Mortgage Calculator

Whether you call it a mortgage calculator, mortgage estimator, or mortgage price calculator, this tool gives you a realistic estimate of your total monthly housing payment. Here's how to figure out your mortgage payment:

1. Enter the home price — the purchase price of the property you're considering. Use the slider for quick adjustments or type an exact amount.
2. Set your down payment — enter a dollar amount or percentage. If your down payment is below 20%, PMI will automatically be added to your estimate.
3. Choose a loan term — common options are 15 or 30 years. Shorter terms mean higher monthly payments but significantly less interest over the life of the loan.
4. Enter the interest rate — use the rate from your pre-approval or the current market average.
5. Adjust taxes and insurance — expand the "Taxes, Insurance & Fees" section to customize property tax, homeowners insurance, PMI, and HOA fees for a more accurate estimate.

Results update instantly as you change any input — no need to click a button. Switch to the Amortization tab to view your full mortgage amortization schedule and see how each payment breaks down over the life of the loan.

Your monthly mortgage payment is more than just principal and interest. Here's a breakdown of each component:

• Principal — the portion of your payment that reduces your loan balance. Early in your loan, this is a small fraction of each payment, growing larger over time.
• Interest — the cost of borrowing money from your lender. This is the largest portion of your early payments and decreases as your balance shrinks.
• Property Tax — levied by your local government based on your home's assessed value. Rates vary widely by location, typically ranging from 0.5% to 2.5% of home value per year.
• Homeowners Insurance — protects your home against damage from fire, storms, theft, and other covered events. Lenders require this coverage for the life of the loan.
• PMI (Private Mortgage Insurance) — required when your down payment is less than 20%. It protects the lender if you default and typically costs 0.5% to 1.5% of your loan amount per year.
• HOA Fees — if you're buying in a community with a homeowners association, monthly dues cover shared amenities, landscaping, and building maintenance.

Lenders often refer to the combined principal, interest, taxes, and insurance as PITI — this is the number they use to evaluate whether you can afford the home.

Want to figure out your mortgage payment by hand? Monthly principal and interest is calculated using the standard fixed-rate amortization formula used by every mortgage loan calculator:

• M = monthly payment (principal & interest)
• P = loan principal (home price minus down payment)
• r = monthly interest rate (annual rate ÷ 12)
• n = total number of payments (loan term in years × 12)

For example, a $340,000 loan at 6.5% for 30 years: r = 0.065/12 = 0.00542, n = 360. Monthly P&I = $2,149.

A mortgage affordability calculator starts with the 28/36 rule: spend no more than 28% of your gross monthly income on housing costs, and no more than 36% on total debt (including housing, car payments, student loans, and credit cards).

For example, if you earn $6,000/month gross, your housing payment should stay under $1,680 (28%) and your total monthly debt under $2,160 (36%). Use this mortgage payment calculator above to check whether a specific home price fits within your budget.

Keep in mind that qualifying for a mortgage loan doesn't mean you should borrow the maximum. Budget for maintenance (typically 1% of home value per year), utilities, and an emergency fund before deciding on your price range. You can also use our calculator as a mortgage payoff calculator — switch to the Amortization tab to see your projected payoff timeline.