Mortgage & Loan Calculator

Calculate mortgage payments, check affordability, and see how extra payments can save you money.

Loan Details
$
$%
20%$60,000
Loan-to-Value (LTV):80.0%
%
$
$
$
Results
Payment Breakdown
Principal & Interest:$1,517
Property Tax:$300
Insurance:$100
Loan Amount
$240,000
Total Interest
$306,107
Total Payment
$690,107
Payoff Date
Feb 2056
Interest vs Principal
35%
44%
Principal
Interest
Amortization Schedule
See how your payments are split between principal and interest over time
MonthPaymentPrincipalInterestBalance
Year 1$1,517$217$1,300$239,783
Year 2$1,517$231$1,285$237,086
Year 3$1,517$247$1,270$234,208
Year 4$1,517$264$1,253$231,138
Year 5$1,517$281$1,236$227,862
Year 6$1,517$300$1,217$224,366
Year 7$1,517$320$1,197$220,637
Year 8$1,517$342$1,175$216,657
Year 9$1,517$364$1,153$212,412
Year 10$1,517$389$1,128$207,881
Year 11$1,517$415$1,102$203,048
Year 12$1,517$443$1,074$197,891
Year 13$1,517$472$1,045$192,388
Year 14$1,517$504$1,013$186,517
Year 15$1,517$538$979$180,252
Year 16$1,517$574$943$173,568
Year 17$1,517$612$905$166,437
Year 18$1,517$653$864$158,827
Year 19$1,517$697$820$150,709
Year 20$1,517$744$773$142,046
Year 21$1,517$793$724$132,803
Year 22$1,517$846$671$122,942
Year 23$1,517$903$614$112,420
Year 24$1,517$964$553$101,193
Year 25$1,517$1,028$489$89,214
Year 26$1,517$1,097$420$76,433
Year 27$1,517$1,170$346$62,796
Year 28$1,517$1,249$268$48,246
Year 29$1,517$1,333$184$32,721
Year 30$1,517$1,422$95$16,157
Year 30$1,517$1,509$8$0
What is LTV?

Loan-to-Value ratio is the loan amount divided by the property value. Higher LTV (above 80%) typically requires Private Mortgage Insurance (PMI).

LTV = (Loan Amount / Property Value) × 100
Debt-to-Income Ratio

DTI is your monthly debts divided by your gross monthly income. Lenders use this to assess your ability to manage payments.

  • Below 28%: Excellent
  • 28-36%: Good
  • Above 43%: May be difficult to qualify
Private Mortgage Insurance

PMI is required when your down payment is less than 20%. It protects the lender and typically costs 0.5-1% of the loan annually.

Types of Mortgages
Fixed-Rate Mortgage

Interest rate stays the same for the entire loan term. Predictable payments, ideal for long-term homeowners.

Adjustable-Rate (ARM)

Interest rate can change after an initial fixed period. Lower initial rates but payment uncertainty later.

Interest-Only

Pay only interest for a set period. Lower initial payments but higher payments later and no equity building.

Tips for Better Rates
1

Improve your credit score - aim for 740+ for the best rates

2

Save for a larger down payment (20%+) to avoid PMI

3

Shop around and compare offers from at least 3 lenders

4

Consider paying points upfront to lower your rate

5

Lock your rate when you find a good deal

Frequently Asked Questions