Disclaimer: This calculator is provided for general information only and does not take into account your personal objectives, financial situation or needs. It is not credit advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek independent, professional advice before making any decisions.
Our US mortgage calculator helps you estimate your monthly mortgage payments and total loan costs with GAAP and Reg Z compliance. Follow these steps to get accurate results:
Step 1: Enter Basic Loan Information
Home Price
- Enter the total purchase price of the home
- Include any closing costs if you want them factored into your total cost
- Use the actual price you're paying, not the listing price
- Range: $50,000 to $10,000,000+
Down Payment
- Enter the amount you'll pay upfront
- Aim for 20% to avoid PMI (Private Mortgage Insurance)
- Include any earnest money or deposits
- Minimum: 3.5% for FHA loans, 0% for VA/USDA
Interest Rate
- Use the APR (Annual Percentage Rate) from your lender
- Compare rates from multiple lenders for the best deal
- Consider both fixed and adjustable-rate options
- Range: 1.00% to 15.00%
Loan Term
- Choose between 15, 20, or 30 years
- Shorter terms mean higher monthly payments but less total interest
- Longer terms mean lower monthly payments but more total interest
- Most common: 30 years for first-time buyers
Step 2: Add Property Tax and Insurance
Annual Property Tax
- Check your county assessor's website for current rates
- Property tax rates vary by location (typically 0.5% to 2.5%)
- Use the assessed value, not the purchase price
- Auto-distribution: Will be divided by 12 for monthly payments
- Typical range: $1,000 - $8,000 annually
Annual Insurance
- Get quotes from multiple insurance companies
- Include both homeowners and flood insurance if needed
- Consider the replacement cost, not the market value
- Auto-distribution: Will be divided by 12 for monthly payments
- Typical range: $800 - $3,500 annually
Step 3: Include US-Specific Fees
PMI Rate (Private Mortgage Insurance)
- Required if down payment is less than 20%
- Rates typically range from 0.3% to 1.5% annually
- Depends on your credit score and loan-to-value ratio
- Can be removed once you reach 20% equity
- Auto-calculation: Based on loan-to-value ratio (LTV)
HOA Fees (Homeowners Association)
- Monthly dues for community maintenance
- Check with the HOA or property manager for exact amounts
- Can range from $0 to $500+ per month
- May include utilities, landscaping, or amenities
- Typical range: $0 - $500 monthly
Loan Type
- Conventional: Standard mortgage with 20% down
- FHA: Government-backed with 3.5% down but higher fees
- VA: For veterans with no down payment and no PMI
- USDA: For rural properties with no down payment
Step 4: Optional Extra Payments
Extra Monthly Payment
- Add extra money to your monthly payment
- Goes directly toward principal, reducing total interest
- Can significantly reduce your loan term
- Example: $200 extra monthly can save $50,000+ in interest
One-time Extra Payment
- Lump sum payment (e.g., tax refund, bonus)
- Applied to principal balance
- Reduces total interest and loan term
- Impact: Reduces total interest and loan term
Step 5: Calculate and Review Results
Click the "Calculate Mortgage" button to see your results:
Monthly Payment Breakdown
- Principal & Interest: The core loan payment
- Property Tax: Monthly tax payment
- Insurance: Monthly insurance premium
- PMI: Private mortgage insurance (if applicable)
- HOA: Homeowners association fees (if applicable)
- Total Monthly Payment: Sum of all monthly costs
Total Costs
- Total Interest: Total interest paid over the loan term
- Total Cost: Home price plus all interest and fees
- Loan Amount: Amount you're borrowing
- PMI Cost: Total PMI payments over loan term
- HOA Cost: Total HOA fees over loan term
Extra Payment Savings
- Interest Saved: Total interest reduction from extra payments
- Term Reduced: Years saved from extra payments
- New Loan Term: Actual loan duration with extra payments
GAAP Compliance Results
- Effective Interest Rate: GAAP-compliant effective yield
- Reg Z APR: Truth-in-Lending Act compliant APR
- Net Loan Amount: Carrying amount after fee deferral
- CECL Allowance: Credit loss allowance amount
Step 6: View Amortization Schedule
Click "View Amortization Schedule" to see:
- Payment-by-payment breakdown over the loan term
- GAAP-compliant interest income calculations
- Principal and interest allocation for each payment
- Remaining balance after each payment
- Extra payments included in the schedule
Step 7: Export Your Results
Click "Export to Excel" to download a comprehensive CSV file containing:
- Summary Information: Property details, loan amounts, rates
- Loan Terms: Interest rates, effective rates, Reg Z APR
- Monthly Costs: Breakdown of all payment components
- Total Costs: Complete cost analysis over loan term
- Extra Payment Analysis: Savings and term reduction
- Amortization Schedule: Full payment-by-payment breakdown
- Regulatory Compliance Notes: GAAP and Reg Z compliance details
Export Features
- Professional CSV format compatible with Excel
- Includes GAAP and Reg Z compliance calculations
- Perfect for sharing with lenders or accountants
- Contains complete amortization schedule
- Includes legal disclaimers and compliance notes
- Extra payment impact analysis
Tips for Best Results
- Compare multiple scenarios: Try different loan terms, rates, and payment amounts
- Consider extra payments: Even small additional amounts can save thousands in interest
- Factor in all costs: Don't forget property tax, insurance, PMI, and HOA fees
- Check first-time buyer benefits: You may be eligible for special programs
- Use realistic rates: Research current market rates from multiple lenders
- Consult professionals: Always seek independent financial advice before making decisions
Common Scenarios
First-Time Home Buyer
- Consider FHA loans for lower down payments
- Check for first-time buyer programs in your state
- Larger down payments typically get better rates
- Consider longer loan terms for lower initial payments
Investment Property
- Higher interest rates typically apply
- Consider rental income vs mortgage payments
- Account for property management fees
- Factor in potential tax deductions
Refinancing
- Include closing costs from current mortgage
- Consider new appraisal and title fees
- Factor in potential savings from lower rates
- Account for any new PMI requirements
Important Disclaimer: This calculator provides estimates for planning purposes. Actual payments may vary based on your specific loan terms, credit score, and lender requirements. Always consult with a qualified mortgage professional for exact payment amounts.