Mortgage Calculator
Calculate your monthly mortgage payment, see a full amortization schedule, and estimate total costs for any home purchase or refinance.
Quick Answer: How Much Will My Mortgage Cost?
Enter your home price, down payment, interest rate, and loan term below. The calculator instantly shows your monthly payment including principal, interest, taxes, and insurance estimates.
Monthly Payment Calculator
Monthly Payment Breakdown
Amortization Schedule
How to Use the Mortgage Calculator
Enter your expected home purchase price, down payment amount, current interest rate, and loan term. The calculator computes your monthly payment including principal, interest, property taxes, and homeowner insurance. Adjust the values to compare different scenarios and find a payment that fits your budget.
Understanding Your Results
Your monthly payment consists of four main components, often called PITI: principal (reducing your loan balance), interest (the cost of borrowing), taxes (property tax divided into monthly installments), and insurance (homeowner coverage). If your down payment is less than 20%, you may also pay private mortgage insurance (PMI) which protects the lender.
How Interest Rates Affect Your Payment
Even small rate differences significantly impact total cost. On a $350,000 loan over 30 years, the difference between 6.5% and 7.0% adds approximately $83 per month and over $29,000 in total interest. This is why shopping multiple lenders and comparing rates is essential before committing to a mortgage.
Choosing Between 15-Year and 30-Year Terms
A 15-year mortgage offers lower interest rates (typically 0.5-0.75% less) and saves substantially on total interest, but requires higher monthly payments. A 30-year term provides lower monthly payments and more budget flexibility. Use the calculator to compare both options with your specific numbers.
Find the Best Mortgage Rates Near You
Connect with local lenders offering competitive rates in your area.
Related Mortgage Resources
Explore our comprehensive mortgage guides to learn about different loan programs. First-time buyers should start with our First-Time Homebuyer Guide, while those considering refinancing can use our Refinance Guide alongside this calculator to estimate potential savings. Learn about FHA loans (3.5% down) or conventional loans (no PMI at 20% down) to determine which program fits your situation.