Mortgage Calculator: Estimate Your Monthly Payment

Our mortgage calculator projects your monthly payment based on purchase price, down payment, loan term, interest rate, homeowner's insurance, property tax, and more. Adjust each item to see how it affects your payment — no personal information required.

Mortgage Calculator

ZIP: —

Home Price Down Payment

Loan Type / Term Interest Rate (APR %) Editable (auto suggestion uses credit score) ZIP Code Optional Credit Score Affects rate + PMI estimate Property Tax (monthly) Homeowner's Insurance (monthly) HOA Fees (monthly) Optional PMI (monthly)

Auto uses LTV + credit score (estimate)

Estimated monthly payment

$0.00

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Amortization Schedule —

Month	Payment	Principal	Interest	Balance

Estimates only. Actual rates, taxes, insurance, and PMI vary by lender and location.

Mortgage Payment Breakdown

Monthly mortgage payments consist of various components beyond just the principal and interest. Here are the key pieces that make up your total payment:

Principal Loan

The amount borrowed from the lender, separate from interest. With each mortgage payment, the principal decreases as you build equity in your home.

Interest

The cost of borrowing money. Your lender charges an annual percentage based on current rate trends and your creditworthiness, paid as part of each monthly payment.

Homeowner's Insurance

An insurance policy covering damage or loss due to fire, theft, and harsh weather. The annual premium is broken down into monthly payments.

Property Taxes

Tax paid on your home and land, assessed annually based on property value. Many homeowners roll this into their monthly mortgage — 1/12th of the annual bill each month.

Mortgage Insurance (PMI)

Required if your down payment is less than 20%. Protects the lender if you default. Can be cancelled once your equity reaches 20% of the home's value.

HOA Fees

If you belong to a homeowner's association, co-op, or condo, monthly dues are paid directly. Not rolled into the mortgage but still a monthly cost to account for.

How to Use Our Mortgage Calculator

Enter Your Loan Details

Home Price: Enter the home's purchase price or current market value if refinancing.
Down Payment: Enter the amount of cash you're paying upfront.
Period: Choose your loan type and term (5/1 ARM Variable, 15-year fixed, or 30-year fixed).
Rate: Enter the annual interest rate. Check our daily rates page for current rates.

Advanced Options

Zip Code: Enter the zip code of the house you're buying or refinancing.
Credit Score: Choose a range that best represents your current credit score.
Property Tax: Enter your monthly property tax amount (annual amount divided by 12).
Homeowner's Insurance: Enter your monthly insurance premium.
HOA Fees (optional): Enter your monthly HOA fees if applicable.

The Underlying Formula

Monthly Payment Calculation

M = P [ r(1+r)^n / ((1+r)^n - 1) ]

MTotal monthly payment

PPrincipal loan amount

rMonthly interest rate

nNumber of payments

The Benefits of Using a Mortgage Calculator

Buying a home is likely the biggest purchase you'll ever make. It's important to make sure you're making the right decision at every step — including setting an attainable budget and a plan for financing the purchase.

A mortgage calculator breaks down payments by month, helping you determine exactly what priced home you can afford. The calculator takes all aspects into account — principal, interest, property tax, insurance, and more.

You can also try our amortization schedule calculator to see how the total breaks down in terms of principal and interest per month.