Mortgage Payment Calculator
Estimate your true monthly housing costs. Plan your future home purchase with a detailed breakdown of principal, interest, taxes, and insurance.
Educational Disclaimer
Wyzfin calculators and guides are for educational and informational purposes only. They do not constitute financial, tax, or legal advice. The results provided are estimates based on user input and general assumptions. Every financial situation is unique; always consult with a qualified professional before making significant financial decisions.
Inputs
Payment Breakdown
15yr vs 30yr Total Cost
Understanding Your Mortgage Payment
Buying a home is one of the largest financial decisions you will ever make. Our mortgage calculator helps you understand exactly what your monthly commitment will be. Adjust the home price, down payment, and interest rate to see how different scenarios affect your budget.
What is PITI?
Your monthly payment usually consists of four main components, often referred to as PITI:
- Principal: The portion that goes toward paying off the loan balance.
- Interest: The cost of borrowing the money from your lender.
- Taxes: Property taxes assessed by your local government.
- Insurance: Homeowners insurance and potentially PMI.
15-Year vs 30-Year Mortgage: Which Is Better?
A 30-year mortgage provides lower monthly payments, giving you more breathing room in your monthly budget. However, you will pay significantly more in interest over the life of the loan.
A 15-year mortgage has higher monthly payments, but usually offers a lower interest rate and builds equity twice as fast. Check the comparison chart in the calculator to see the total cost difference for your specific scenario.
Frequently Asked Questions
What is a good down payment?
While 20% is ideal to avoid PMI (Private Mortgage Insurance), many first-time buyers put down between 3% and 5%. Just remember that a lower down payment means a larger loan amount and higher monthly payments.
Should I pay points for a lower rate?
Paying "points" means paying an upfront fee at closing to lower your interest rate. If you plan to stay in the home for a long time, buying points can save you thousands. If you plan to move in a few years, it might not be worth the upfront cost.
Plan your home purchase with confidence.
Use our other tools to make sure your budget is ready for homeownership.