Mortgage Rate Calculator
Calculate monthly payments and view a single amortization schedule for your home loan
Additional Information and Definitions
Loan Amount
Principal balance for the mortgage
Annual Interest Rate (%)
Interest rate per year
Loan Term (months)
Total months to repay
Property Value
Home's current market value (for PMI calculations)
PMI Rate (%)
Annual PMI rate as a percentage of property value
Extra Payment
Additional monthly amount paid toward principal
Extra Payment Frequency
Frequency of extra payments
Explore Your Mortgage Details
See breakdown of payments, PMI, and payoff timeline in one place
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Understanding Your Mortgage Details
Key definitions for your home loan calculations.
Amortization Schedule:
List of monthly payments showing how each is split between interest and principal.
PMI:
Private Mortgage Insurance required when your loan-to-value ratio exceeds 80%.
Principal:
The original amount borrowed for your mortgage, not including interest or other fees.
Interest Rate:
The annual percentage rate charged by the lender on your mortgage balance.
Loan-to-Value (LTV) Ratio:
The percentage of your home's value that you're borrowing, calculated by dividing loan amount by property value.
Extra Payment:
Additional money paid toward your principal balance, which can reduce total interest and loan duration.
Total Cost:
The sum of all payments over the life of the loan, including principal, interest, and PMI.
Monthly Payment:
The regular amount due each month, typically including principal, interest, and PMI if applicable.
Loan Term:
The length of time to repay the loan completely, usually expressed in months (e.g., 360 months for 30 years).
5 Smart Strategies to Save Thousands on Your Mortgage
Your mortgage might be your biggest financial commitment. Here's how to make it work harder for you:
1.Shop Like Your Money Depends on It (It Does)
Just 0.5% difference in rates can save you $30,000+ on a $300,000 mortgage. Get at least three quotes and don't be afraid to negotiate - lenders expect it. Remember: a lower rate means more of your payment goes toward building equity.
2.The APR Truth Behind Low Rates
That attractive 4% rate might actually cost more than a 4.5% offer when you factor in fees. APR includes origination fees, points, and other charges. A low rate with high fees could cost more than a higher rate with no fees, especially if you plan to sell or refinance within 5-7 years.
3.Escape the PMI Trap Early
PMI typically costs 0.5% to 1% of your loan annually. On a $300,000 mortgage, that's $1,500-$3,000 per year! Consider making bi-weekly payments or adding just $100 extra monthly to reach 80% LTV faster. Some lenders even offer no-PMI loans for qualified buyers.
4.The 15 vs. 30 Year Decision
While a 30-year term offers lower monthly payments, a 15-year mortgage often comes with rates 0.5-0.75% lower. On a $300,000 loan, choosing 15 years at 4% instead of 30 years at 4.75% saves over $150,000 in interest. But don't stretch your budget too thin - having emergency savings is crucial.
5.Time Your Refinance Right
The old rule of waiting for rates to drop 1% is outdated. Consider refinancing when you can recover costs within 24 months through savings. Also, if your home value has increased significantly, refinancing might eliminate PMI even if rates haven't dropped much. Just watch out for extending your loan term and resetting your amortization schedule.