Estimate Your Monthly Mortgage Payment With Our Free Mortgage Calculator

Buying a home is one of the biggest financial decisions most Americans ever make. Our free mortgage calculator helps you estimate your monthly mortgage payment based on your home price, down payment, loan term, interest rate, and real-world costs like property taxes, homeowner’s insurance, PMI, and HOA fees.

This tool is designed to give you a realistic picture of your total housing cost—not just your loan payment, but the full amount you may need to budget each month when owning a home.

How to Use This Mortgage Calculator

Using the mortgage calculator is simple. Follow these steps to estimate your payment:

Step 1: Enter the home price

Type in the purchase price of the home you plan to buy, or the current value of the property if you’re refinancing.

Step 2: Add your down payment

Enter your down payment as a dollar amount or use the percentage box. A higher down payment reduces your loan amount and usually lowers your monthly payment.

Step 3: Choose your loan term

Select how long you plan to repay the loan, such as 30, 20, or 15 years. Shorter terms have higher monthly payments but much lower total interest.

Step 4: Enter the interest rate

This is the annual interest rate offered by your lender. Even small rate changes can significantly affect your long-term loan cost.

Step 5: Add taxes, insurance, and other costs

Open the “Taxes, insurance, HOA fees” section to include monthly property taxes, homeowner’s insurance, mortgage insurance (PMI), and HOA fees. These costs are often required and impact your real monthly payment.

Step 6: Try extra payments (optional)

If you plan to pay extra each month, once per year, or make a one-time lump-sum payment, enter those amounts to see how much interest you could save and how much sooner you may pay off your mortgage.

Step 7: Click “Update”

Your monthly payment, charts, and amortization schedule will update instantly.

What Each Input Means

Home price

The total price of the home you want to purchase.

Down payment

The amount you pay upfront. Many conventional loans require between 3% and 20% down, depending on the loan program and your credit profile.

Loan term

The length of time you take to repay the loan. Longer terms lower your monthly payment but increase the total interest paid.

Interest rate

The cost of borrowing money, shown as an annual percentage.

Property tax

Local government tax based on your home’s assessed value, often collected monthly through escrow.

Homeowner’s insurance

Insurance that protects your home against damage and disasters, usually required by lenders.

PMI (Private Mortgage Insurance)

Required on many loans when your down payment is below 20%. It protects the lender, not the borrower, and increases monthly cost.

HOA fees

Monthly charges from homeowner associations for shared maintenance and community services.

How Your Monthly Mortgage Payment Is Calculated

Your monthly mortgage payment usually includes four main parts, often called PITI:

• Principal — reduces your loan balance
• Interest — the cost of borrowing
• Taxes — local property taxes
• Insurance — homeowner’s insurance and sometimes PMI

The calculator uses the standard mortgage amortization formula that lenders use to calculate your principal and interest payment, then adds your other monthly costs to estimate your full housing payment.

Because interest is calculated on your remaining balance, a larger portion of your early payments goes toward interest, and over time more of your payment goes toward reducing your loan balance.

If you want to calculate payments for personal loans, auto loans, or other types of borrowing, you can also try our Loan Calculator to estimate monthly payments and total interest for different loan types.

How Extra Payments Can Save You Money

Making extra payments toward your mortgage can significantly reduce how much interest you pay over time and help you become debt-free sooner.

Extra monthly payments

Even an extra $50–$200 per month can shorten your loan by years and save thousands in interest.

Extra yearly payments

Some homeowners use tax refunds or bonuses to make one extra payment each year.

One-time lump-sum payments

Large payments from savings or selling assets can quickly reduce your balance and long-term interest costs.

The calculator shows how your payoff date and total interest change when you add extra payments.

Important Limitations of This Calculator

This mortgage calculator provides estimates for educational purposes only. Actual loan terms, taxes, insurance costs, and PMI rates may vary by lender, location, credit score, and loan program.

Results should not be considered loan offers or financial advice. Always confirm details with a qualified mortgage lender before making borrowing decisions.

Borrowing Responsibly

Qualifying for a loan amount does not always mean it fits your budget. When choosing a mortgage, consider:

• Your total monthly expenses
• Emergency savings
• Job stability and future income
• Long-term goals like retirement and education

Choosing a comfortable payment today can help prevent financial stress in the future.

Mortgage Calculator FAQs