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Principal & Interest Only
Choosing a home is exciting, but the math can be daunting. Our calculated designed to provide transparency into your financial commitment.
We use the standard mortgage amortization formula used by lenders globally. By inputting your Home Price, Down Payment, Interest Rate, and Loan Term, we determine the exact monthly amount needed to pay off the loan by the end of the term.
In the early years of your mortgage, a large portion of your payment goes toward interest. As the years pass, more of your payment goes toward the principal (the actual loan balance). Read our full guide on amortization here.
We take the loan principal (Price - Down Payment) and apply the monthly interest rate over the total number of months in your loan term.
No, this calculator focuses on Principal and Interest. Property taxes, homeowners insurance, and HOA fees should be added on top of this estimate.
Advertised rates often require "points" (upfront fees) or perfect credit. Your actual rate depends on your credit score, debt-to-income ratio, and down payment size.