Mortgage Calculator
Calculate mortgage payments and home affordability
Loan Details
Enter your mortgage information
20.00% of home price
Monthly Payment Breakdown
$2,589.28
Total Monthly Payment
Principal & Interest$2,022.62
Property Tax$400.00
Home Insurance$166.67
Loan Summary
$320,000.00
Loan Amount
80.00%
Loan-to-Value
Total Interest Paid$408,142.36
Total Cost of Loan$728,142.36
Qualification Status
20.00%
Down Payment
38.62%
Debt-to-Income
No PMI required
High debt-to-income ratio (above 36%)
Mortgage Tips & Information
Getting Approved
- • Keep debt-to-income below 36%
- • Save for 20% down payment
- • Maintain good credit score (720+)
- • Have 3-6 months reserves
Hidden Costs
- • Closing costs (2-5% of price)
- • Home inspection ($300-500)
- • Appraisal fee ($300-600)
- • Title insurance & attorney fees
PMI Removal
- • Automatically removed at 78% LTV
- • Request removal at 80% LTV
- • Based on original purchase price
- • May require new appraisal
Note: This calculator provides estimates based on standard lending guidelines. Actual qualification requirements may vary by lender and loan program.