🏠 Mortgage Calculator 2026
Calculate monthly payments, view amortization schedules, and compare mortgage options with professional charts. Make informed home buying decisions.
Monthly Payment
$2523
Total monthly obligation
Total Interest
$408142
Over 30 years
Loan Amount
$320000
Principal borrowed
💼 Income Needed for This Mortgage
Monthly Income Needed
$9,009
Annual Income Needed
$108,112
Based on 28% debt-to-income ratio rule (conservative estimate)
📊 Monthly Payment Breakdown
Principal & Interest
$2023
Property Tax
$400
Home Insurance
$100
📈 Principal vs Interest Over Time
How your payments shift from interest to principal
⚖️ 15-Year vs 30-Year Mortgage Comparison
15-Year Savings
$226385
Less interest paid
Monthly Difference
$765
Higher 15-yr payment
🏠 Home Equity Buildup Over Time
💸 Total Cost Breakdown Over 30 Years
💡 Mortgage Tips to Save Money
✅ Increase Down Payment to 20%+
Avoid PMI (Private Mortgage Insurance) and save $50-300/month. PMI costs 0.5-1% of loan annually.
💰 Make Extra Principal Payments
Pay $100-200 extra monthly toward principal. Can save $50K+ in interest and pay off years early.
📊 Consider 15-Year Instead of 30-Year
Save $226K in interest. Higher monthly payment but own home faster.
🔄 Refinance When Rates Drop
If rates drop 0.5-1%, refinancing can save hundreds monthly. Calculate break-even point vs closing costs.
🏦 Shop Around for Best Rate
0.25% rate difference = $50-100/month savings. Compare at least 3-5 lenders before committing.
📅 Make Biweekly Payments
Pay half your monthly payment every 2 weeks = 13 months/year instead of 12. Shaves years off mortgage.
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