Mortgage Calculator

Buying a home is a major financial decision, and knowing your potential mortgage payment is one of the first steps in understanding what you can afford. Our mortgage calculator helps you estimate your monthly mortgage payment based on your home price, down payment, interest rate and loan term.

You can also include property taxes, homeowners insurance, PMI and HOA fees to get a more realistic estimate of your total monthly housing cost.

Use the calculator to compare different loan scenarios, see how much interest you could pay over time, review your amortization schedule and understand how extra payments may help you pay off your mortgage sooner.

Mortgage Payment Calculator

Our mortgage payment calculator estimates the monthly cost of your home loan by combining principal and interest with other common housing expenses.

Enter your:

• Home price
• Down payment
• Mortgage interest rate
• Loan term
• Property taxes
• Homeowners insurance
• PMI or mortgage insurance
• HOA fees

The calculator uses your loan amount, interest rate and repayment period to estimate the principal and interest portion of your payment. Additional housing expenses can then be added to show a more complete monthly estimate.

This makes it easier to compare different home prices, down payments and mortgage rates before choosing a loan.

How Much Will My Mortgage Payment Be?

Your monthly mortgage payment depends on more than the price of the home. The amount you borrow, interest rate, loan term, down payment, taxes, insurance and other costs can all affect your final payment.

For example, a larger down payment reduces the amount you need to borrow. A down payment below 20% may also result in private mortgage insurance (PMI) for many conventional loans.

The interest rate also has a significant effect on the cost of a mortgage. Even a relatively small change in the rate can add or subtract thousands of dollars from the total interest paid over the life of a long-term loan.

Use different values in the calculator to see how each change affects your estimated monthly payment.

Mortgage Loan Calculator

A mortgage loan calculator helps you understand the amount you will finance after your down payment and how that balance is repaid over time.

For example:

$400,000 home price − $80,000 down payment = $320,000 loan amount

From there, the calculator uses the interest rate and loan term to estimate your principal and interest payment.

You can compare 10-, 15-, 20- and 30-year mortgage terms to see how the repayment period changes your monthly payment and total interest.

A shorter loan term generally means a higher monthly payment but less interest paid over the life of the loan. A longer term can lower the monthly payment while increasing the total interest cost.

Mortgage Rate Calculator

Your mortgage interest rate is one of the most important factors affecting the cost of your loan.

Use our calculator to test different mortgage rates and see how they change your estimated monthly payment and total interest.

For example, compare a 6%, 6.5% and 7% interest rate on the same home price and loan term. This type of comparison can help you understand how much your rate matters before evaluating mortgage offers.

Your actual mortgage rate will depend on factors such as your credit profile, loan type, down payment, lender and current market conditions.

Mortgage Amortization Calculator

Our calculator also works as a mortgage amortization calculator, helping you understand how your loan balance changes throughout the repayment period.

An amortization schedule shows how each payment is divided between:

• Principal
• Interest
• Remaining loan balance
• Total payments over time

In the early years of a typical fixed-rate mortgage, a larger portion of the principal-and-interest payment goes toward interest. As the balance decreases, more of each payment goes toward principal.

Reviewing an amortization schedule can give you a clearer picture of how quickly you are building equity and how much interest you may pay over the entire loan.

Mortgage Payoff Calculator

Want to pay off your mortgage early?

Use the calculator to explore how extra payments could affect your mortgage payoff timeline.

Adding money directly toward your principal can reduce the outstanding balance faster. This can potentially shorten the loan term and reduce the total interest paid.

Try different extra-payment amounts to compare scenarios such as:

• Regular monthly payments
• An additional $100 per month
• An additional $250 per month
• An additional $500 per month

The results can show your estimated payoff date and how your total interest changes.

Mortgage Calculator With Extra Payments

A mortgage calculator with extra payments is useful if your goal is to become mortgage-free sooner.

For example, if your required monthly principal and interest payment is $2,000, you could test what happens if you pay an additional $100 or $200 toward principal each month.

The important point is that an extra principal payment is different from simply increasing your regular housing expenses. The additional amount can reduce the outstanding loan balance and therefore the interest calculated in future periods.

Our calculator lets you compare these scenarios before committing to an accelerated repayment strategy.

Mortgage Affordability Calculator

Knowing your estimated monthly payment is only one part of deciding how much home you can afford.

A mortgage affordability calculator helps you look at your potential housing payment in relation to your income and existing debt.

Your overall budget may include:

• Mortgage principal and interest
• Property taxes
• Homeowners insurance
• PMI
• HOA fees
• Other monthly debt payments

Lenders may also consider income, employment history, credit history, credit score, debt-to-income ratio and the type of mortgage you are applying for.

Use the calculator as a planning tool to compare potential home prices and monthly payments before seeking preapproval.

Mortgage Interest Calculator

The monthly payment doesn’t tell the whole story.

Our mortgage interest calculator helps you estimate how much interest you could pay over the entire life of your mortgage.

Consider a $320,000 loan with a fixed interest rate over 30 years. Although the monthly principal-and-interest payment may look manageable, the total interest accumulated over hundreds of payments can represent a substantial portion of the overall borrowing cost.

Compare different interest rates and loan terms to see how much your total interest changes.

Monthly Mortgage Calculator

Looking for a simple monthly mortgage calculator?

Enter your home price, down payment, interest rate and loan term above to get an estimated monthly payment.

For a more realistic estimate, add your property taxes, homeowners insurance, PMI and HOA fees.

This gives you a better idea of the total monthly cost of owning the property rather than looking only at principal and interest.

What Is Included in a Mortgage Payment?

A mortgage payment can contain several different costs.

Principal

Principal is the amount borrowed to purchase the home. A portion of each mortgage payment reduces your outstanding loan balance.

Interest

Interest is the cost of borrowing money from the lender. The amount of interest paid generally decreases over time as the loan balance falls.

Property Taxes

Property taxes are typically assessed by local governments and can vary significantly depending on where the property is located. Including them in your calculation can make your estimated monthly housing cost more realistic.

Homeowners Insurance

Homeowners insurance protects against covered risks involving the home and property. Mortgage lenders commonly require borrowers to maintain insurance.

PMI

Private mortgage insurance may apply to certain conventional loans when the down payment is below 20%. The actual cost depends on factors such as the loan, borrower profile and lender.

HOA Fees

Homeowners association fees may apply to condos, planned communities and other properties. Including HOA dues in your calculation helps you understand the full monthly cost of the property.

How to Use the Mortgage Calculator

Using the calculator is simple.

1. Enter the home price

Enter the purchase price of the property you are considering.

2. Add your down payment

Enter the amount you plan to pay upfront. You can compare different down payment amounts to see how they affect your loan.

3. Enter the interest rate

Use the rate offered by your lender or test different rates to compare scenarios.

4. Select your loan term

Choose the repayment period, such as 15 or 30 years.

5. Add taxes and insurance

Enter your estimated annual property taxes and homeowners insurance.

6. Include PMI and HOA fees

If applicable, add mortgage insurance and monthly HOA costs.

7. Review your results

The calculator shows your estimated monthly payment, payment breakdown, total interest, loan cost, payoff date and amortization information.

15-Year vs. 30-Year Mortgage

One of the most important decisions when comparing mortgage options is the loan term.

A 30-year mortgage usually provides a lower monthly payment because the loan is spread across more payments. However, you may pay substantially more interest over the life of the loan.

A 15-year mortgage generally has a higher monthly payment but allows you to repay the loan faster and can significantly reduce total interest.

Use the mortgage calculator to enter the same home price and interest rate with different loan terms. Comparing the results is often more useful than looking at a single mortgage scenario.

How Does a Down Payment Affect Your Mortgage?

Your down payment affects both the amount you borrow and, in some cases, whether you need mortgage insurance.

For example:

$400,000 home

5% down = $20,000

10% down = $40,000

20% down = $80,000

A larger down payment means a smaller loan balance. Depending on the loan program, it may also help reduce or eliminate PMI.

However, putting more money into the home also means keeping less cash available for emergencies, moving expenses, repairs and other financial goals. Comparing several down payment scenarios can help you find a balance that works for your budget.

How Can Extra Mortgage Payments Save Money?

Making additional payments toward your mortgage principal can reduce the outstanding balance faster.

A lower balance means less interest can accrue over the remaining life of the loan. Depending on the size and timing of additional payments, you may be able to shorten your mortgage term and reduce total interest.

Use the mortgage payoff calculator above to compare your standard payment with an accelerated repayment strategy.

Mortgage Calculator FAQ

How is a mortgage payment calculated?

For a standard fixed-rate mortgage, the principal-and-interest payment is calculated using the loan amount, monthly interest rate and total number of payments.

Your actual monthly housing cost can also include property taxes, homeowners insurance, PMI and HOA fees.

What is the difference between principal and interest?

Principal is the amount you borrowed. Interest is the cost charged for borrowing that money.

As you make mortgage payments, the principal balance decreases. Over time, the amount of each payment going toward principal generally increases while the interest portion decreases.

Is a 20% down payment required?

No. The amount required depends on the mortgage program and your individual circumstances. Some conventional programs allow lower down payments, while FHA, VA and USDA loans have their own requirements.

A lower down payment can mean a larger loan and may result in mortgage insurance depending on the loan type.

Does a lower interest rate always mean a better mortgage?

Not necessarily. The interest rate is important, but you should also consider the APR, fees, points, closing costs, loan term and other conditions of the offer.

A mortgage with a slightly lower rate could have higher upfront costs.

How much house can I afford?

There is no single home price that works for everyone. Your affordable payment depends on income, existing debt, down payment, interest rate, taxes, insurance, credit profile and other expenses.

A mortgage calculator can help you compare scenarios, but a lender ultimately determines whether you qualify for a specific mortgage.

How much are closing costs?

Closing costs vary by transaction, location and loan type. They can include lender fees, appraisal fees, title services, government charges and other expenses.

The exact amount depends on your location, lender and mortgage.

Can I pay off my mortgage early?

In many cases, yes, but you should check the terms of your specific mortgage for any applicable restrictions or prepayment penalties.

Making additional principal payments can potentially reduce the amount of interest you pay and shorten the repayment period.

Calculate Your Mortgage Payment

A mortgage calculator is a useful way to understand the numbers before buying a home, refinancing a mortgage or comparing loan options.

Use the calculator above to test different home prices, down payments, interest rates and loan terms. Then add taxes, insurance, PMI and HOA fees to get a more complete estimate of your monthly housing costs.

You can also compare mortgage payoff scenarios, extra payments, total interest and amortization to understand how your mortgage could change over time.

Try different scenarios and find a mortgage payment that fits your budget.