Use our free mortgage calculator to estimate your monthly payment before you buy a home or refinance. Enter your home price, down payment, loan term, and interest rate to see a full breakdown of your payment — including principal, interest, property tax, and homeowners insurance. No sign-up required.
This mortgage calculator takes your loan details and instantly shows what you'll actually pay each month. Enter your home price and down payment amount, choose a loan term (typically 15 or 30 years), and add your interest rate. The calculator then splits your monthly payment into its real parts: principal, interest, property tax, and homeowners insurance — often called PITI. You can adjust any number to see how a bigger down payment, a shorter loan term, or a different rate changes your monthly cost. This makes it easy to compare loan options side by side before you commit to one.
Most home buyers choose between two common loan terms, and this mortgage calculator lets you compare both side by side.
A 30-year fixed mortgage spreads your payments over the longest period, which keeps your monthly payment lower and easier to fit into a tight budget. The trade-off is that you'll pay more total interest over the life of the loan, since you're borrowing the money for longer. This is the most common choice for buyers who want to keep monthly costs manageable while building equity over time.
A 15-year fixed mortgage costs more each month, but it can save you a large amount in total interest and gets you to full ownership twice as fast. If your budget can handle the higher payment, this option builds equity faster and shortens how long you carry mortgage debt.
Several factors shape what shows up on your monthly bill. Your loan amount and interest rate are the biggest drivers — even a small rate change can shift your payment by a meaningful amount over 30 years. Your down payment matters too: putting down less than 20% usually means you'll also pay private mortgage insurance, or PMI, until you build enough equity. Loan term plays a role as well, since a longer term lowers your monthly cost but raises your total interest. Enter your own numbers into the mortgage calculator above to see exactly how each factor changes your payment.
A common guideline caps your monthly housing cost at around 28% of your gross monthly income, though your comfortable number depends on your other debts and expenses. Try a few different home prices in this mortgage calculator to see what fits your budget.
Most mortgage payments include principal, interest, property tax, and homeowners insurance. If your down payment is under 20%, PMI is usually added on top. This mortgage calculator breaks out each piece so you can see exactly where your money goes.
A larger down payment lowers your loan amount, which lowers both your monthly payment and your total interest. Enter different down payment amounts into the mortgage calculator to see the effect for yourself, and note that a bigger down payment can also help you avoid PMI once it reaches 20% or more of the home's price.
PMI, or private mortgage insurance, protects the lender if you put down less than 20%. It's added to your monthly payment and typically drops off once you build enough equity in your home.
A fixed-rate mortgage keeps the same interest rate for the full loan term, so your payment stays predictable. An adjustable-rate mortgage often starts lower but can rise or fall over time. Most buyers who plan to stay in their home long-term choose fixed-rate for the stability.
It gives a close estimate based on the numbers you enter, but your actual payment can vary slightly depending on your lender, local tax rates, and insurance costs. Use it to compare options, then confirm final numbers with your lender.
Yes. This mortgage calculator estimates both alongside principal and interest, so you see a complete monthly payment rather than just the loan portion.
Pre-qualification gives you a rough estimate of what you might borrow based on self-reported information. Pre-approval is a more formal step where a lender verifies your finances and commits to a specific loan amount, which carries more weight when you make an offer on a home.
Last updated: [insert date]. This calculator provides estimates only and is not a loan offer or financial advice. Contact a licensed lender for rates and terms specific to your situation.