CalculatorsFinance
Mortgage Calculator
Overview
Calculate monthly payments, total interest, and see complete amortization schedule for home loans
Key Facts
| Field | Value |
|---|---|
| Calculator ID | mortgage |
| Category | Finance |
| Vertical | Finance & Economics |
| App route | /verticals/finance/mortgage |
| API endpoint | /api/public/calculate?id=mortgage |
Inputs
| Input ID | Label | Type | Required | Default | Constraints |
|---|---|---|---|---|---|
homePrice | Home Price | currency | Yes | 300000 | min 10000, max 10000000, step 1000 |
downPayment | Down Payment | percent | Yes | 20 | min 0, max 100, step 1 |
interestRate | Interest Rate | percent | Yes | 6.5 | min 0.1, max 20, step 0.1 |
loanTerm | Loan Term | select | Yes | 30 | - |
paymentFrequency | Payment Frequency | select | Yes | monthly | - |
propertyTax | Annual Property Tax | currency | No | 3000 | min 0, max 100000, step 100 |
homeInsurance | Annual Home Insurance | currency | No | 1200 | min 0, max 50000, step 100 |
pmi | Monthly PMI | currency | No | 0 | min 0, max 1000, step 10 |
How to Use
- Enter Home Price — Input the purchase price of the home you want to buy
- Enter Down Payment — Specify your down payment amount or percentage
- Set Interest Rate — Enter the annual interest rate on your mortgage
- Choose Loan Term — Select 15-year or 30-year mortgage term
Result Surfaces
| Output | Display Type | Format |
|---|---|---|
| Computed results | result-card | - |
Related Calculators
FAQ
How is my monthly mortgage payment calculated?
Your monthly payment includes principal, interest, property taxes, homeowners insurance, and PMI (if applicable). The calculator uses the standard amortization formula to determine how much of each payment goes toward principal vs interest.
Should I get a 15-year or 30-year mortgage?
15-year mortgages have higher monthly payments but lower total interest (often 50% less). 30-year mortgages have lower payments and more flexibility. Choose based on your cash flow and financial goals.
When can I remove PMI from my mortgage?
PMI can be removed when you reach 20% home equity (80% loan-to-value ratio). You can get there faster by making extra principal payments or if your home value increases.
Evidence
src/lib/calculators/registry.ts(metadata)src/lib/calculators/page-registry.ts(page/HowTo metadata)src/lib/calculators/finance/mortgage.ts(calculator config)