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Home Loan Calculator

Estimate your monthly mortgage payment, total interest, and view a full amortization schedule.

Loan Details
Loan amount: $280,000
Additional Costs (Optional)
PMI is typically required when down payment is less than 20%.
Your Estimated Payment
Monthly Payment
$2,316
Principal & Interest $1,816
Property Tax $350
Home Insurance $150
PMI $0
Loan Amount $280,000
Total Interest Paid $373,757
Total Cost of Loan $653,757

Principal vs. Interest

Principal: $280,000 Interest: $373,757
Year Principal Interest Balance

How This Calculator Works

The Formula

Monthly principal and interest is calculated using the standard amortization formula:

M = P × [ r(1+r)n ] / [ (1+r)n − 1 ]

Where:

What's Included in "Monthly Payment"

About PMI

Private Mortgage Insurance is typically required when your down payment is less than 20% of the home price. PMI costs vary but commonly range from $50–$300/month depending on loan amount and credit profile. PMI can usually be removed once you reach 20% equity.

Disclaimer: This calculator provides estimates for educational purposes only. Actual payments may vary based on lender terms, fees, taxes, and other factors. This is not financial advice. Consult a qualified mortgage professional or financial advisor for guidance specific to your situation.
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