-
Call Us:
+880 1683456914 -
Mail Us:
mahfuz1.rahman1.mm@gmail.com -
Service Hours
11:00 AM - 10:00 PM
Call Us:
+880 1683456914Mail Us:
mahfuz1.rahman1.mm@gmail.comService Hours
11:00 AM - 10:00 PMEstimate your monthly payment with taxes, insurance & PMI
Our mortgage calculator helps you estimate your monthly payments and understand the true cost of homeownership. Follow these steps:
Our comprehensive mortgage calculator provides everything you need to plan your home purchase:
The formula for calculating your monthly mortgage payment is:
M = P[r(1+r)^n]/[(1+r)^n-1]
Where:
The principal is the amount you borrow to buy your home. Each monthly payment includes a portion that reduces your principal balance.
Interest is the cost of borrowing money. In the early years of your mortgage, most of your payment goes toward interest.
Property taxes are typically collected by your lender and held in an escrow account to be paid to your local government.
Homeowners insurance protects your home and belongings. Lenders require this to protect their investment.
If your down payment is less than 20%, you'll need to pay PMI. This protects the lender if you default on the loan.
| Feature | 15-Year Mortgage | 30-Year Mortgage |
|---|---|---|
| Monthly Payment | Higher | Lower |
| Total Interest Paid | Much Less | More |
| Interest Rate | Usually Lower | Usually Higher |
| Build Equity Faster | Yes | Slower |
| Flexibility | Less | More |
A general rule is that your monthly mortgage payment should not exceed 28% of your gross monthly income. For example, if you earn $5,000 per month, your mortgage payment should be around $1,400 or less.
Mortgage rates vary based on market conditions, credit score, and loan type. As of 2025, rates between 6-7% are common for 30-year fixed mortgages. Shop around and compare offers from multiple lenders.
While 20% is the traditional down payment to avoid PMI (Private Mortgage Insurance), many lenders offer options with as little as 3-5% down. However, larger down payments mean lower monthly payments and less interest over time.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20%. It protects the lender if you default. You can typically remove PMI once you have 20% equity in your home through payments or appreciation.
A 15-year mortgage has higher monthly payments but significantly less total interest. A 30-year mortgage has lower monthly payments but more interest over time. Choose based on your budget and financial goals.
