Mortgage Calculator
Calculate monthly mortgage payments, total interest paid, and LTV ratio with our free mortgage calculator. Compare 15-year vs 30-year terms, estimate PMI costs, and plan your home purchase budget.
%
$70,000
%
Monthly Payment
$1,770
Loan Amount$280,000
Total Interest$357,125
Total Payment$637,125
Loan-to-Value (LTV)80.0%
Payment Breakdown
Principal (44%)Interest (56%)
Why use a Mortgage Calculator?
Before buying a home, it's essential to understand your monthly costs. This calculator shows your expected mortgage payment based on home price, down payment, interest rate, and loan term. Use it to plan your budget and compare different scenarios.
Frequently Asked Questions
What is a good down payment percentage?
Traditionally, 20% is considered ideal as it avoids private mortgage insurance (PMI). However, many buyers put down 5-15%. A larger down payment means lower monthly payments and less interest paid over time.
How does the loan term affect my payment?
A longer term (30 years) results in lower monthly payments but more total interest paid. A shorter term (15 years) means higher monthly payments but significantly less total interest and faster equity building.
What is Loan-to-Value (LTV) ratio?
LTV is the ratio of your loan amount to the home's value. For example, if you put 20% down, your LTV is 80%. Lower LTV ratios often qualify for better interest rates and may avoid PMI requirements.
Are property taxes and insurance included?
This calculator shows principal and interest only. Your actual monthly payment may include property taxes, homeowner's insurance, and potentially PMI or HOA fees.
How can I lower my monthly payment?
You can lower payments by: making a larger down payment, choosing a longer loan term, shopping for a lower interest rate, or buying a less expensive home.