30-Year Fixed loan at 6.71%
Total tax/year (1.25% of home price): $0
$0 if down payment is 20%+
Get Pre-Approved Today and Unlock Exclusive Savings
Get Pre-QualifiedBrowse Top Loan Officers by State and get a Personal Rate
Loan Amortization
Explore Our More Tools
Affordability Calculator
Find out how much home you can afford based on your income and expenses.
Refinance Calculator
Calculate your potential savings by refinancing your current mortgage.
Closing Cost Calculator
Estimate all the fees and costs associated with closing on your new home.
Rent vs. Buy Calculator
Compare the long-term costs of renting versus buying to determine which option is financially smarter.
How to Calculate Your Payments Using a Mortgage Calculator?
A mortgage cost is calculated by combining the loan amount, interest rate, and loan term to determine your monthly payment. Most lenders use the standard amortization formula, which spreads payments evenly over time. Each payment includes principal and interest, and additional costs like taxes, insurance, or PMI may be added to estimate your full monthly housing expense.
How This Mortgage Calculator Works?
The FastExpert mortgage calculator works by using your loan amount, interest rate, and loan term to estimate your monthly payment. It applies the standard amortization formula to break down each payment into principal and interest. We also factor in taxes, insurance, and PMI, giving you a clearer picture of your total monthly housing costs before you apply for a loan.
Mortgage Key Terms
Before choosing a home loan, it helps to understand the key terms lenders use. These common mortgage concepts explain how your interest, payments, and overall loan structure work. Knowing them can make comparing options easier and help you feel confident throughout the home-buying process.
Principal
The amount of money you borrow for your mortgage, excluding interest.
Interest Rate
The percentage charged by the lender for borrowing the money, which determines part of your monthly payment.
Amortization
The schedule that shows how your loan is paid down over time through principal and interest.
APR (Annual Percentage Rate)
A broader measure of borrowing cost that includes the interest rate plus certain fees.
Down Payment
The upfront amount you pay toward the home’s purchase price at closing.
PMI (Private Mortgage Insurance)
A monthly insurance fee required when your down payment is typically below 20%, protecting the lender.
Escrow
An account used to collect and hold funds for property taxes and homeowners insurance.