Housing Cost Calculator
Calculate your monthly housing costs with our comprehensive calculator. Estimate mortgage payments, property taxes, insurance, and total monthly expenses.
Step 1: Property Details
Understanding Mortgage Terms
A lower down payment means a larger loan and higher monthly payments. Longer loan terms reduce monthly payments but increase total interest paid over time.
Step 2: Additional Costs
About Additional Costs
Property taxes vary by location. Home insurance is required by lenders. PMI (Private Mortgage Insurance) is typically required if your down payment is less than 20% of the property value.
Housing Cost Results
Total Monthly Payment
Loan Term Comparison
| Loan Term | Monthly Payment | Total Interest | Total Cost |
|---|
Monthly Payment Breakdown
Mortgage Formula
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
Where M is the monthly mortgage payment, P is the principal loan amount, i is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments (loan term in years × 12).
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