Mortgage Calculator
Calculate your monthly mortgage payment instantly. See principal, interest, taxes, and insurance breakdown. Free mortgage calculator with amortization schedule.
Loan Details
$70,000 down
Additional Costs
$350/month
$150/month
Payment Breakdown
Loan Summary
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Frequently Asked Questions
How is a mortgage payment calculated?
A mortgage payment is calculated using the loan amount, interest rate, and loan term. The formula is M = P[r(1+r)n]/[(1+r)n-1], where P is the principal, r is the monthly interest rate, and n is the number of payments.
What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance. It represents the total monthly cost of owning a home, including your mortgage payment plus property taxes and homeowner's insurance.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves money on interest. A 30-year mortgage has lower payments but costs more over time. Choose based on your budget and financial goals.
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