Mortgage Calculator
Developed by Hemant Parashar, B.Sc.Use this mortgage calculator to estimate your monthly mortgage payment, total interest paid, and see a complete amortization breakdown.
Financial Disclaimer
Calculations are estimations provided for illustrative purposes only. They do not constitute formal lending rates or professional financial planning advice. Interest rates and loan terms vary based on lender underwriting criteria and credit profiles.
Mortgage Details
Monthly Payment Breakdown
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|
How to Use the Mortgage Calculator
Calculates monthly mortgage payments, including Principal & Interest (P&I), property tax, and home insurance. Follow these instructions to compute your results accurately:
- Input the total purchase price of the home.
- Provide your down payment amount.
- Enter the annual interest rate and select the loan term (e.g., 30 years or 15 years).
- Optionally input annual property tax and home insurance values to see complete PITI costs.
Mathematical Formulas & Calculation Principles
The underlying calculations rely on the following mathematical logic:
Where:
- P: Principal loan amount (Home Price minus Down Payment).
- r: Monthly interest rate (Annual Rate / 12 / 100).
- n: Total number of monthly payments (Term in years * 12).
Frequently Asked Questions (FAQ)
Q: What is PITI in a mortgage?
A: PITI stands for Principal, Interest, Taxes, and Insurance. It represents the comprehensive monthly cost of owning a home beyond the base loan amortizations.
This tool was developed and verified by Hemant Parashar, B.Sc. Graduate and part-time blogger, to provide free, high-accuracy mathematical resources for educational use.