Mortgage Calculator
Use our free mortgage calculator to estimate your monthly payments. Enter your loan amount, interest rate, and term to see your estimated monthly payment including principal, interest, taxes, and insurance.
Contact Secure Choice Lending at (951) 733-8925 for a personalized quote. NMLS #1689518.
Mortgage Calculator FAQs
What does a mortgage calculator estimate?
A mortgage calculator estimates your monthly principal and interest payment based on the home price, down payment, interest rate, and loan term you enter. Our calculator also factors in property taxes, homeowner's insurance, HOA fees, and PMI so you see a more complete picture of what you'll owe each month.
What is included in a monthly mortgage payment?
A full monthly mortgage payment typically includes principal (paying down the loan balance), interest (the lender's cost for the loan), property taxes, homeowner's insurance, and — when your down payment is under 20% on a conventional loan — private mortgage insurance (PMI). FHA loans add a mortgage insurance premium (MIP) regardless of down payment size.
How much does a 1% interest rate change affect monthly payments?
On a $400,000 30-year loan, a 1% rate change shifts the principal-and-interest payment by roughly $240 per month — and tens of thousands of dollars in total interest over the life of the loan. Rate shopping even a quarter point can meaningfully reduce your lifetime cost.
Should I put 20% down on a home?
A 20% down payment eliminates PMI on conventional loans and typically earns you a lower rate, but it's not required. FHA loans allow 3.5% down, and VA loans require nothing down for eligible veterans. The right down payment depends on your cash reserves, other debt, and how long you plan to stay in the home.
How does the loan term affect total interest paid?
A 15-year mortgage typically carries a lower rate and builds equity faster, but the monthly payment is higher. A 30-year loan spreads payments out and lowers the monthly obligation — but you'll pay significantly more in total interest over the life of the loan. The amortization schedule shows this tradeoff month by month.