than 20% on a conventional loan. It typically costs 0.3-1.5% of the loan annually. You can request PMI removal once you reach 20% equity, and it is automatically cancelled at 22% equity per the Homeowners Protection Act.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves significantly on total interest. A 30-year offers lower monthly payments and more flexibility. On a $280,000 loan at 6.5%, switching from 30 to 15 years saves roughly $185,000 in lifetime interest.
What interest rate should I use?
Use the rate from your pre-approval letter or lender quote. For exploration, Freddie Mac publishes weekly average 30-year fixed rates. Actual offers vary by credit score, down payment, debt-to-income ratio, and loan type.