Estimate the cost of a fixed-rate mortgage and explore the impact of making extra payments.
Homeowners insurance, property taxes, and private mortgage insurance rates can vary significantly. The calculator's homeowners insurance and property tax rates approximate the national median, but you can adjust them to better suit your location. PMI rates are adjusted automatically based on your down payment percentage. Your rates may be higher or lower.
This calculator can help you estimate mortgage-related costs, but not home ownership costs. Other monthly expenses you may incur, like utilities or neighborhood association fees, are not included.
Don't know your tax rate? Home listings include annual property taxes, so divide that figure by the home's value to get the rate.
| Category | Amount | Percent of total |
|---|
| Year | Cumulative Interest | Cumulative Principal |
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Up to certain limits, both mortgage interest and property taxes may be tax-deductible if you itemize deductions on your federal tax return. Deductible expenses from the first year of this mortgage include:
Interest
*
Property Taxes
Note that deductible mortgage interest decreases over time. For example, the deductible interest on this mortgage would be just in its final year.
* If married filing seperately, the deductible interest is per person.
