Repayment of a mortgage loan requires that the borrower make a monthly payment back to the lender. That monthly payment includes both repayment of the loan principal, plus monthly interest on the outstanding balance. Loan payments are amortized so that your monthly payment remains the same during the repayment period, but during that time, the percentage of the amount that goes towards principal will increase as the outstanding mortgage balance decreases. Mortgage payments can also include pre-payments of property taxes, homeowner's insurance, mortgage insurance, and monthly homeowner's association dues into an escrow account, managed by your lender. When those items are due, your lender will make the payment to the tax authority, insurance company or homeowner's association.
Calculate a Mortgage Payment
Monthly Payment Amount by Term
Principal & Interest
Mortgage insurance is required when the down payment on a purchase, or equity in a refinance, is less than 20% of the value. Mortgage insurance payments are not included in the Total Payment shown above.
This calculator is for illustrative purposes only, and is based on information you provided. Actual payment, interest rate, and loan amortization schedule will be determined at time of loan approval.