Mortgage Calculator
Estimate your monthly home loan payment with taxes and insurance.
₹ 0
Understanding Your Mortgage Payment
Buying a home is one of the biggest financial decisions you'll make. A mortgage calculator is an essential first step in this journey. It helps you break down the potential costs so you can understand what you can realistically afford. By inputting the home price, your down payment, loan term, and interest rate, you can get a clear estimate of your monthly payment. This calculator also includes fields for property taxes and home insurance, giving you a complete picture of your total monthly housing expense (often called PITI).
Frequently Asked Questions (FAQ)
What is a mortgage?
A mortgage is a type of loan used to purchase or maintain a home, land, or other types of real estate. The borrower agrees to pay the lender back over time, typically in a series of regular payments that are divided into principal and interest. The property itself serves as collateral to secure the loan.
What is included in a monthly mortgage payment?
A typical monthly mortgage payment, often referred to as PITI, includes four parts: Principal (the amount you borrowed), Interest (the cost of borrowing), Taxes (property taxes paid to the local government), and Insurance (homeowner's insurance). This calculator helps you estimate all these components.
How does the down payment affect my loan?
A larger down payment reduces the total amount you need to borrow. This results in a smaller loan principal, which leads to a lower monthly mortgage payment and less total interest paid over the life of the loan.
0 Comments