Skip to content

Mortgage Calculator

$425,000$

Estimated purchase price of the home.

$85,00020%
$
%

That’s 20% of the home price.

30 yr yr

Length of the mortgage in years.

5.00%%

Annual percentage rate.

$280$

Enter your estimated monthly property tax.

$66$

Estimated monthly home insurance premium.

$0$

Private mortgage insurance if down payment < 20%.

$0$

Homeowners association dues, if any.

Monthly Payment Breakdown

Loan amount
$340,000
Base mortgage (P&I)
$1,825
Taxes + Insurance + PMI + HOA
$346
Estimated monthly payment
$2,171

This estimate uses a fixed-rate amortization formula. Actual lender costs may vary.

How to calculate your payments using a mortgage calculator

Here’s how to use our mortgage calculator to easily estimate your monthly mortgage payment:

1. Enter your home price

In the Home Price field, input the purchase price (or current value if refinancing).

2. Enter your down payment

Provide the Down Payment as a dollar amount or percentage of the home price.

3. Choose your loan term

Enter the loan length — typically 30 years, but 20, 15, or 10 years are also common.

4. Enter your interest rate

Use your expected or current interest rate. You can adjust the default average shown in the calculator.

5. See your results instantly

As you type, your monthly mortgage payment updates in real time — no need to click a button. This makes it easy to experiment with different scenarios and compare options instantly.

Our mortgage calculator also estimates property taxes, homeowners insurance, and HOA fees. You can adjust these amounts, or even set them to zero, while shopping for a loan.

Under the Amortization tab, you can add extra payments to see how prepaying your mortgage impacts your payoff timeline and total interest savings.

Pro tip: Try different down payments, loan terms, and interest rates to discover the best mortgage strategy for your budget.

How a mortgage calculator can help you

Our mortgage calculator can guide many of the key decisions related to buying a home or refinancing your mortgage. Here’s how it can help:

1. Know if you’re spending too much

See how much you’ll pay monthly, including property taxes and homeowners insurance. This helps you check if your homebuying budget fits within your DTI ratio.

2. Compare different loan terms

Use the calculator to compare 10-, 15-, 20-, and 30-year loans. Shorter terms mean lower interest rates but higher monthly payments.

3. Evaluate your down payment

See how different down payment amounts impact your monthly payment, loan size, and total cost over time.

4. Explore paying off your loan early

Add extra payments in the amortization schedule to learn how quickly you can pay off your mortgage and save on interest.

5. Find out when you can remove PMI

Use the calculator to track when you’ll reach 20% home equity. At that point, you can request your lender to remove private mortgage insurance (PMI) on conventional loans.

Mortgage Calculator FAQs

It uses the standard fixed-rate amortization formula to estimate payments. Actual lender quotes may vary slightly due to fees, closing costs, and credit profile.
Yes. If the interest rate is set to 0%, your monthly payment will equal the loan amount divided by the number of months, plus any property taxes, insurance, or HOA fees.
The base mortgage payment (principal & interest), plus optional property taxes, homeowners insurance, PMI, and HOA fees if added.
Yes. Expand the amortization schedule to see how each payment is split between principal and interest over time, and track how your balance decreases.
Absolutely. You can add extra monthly or one-time payments to see how much faster you could pay off your mortgage and how much interest you’ll save.
Yes. Enter your current loan balance as the home price, then add your equity or down payment. The calculator works for both new mortgages and refinances.
While 20% is ideal to avoid PMI, many loans allow as little as 3% down. Use the calculator to see how different down payment amounts affect your monthly payment.
No. Closing costs are one-time fees typically ranging from 2%–5% of the loan amount. They aren’t included here but should be factored into your overall budget.