Mortgage Calculator
Estimate a complete monthly mortgage payment with principal, interest, property tax, insurance, PMI, HOA fees and an amortization schedule.
Plan the full cost of your mortgage
See the payment, cash needed, long-term interest, affordability and the impact of paying extra.
Amortization schedule
Annual totals based on the information above.
| Year | Principal | Interest | Ending balance |
|---|---|---|---|
| Enter a home price and loan details to create a schedule. | |||
How to calculate mortgage
A mortgage calculator helps you estimate your monthly housing payment before you speak with a lender. Enter the home price, down payment, interest rate and loan term to see the estimated payment, total interest and long-term cost of the loan.
Your mortgage payment is one of the most important numbers in a home purchase. Knowing it before you shop can help you set a realistic price range, compare loan options and understand how a different down payment or interest rate affects your budget.
How the calculation works
The estimated monthly payment combines the loan payment with the recurring housing costs you enter. Principal and interest form the core mortgage payment. Property tax is estimated from the annual percentage you enter. Homeowners insurance uses your annual quote. PMI applies only when the down payment is below 20% of the home price, estimated from the annual rate you enter. HOA fees apply only when the property belongs to a managed community. Total interest shows how much interest would be paid over the calculated payoff period, and can be reduced by adding extra principal each month.
Example
Suppose you are considering a $300,000 home with a $60,000 down payment. That leaves a $240,000 mortgage. A 30-year fixed loan at 6.5% runs about $1,517/month in principal and interest, with roughly $306,000 in total interest over the life of the loan. Switching to a 15-year fixed loan at 6.0% raises the payment to about $2,025/month but cuts total interest to roughly $125,000 — a savings of about $181,000. Adding $200/month in extra principal to the 30-year loan is a middle path: the payment stays below the 15-year payment while the estimated payoff falls to about 21 years and 10 months.
Frequently asked questions
Does this mortgage calculator include taxes and insurance?
Yes, when you enter them. Property tax, homeowners insurance, PMI and HOA fees are optional inputs. Leave them at zero for a principal-and-interest-only estimate, or enter estimates for a fuller monthly housing cost.
What is a good mortgage interest rate right now?
Mortgage rates change frequently and depend on credit, loan type, term, down payment and lender. Test several rate scenarios in the calculator to see how a different rate changes the monthly payment and total interest.
How much should I put down on a house?
A 20 percent down payment commonly avoids private mortgage insurance and lowers the loan amount, but many loan programs allow less. Compare several down payments to see the effect on cash needed, monthly payment, PMI and loan-to-value ratio.
What does loan-to-value mean?
Loan-to-value, or LTV, is the mortgage amount divided by the home's value. For example, borrowing $240,000 on a $300,000 home produces an 80 percent LTV.
Can I use this calculator for refinancing?
Yes. Enter the remaining mortgage balance as the home price, use a zero down payment, and enter the proposed refinance rate and term. Compare the new payment and total interest with your current loan, while remembering that closing costs are not included unless you account for them separately.
Mortgage Calculator
The estimated monthly payment combines the loan payment with the recurring housing costs you enter. Principal and interest form the core mortgage payment. Property tax is estimated from the annual percentage you enter. Homeowners insurance uses your annual quote. PMI applies only when the down payment is below 20% of the home price, estimated from the annual rate you enter. HOA fees apply only when the property belongs to a managed community. Total interest shows how much interest would be paid over the calculated payoff period, and can be reduced by adding extra principal each month.
Let's understand your mortgage result.
Calculate a result above and this guide will help you interpret it using this calculator's own formula and explanation.
Pro Tips for Mortgage
- Test several interest rates — even a small rate change can noticeably affect the payment and lifetime interest.
- Compare 15-, 20- and 30-year terms — shorter terms usually raise the payment but reduce total interest.
- Try different down payments — a larger down payment reduces the loan amount and may eliminate PMI.
- Add realistic taxes and insurance — principal and interest alone do not represent the full monthly housing cost.
- Test an extra principal payment — a consistent extra payment can shorten the loan and reduce interest without changing the stated rate.
Common Mortgage Mistakes to Avoid
- Leaving property tax and homeowners insurance at zero and mistaking principal-and-interest alone for the full monthly housing cost.
- Not noticing that PMI drops off automatically in this calculator once the down payment reaches 20% of the home price.
- Comparing loan terms by monthly payment alone instead of also checking the total interest paid over the life of the loan.
- Forgetting that closing costs are not included in this estimate — a real refinance or purchase should account for them separately.
When to Use This Calculator
A mortgage calculator helps you estimate your monthly housing payment before you speak with a lender. Enter the home price, down payment, interest rate and loan term to see the estimated payment, total interest and long-term cost of the loan.
Your mortgage payment is one of the most important numbers in a home purchase. Knowing it before you shop can help you set a realistic price range, compare loan options and understand how a different down payment or interest rate affects your budget.