Mortgage Calculator : Home Loan Payment | Finance Pro
Mortgage Payment Calculator
Comprehensive Home Loan Analysis with Tax & Insurance Estimates
Mortgage Calculator
Payment Breakdown
Monthly Payment
Total Interest
Total Cost
*Excludes taxes and insurance. Consult lender for exact rates.
Understanding Mortgage Payments
The average 30-year fixed mortgage rate is currently 6-7% (August 2023). Our calculator helps you understand how different factors affect your payments:
Key Mortgage Components
- Principal: Loan amount borrowed
- Interest: Lender's charge for borrowing
- Term: Repayment period (15/30 years)
- Down Payment: Initial equity investment
How to Save on Your Mortgage
1. Increase Down Payment
20% down eliminates PMI insurance
2. Consider Shorter Terms
15-year loans save 50%+ interest
3. Improve Credit Score
760+ scores get best rates
Frequently Asked Questions
How does PMI affect payments?
Private Mortgage Insurance (0.5-1.5% of loan) required for down payments <20%.
What's the debt-to-income ratio?
Lenders prefer <43% total debt payments vs income.
Fixed vs ARM loans?
Fixed rates stay constant; Adjustable Rates change after initial period.