Mortgage Calculator
Estimate the monthly and total costs of a fixed-rate mortgage. You can lower overall borrowing cost by reducing the mortgage term. A down payment of at least twenty percent also helps to avoid private mortgage insurance (PMI) expenses.
Please note that homeowners insurance and PMI rates vary widely based on location, the borrower's credit score, and many other factors. To provide meaningful estimates, this calculator uses broad national averages.
This calculator can help you estimate mortgage costs, but not home ownership costs. Other expenses that may affect monthly bill, from utilities to possible homeowners association or condo fees, aren't included. All calculations are approximate.
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.
Home Price
Down Payment
Mortgage Loan
About Tax Deductible Expenses
Up to certain limits, both mortgage interest and property taxes may be tax-deductible if you itemize deductions on your federal tax return. For single filers and married couples filing jointly, up to $10,000 in state and local taxes (SALT), including property taxes and state income taxes, is deductible. Mortgage interest on loan amounts up to $750,000 is also deductible. Potentially deductible expenses from the first year of this mortgage include:
Interest
Property Taxes
Note that deductible interest expenses on a mortgage decrease over time. For example, the deductible interest on this mortgage would be just in its final year. Whether itemizing deductions would save you more money compared to taking the standard deduction depends on your overall financial situation.
Always consult a qualified financial professional when making major decisions like buying a home.