Mortgage Calculator

Mortgage Calculator

Please enter valid values. Home price must be greater than down payment.

Mortgage Calculator — Estimate Your Monthly Home Payment

Our mortgage calculator helps you estimate your full monthly housing cost — including principal and interest, property taxes, and home insurance. Enter your home price, down payment, loan term, and interest rate to get an instant breakdown and a multi-year amortization summary.

What Goes Into a Mortgage Payment?

A typical mortgage payment has four components (sometimes called PITI):

  • Principal: The portion that reduces your loan balance.
  • Interest: The lender's fee, calculated on the remaining balance each month.
  • Taxes: Property taxes, usually collected monthly and held in escrow.
  • Insurance: Homeowner's insurance (and possibly PMI if down payment is under 20%).

Fixed vs. Variable Rate Mortgages

A fixed-rate mortgage keeps the same interest rate for the entire term, giving you predictable payments. A variable (adjustable) rate mortgage (ARM) starts with a lower rate that can change periodically, which may increase your payment unpredictably. This calculator uses a fixed-rate model.

Down Payment and PMI

A down payment of 20% or more typically lets you avoid Private Mortgage Insurance (PMI), which protects the lender if you default. PMI usually costs 0.5–1% of the loan annually. This calculator does not include PMI — if your down payment is under 20%, add approximately 0.5–1% of the loan per year to your monthly estimate.

Frequently Asked Questions

How much house can I afford?
A common guideline is the 28/36 rule: housing costs should not exceed 28% of gross monthly income, and total debt payments should not exceed 36%. Use this calculator to check if your target payment falls within that range.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but far less total interest and builds equity faster. A 30-year mortgage has lower monthly payments but costs significantly more in interest over time. Your choice depends on cash flow vs. long-term cost preference.
What is amortization?
Amortization is the process of paying off the loan through scheduled payments over time. Early in the loan, most of each payment covers interest. Later, more goes to principal. The amortization schedule shows this breakdown over the loan's life.
Are property tax and insurance estimates accurate?
Property taxes vary widely by location (typically 0.5–2.5% of home value per year). Home insurance averages $1,000–$2,000/year for most properties. Enter your actual figures for an accurate estimate.
Does making extra payments help?
Yes, significantly. Even one extra payment per year on a 30-year mortgage can reduce the loan term by 4–5 years and save tens of thousands in interest. Consult your lender about applying extra payments to principal.