Interactive Mortgage Calculator
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Understanding Your Mortgage
A mortgage is a significant financial commitment. Our calculator helps you break down the numbers, so you can understand your monthly payments and the total cost of your loan. This knowledge is crucial for making informed decisions about your home purchase.
Frequently Asked Questions
What are principal and interest?
Principal is the amount you borrow from the lender. Interest is the cost of borrowing that money. Your monthly payment is split between paying down the principal and paying the interest.
How are property taxes included?
Property taxes are often collected by your mortgage lender as part of your monthly payment. The lender holds the funds in an escrow account and pays the taxes on your behalf when they are due.
What is homeowners insurance?
Homeowners insurance protects your home from damage and you from liability. Lenders require you to have homeowners insurance, and the premiums are often included in your monthly mortgage payment through an escrow account.