Mortgage Calculator
Calculate your monthly mortgage payment, including principal, interest, taxes, and insurance (PITI).
Loan Details
Example: 400,000
Example: 80,000 (20%)
Loan Terms
Example: 6.5
Additional Costs (Optional)
Example: 8,000
Example: 1,200
Monthly Payment
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Enter loan details to calculate your monthly payment
Loan Summary
Loan summary will appear here
Understanding Mortgages
What is a Mortgage?
A mortgage is a loan used to purchase real estate. The property serves as collateral for the loan, and you make monthly payments that include both principal and interest.
Most mortgages also include escrow for property taxes and homeowners insurance, creating your total monthly payment (PITI).
Key Terms
- •Principal: The amount you borrow
- •Interest: The cost of borrowing money
- •Amortization: Gradual loan payoff over time
- •PITI: Principal, Interest, Taxes, Insurance