Mortgage Payment Calculator
Calculate your monthly mortgage payments with detailed breakdowns of principal, interest, taxes, and insurance (PITI).
This calculator is being provided for educational purposes only. The results are estimates based on information you provided and may not reflect Local Lending Co. product terms. The information cannot be used by Local Lending Co. to determine a customer's eligibility for a specific product or service.
What Makes Up Your Monthly Mortgage Payment?
Your monthly mortgage payment consists of several components, commonly referred to as PITI:
- Principal: The amount that goes toward paying off your loan balance
- Interest: The cost of borrowing money from your lender
- Taxes: Property taxes that are typically collected monthly and paid to your local government
- Insurance: Homeowners insurance to protect your property
Additional costs may include Private Mortgage Insurance (PMI) if your down payment is less than 20%, and Homeowners Association (HOA) fees if applicable.
How to Use This Mortgage Calculator
Our mortgage calculator helps you estimate your monthly payments and understand the long-term costs of your home loan. Here's how to use it effectively:
- Enter your home price and down payment amount
- Select your loan term (typically 15 or 30 years)
- Input your interest rate
- Add estimated property taxes and insurance costs
- Include any PMI or HOA fees if applicable
The calculator will show you a detailed breakdown of your monthly payments and provide an amortization schedule showing how your loan balance decreases over time.