Mortgage Calculator
The hidden cost of your home. See how much you really pay over 30 years. Don't let the bank win on technicalities.
Loan Details
Taxes & Fees
Amortization Schedule
How this Mortgage Calculator 2026 works
This mortgage calculator uses the standard amortization formula to determine your monthly principal and interest payments. By inputting your loan amount, interest rate, and loan term (typically 15 or 30 years), we calculate the exact cost of borrowing. We also account for Property Taxes, Homeowners Insurance, and PMI (Private Mortgage Insurance) to give you a realistic 'out-the-door' monthly housing cost.
Why this matters for your wealth
Understanding your true monthly payment is critical for home affordability. A mortgage is likely the largest debt you will ever take on, and small differences in interest rates or loan terms can cost (or save) you tens of thousands of dollars over the life of the loan. Use this tool to experiment with different down payments and interest rates to find a budget that allows you to build wealth, not just pay interest.
Frequently Asked Questions
What is a good mortgage rate in 2026?
Mortgage rates fluctuate daily based on the bond market and inflation. Generally, a rate below the historical average of 6-7% is considered good, but excellent credit scores can qualify for significantly lower rates.
How does PMI affect my monthly payment?
PMI (Private Mortgage Insurance) is usually required if your down payment is less than 20%. It protects the lender, not you, and typically costs 0.5% to 1% of the loan amount annually, added to your monthly bill.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves you a massive amount in interest and builds equity faster. A 30-year mortgage offers lower monthly payments, giving you more flexibility in your monthly budget.