Mortgage Calculator
See what a home could cost each month. Adjust your loan, tax, and insurance assumptions to compare your options.
Your loan details
Annual interest rateYour estimated payment
USD / monthUpdate the highlighted fields to see your estimate.
Monthly payment
- Principal & interest
- $1,216
- Property tax
- $250
- Home insurance
- $100
- Total payments (30 years)
- $563,776
- Total loan interest
- $197,776
An estimate, not a lender quote. PMI, HOA fees, and closing costs are not included. Taxes and insurance are held constant over the loan term.
What is a Mortgage Calculator?
A mortgage calculator is a financial modeling tool that helps you calculate your complete monthly housing payment including principal, interest, property taxes, and homeowners insurance (PITI).
Before calculating your monthly mortgage payment, determine your maximum home buying budget. Use our home affordability calculator to assess buying capacity based on your gross income, recurring debts, and down payment savings.
Key Use Cases
- Home purchases: Accurate monthly expense projections before placing offers
- Refinancing: Compare new term savings against current amortizations
- Loan comparison: Contrast 15-year vs 30-year fixed schedules
- Investment analysis: Gauge net operating cash flow on rental properties
Mortgage Payment Components (PITI)
Your monthly mortgage obligation consists of four distinct pillars (PITI): Principal, Interest, Taxes, and Insurance.
To analyze how your principal equity builds over the lifecycle of your debt, use our mortgage amortization calculator for full month-by-month schedule tables.
Principal
Direct debt paydown reducing your outstanding loan balance. Scales up with amortization.
Interest
Lender financing charge. Frontloaded in early loan years and drops as balance decreases.
Property Taxes
Municipal levies funding local schools and public works, escrowed monthly.
Home Insurance
Hazard and property coverage protecting against damage, fires, and structural loss.
Financing Structures
Fixed-Rate Mortgage (15 or 30 Years)
Locked interest rate for the full term. Offers budget stability and protects against rate hikes.
Adjustable-Rate Mortgage (ARM)
Introductory fixed period (e.g. 5 or 7 years) transitioning to fluctuating market benchmark rates.
FHA & VA Government-Backed Loans
Lower down payment barriers (3.5% for FHA, 0% down for eligible VA veterans and active service members).
Comparing loan terms side-by-side? Use our mortgage comparison calculator to evaluate 15-year vs 30-year payment trajectories.
Shopping for optimal interest quotes? Our mortgage rate calculator demonstrates how a 0.25% spread impacts lifetime interest costs.
How to use the calculator
Target Home Price
Total estimated purchase price of the property.
Down Payment
Cash contribution upfront (20% eliminates PMI).
Interest Rate
Annual percentage rate (APR) quoted by lenders.
Loan Term
Duration in years (typically 15 or 30-year fixed).
Taxes & Insurance
Annual municipal taxes and home hazard policy costs.
PITI Breakdown
Instant visualization of monthly outlay and total interest.
What affects your monthly cost?
1. Equity & Down Payment Ratio
A 20% down payment eliminates Private Mortgage Insurance (PMI) fees, saving $100-$300/mo.
2. Borrowing Rate Dynamics
A half-percentage point difference on a $400k loan shifts lifetime interest by tens of thousands of dollars.
3. Term Duration
30-year terms lower monthly cash outflow, whereas 15-year terms dramatically compress interest expenses.
Accelerating equity payoff? Use our mortgage extra payments calculator to see how modest monthly prepayments shave years off your loan.
Contemplating a lower APR refinance? Check our mortgage refinance calculator to determine your breakeven point.
Related Financial Calculators
Complementary tools to help complete your financial plan
Home Affordability Calculator
Determine how much house you can afford before calculating mortgage payments
Mortgage Refinance Calculator
Compare refinancing options to potentially lower your monthly payment
Mortgage Amortization Calculator
View detailed payment schedule showing principal and interest breakdown
Mortgage Extra Payments Calculator
Calculate how extra payments can reduce your loan term and save on interest
Emergency Fund Calculator
Ensure you have adequate savings before taking on a mortgage
Frequently Asked Questions
Answers to common questions about mortgage estimates
What is included in a mortgage payment?
A complete mortgage payment typically includes four components: Principal, Interest, Taxes, and Insurance (PITI). Principal reduces your loan balance, interest is the cost of borrowing, taxes are paid to local governments, and insurance protects against property damage.
How much house can I afford?
Lenders typically want your total housing payment to be no more than 28% of your gross monthly income. Your total debt payments should be no more than 36% of your income.
Should I put 20% down or less?
Putting 20% down avoids PMI and reduces your monthly payment. However, a smaller down payment allows you to buy sooner and keep more cash for emergencies.
What's better: 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly less total interest. A 30-year mortgage has lower payments but more total interest. Choose based on your cash flow needs.
Does this include PMI and closing costs?
No, this calculator doesn't include PMI (required with less than 20% down) or closing costs (2-5% of home price). These additional costs should be factored into your budget separately.
How accurate are these calculations?
Very accurate for the basic mortgage payment. Actual costs may vary based on lender fees, local tax rates, and specific loan terms. Always consult with your lender for precise quotes.
What credit score do I need for a mortgage?
Most conventional loans require 620+ credit score. FHA loans may accept scores as low as 580 with 3.5% down, or 500 with 10% down. Higher scores typically qualify for better interest rates.
How do interest rates affect my payment?
Interest rates significantly impact both monthly payments and total loan cost. A 1% rate increase on a $300,000 loan adds approximately $150-180 to monthly payments and tens of thousands to total interest.