🏠 Professional Mortgage Calculator

Calculate mortgage payments, analyze amortization schedules, and explore refinancing options for your dream home.

Calculator
Amortization
Refinancing
Comparison
Guide

🏠 Mortgage Payment Calculator

Mortgage Basics: Calculate your monthly mortgage payment including principal, interest, taxes, and insurance (PITI) to determine affordability and plan your home purchase budget.

Loan Details

Payment Breakdown

Monthly Principal & Interest: $0.00
Monthly Property Tax: $0.00
Monthly Insurance: $0.00
Monthly PMI: $0.00
Total Monthly Payment: $0.00
Total Interest Paid: $0.00
Total Cost of Loan: $0.00

📊 Amortization Schedule

Amortization Analysis: Track how your mortgage payments are split between principal and interest over time. Early payments go mostly to interest, while later payments reduce more principal.
Payment # Payment Date Payment Amount Principal Interest Balance

🔄 Refinancing Analysis

Refinancing Benefits: Refinancing can lower your monthly payment, reduce total interest, or help you pay off your mortgage faster. Compare current loan vs. new loan terms.

🎯 When to Refinance

  • Interest rates drop 0.5-1% below current rate
  • Credit score has improved significantly
  • Want to change loan term (15 vs 30 years)
  • Need cash-out for home improvements
  • Switch from ARM to fixed-rate mortgage

💰 Refinancing Costs

  • Application and origination fees: $500-$1,500
  • Appraisal fee: $300-$700
  • Title insurance and search: $400-$900
  • Attorney fees: $500-$1,500
  • Total closing costs: 2-5% of loan amount

📈 Break-Even Analysis

  • Calculate monthly savings from lower rate
  • Divide closing costs by monthly savings
  • Result = months to break even
  • Refinance if you'll stay longer than break-even
  • Consider cash-out refinancing for investments

⚡ Quick Refinance Tips

  • Shop around with multiple lenders
  • Get quotes within 14-45 day window
  • Consider no-closing-cost options
  • Check if current lender offers discounts
  • Time application with good credit score

⚖️ Mortgage Comparison

Loan Comparison: Compare different mortgage terms and rates to find the best option for your financial situation and long-term goals.

📅 15-Year vs 30-Year Mortgage

  • 15-Year: Higher monthly payment, less total interest
  • 30-Year: Lower monthly payment, more total interest
  • 15-year typically 0.25-0.75% lower interest rate
  • 15-year builds equity faster
  • 30-year provides more cash flow flexibility

🏦 Fixed vs Adjustable Rate

  • Fixed Rate: Same rate for entire loan term
  • ARM: Rate adjusts after initial period
  • ARM typically starts 0.5-1% lower than fixed
  • Fixed rate provides payment predictability
  • ARM can save money if rates stay low

💎 Conventional vs FHA vs VA

  • Conventional: 3-20% down, best rates
  • FHA: 3.5% down, easier qualification
  • VA: 0% down for veterans
  • Conventional avoids mortgage insurance at 20% down
  • FHA/VA have upfront and/or monthly insurance

🎯 Jumbo vs Conforming Loans

  • Conforming: Up to $766,550 (2024 limit)
  • Jumbo: Above conforming loan limits
  • Jumbo loans typically have higher rates
  • Jumbo loans require larger down payments
  • Conforming loans can be sold to Fannie/Freddie

📚 Mortgage Guide

Complete Mortgage Guide: Everything you need to know about mortgages, from pre-approval to closing, including tips for first-time homebuyers.

📋 Pre-Approval Process

  • Check credit score and get credit report
  • Gather financial documents (W-2s, pay stubs)
  • Calculate debt-to-income ratio
  • Get pre-approval letter from lender
  • Determine realistic home price range

💰 Down Payment Options

  • Conventional: 3-20% (PMI if less than 20%)
  • FHA: 3.5% minimum down payment
  • VA: 0% down for eligible veterans
  • USDA: 0% down for rural properties
  • First-time buyer programs available

📊 Qualifying Ratios

  • Front-end ratio: Housing costs ≤ 28% of income
  • Back-end ratio: Total debt ≤ 36% of income
  • Higher ratios possible with strong credit
  • Include taxes, insurance, HOA fees
  • Consider future income changes

🏠 Closing Process

  • Home inspection and appraisal
  • Final loan approval and underwriting
  • Title search and insurance
  • Final walk-through before closing
  • Sign documents and get keys

💡 Money-Saving Tips

  • Shop multiple lenders for best rate
  • Consider paying points to lower rate
  • Make extra principal payments when possible
  • Avoid PMI with 20% down payment
  • Refinance when rates drop significantly

⚠️ Common Mistakes

  • Making large purchases before closing
  • Changing jobs during loan process
  • Not getting pre-approved first
  • Focusing only on monthly payment
  • Skipping home inspection