Does this include property tax and insurance?
No — the result is principal and interest only. Add ~1–2% of the home's value annually for taxes plus $1,000–$3,000/year for homeowners insurance to get your full PITI payment.
Calculate your monthly mortgage payment, total interest, and amortization schedule for any home loan. Compare 15-year vs 30-year terms instantly.
Monthly Payment = P × r × (1+r)^n / ((1+r)^n − 1), where P = loan amount, r = monthly rate, n = months.
A $300,000 mortgage at 7% for 30 years: r = 0.07/12, n = 360, so the monthly principal-and-interest payment is about $1,996. Over 30 years you pay ~$418,000 in interest.
No — the result is principal and interest only. Add ~1–2% of the home's value annually for taxes plus $1,000–$3,000/year for homeowners insurance to get your full PITI payment.
A 15-year mortgage saves you roughly half of the total interest but raises the monthly payment ~40%. Choose 15 if the payment fits comfortably within 25% of your take-home pay.
20% avoids PMI. Conventional loans allow as little as 3%, FHA 3.5%, and VA/USDA 0%, but expect mortgage insurance until you reach 20% equity.
Private Mortgage Insurance protects the lender when your down payment is below 20%. It typically adds 0.3–1.5% of the loan amount per year to your payment.
One extra monthly payment per year on a 30-year mortgage cuts about 4 years off the term and saves tens of thousands in interest.
Lock when a 0.25%+ move would price you out. Most locks are free for 30–60 days; extended locks cost a fee but protect during long closings.
Mortgage EMI uses the amortization formula: EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (APR ÷ 12 ÷ 100), and n is total months (years × 12). Example — a $300,000 loan at 7% for 30 years: r=0.005833, n=360 → principal-and-interest EMI ≈ $1,996/month. Add property tax and insurance for the full PITI payment.