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Mortgage Calculator

Estimate your monthly mortgage payment including principal, interest, taxes, insurance, and HOA. See how rate and term change the total cost of your home loan.

Mortgage Calculator

 

Estimated monthly payment

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Fill in the fields to see your estimate

What is a mortgage?

A mortgage is a long-term loan used to buy a home. The property itself secures the debt — if you stop paying, the lender can foreclose. Each monthly payment is split between principal (what reduces the balance) and interest (the lender's profit). Most homeowners also pay property tax, home insurance, and sometimes HOA fees — together with principal and interest these four costs are nicknamed PITI. This calculator estimates the full PITI so you can budget for the real cost of ownership, not just the loan payment.

How to use this calculator

Enter the home price, then either a percentage or a dollar amount for the down payment — switch with the chips next to the field. Add the annual interest rate, the loan term in years (30 is the most common in the US), and your local property-tax rate (1% to 2% of the home value is typical). Insurance is annual, HOA is monthly. The result updates as you type and shows monthly payment, the breakdown by category, and the total interest and amount paid over the life of the loan.

How the payment is calculated

Monthly principal and interest use the standard amortization formula: M = P · r · (1+r)n / ((1+r)n − 1), where P is the loan amount, r is the monthly rate (annual rate ÷ 12), and n is the number of months (years × 12). Property tax is the annual rate × home price ÷ 12. Insurance is annual ÷ 12. HOA is already monthly. Total monthly payment = P&I + tax + insurance + HOA.

Compare loan terms

Same loan, same rate, different terms. Shorter terms mean a higher monthly payment but far less interest paid overall. The row matching your selected term is highlighted.

Term Monthly P&I Total interest
10 years——
15 years——
20 years——
25 years——
30 years——

Frequently asked questions

Why does my real mortgage payment look different?
This calculator estimates PITI based on the values you enter. Real lenders also include private mortgage insurance (PMI) when down payment is below 20%, escrow adjustments, and points. The estimate here is best for comparing scenarios, not for closing a deal.
Should I pick a 15-year or 30-year mortgage?
A 15-year loan saves a huge amount in interest but the monthly payment is much higher. A 30-year loan keeps the payment low and frees up cash for other goals (investing, emergencies). The right choice depends on your income stability and what else you'd do with the money.
How much down payment do I need?
In the US, conventional loans typically require 5%–20%. Putting at least 20% down avoids PMI. FHA loans accept 3.5% with mortgage insurance. A bigger down payment lowers the monthly payment, the rate, and the total interest paid.
What's the difference between fixed-rate and adjustable-rate?
Fixed-rate locks the interest rate for the life of the loan — predictable but potentially higher than introductory adjustable rates. Adjustable-rate (ARM) usually starts lower for an initial period (5, 7, or 10 years) and then resets based on a market index. ARMs are riskier when rates rise.
Does paying extra each month help?
Yes — every extra dollar applied to principal reduces future interest. Even an extra one or two payments a year can shave several years off a 30-year mortgage. Confirm with your lender that extra payments go to principal, not the next month.
Is the home price the same as the loan amount?
No. The home price is what you pay the seller. The loan amount is the home price minus your down payment. The bank only lends what you don't pay upfront, and interest is charged only on the loan amount.
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