Mortgage Calculator
Quickly estimate your monthly mortgage payment including principal, interest, property taxes, and insurance. Use this calculator to understand affordability and compare loan options before buying a home.
Loan Details
Additional Costs
Monthly Payment
$2,064
Principal + Tax + Insurance
Annual Payment
$24,766
12 × Monthly payment
Total Cost
$742,979
Over 30 years
Total Monthly
$2,064
Estimate Monthly Payment
See exactly how much you'll pay each month based on your loan details.
Understand Total Interest
Discover how much extra you'll pay over the life of the loan.
Plan Your Budget
Adjust inputs to find a comfortable and affordable monthly payment.
How this mortgage calculator works
This mortgage calculator estimates your monthly home loan payment using standard amortization formulas. It takes into account your home price, down payment, interest rate, loan term, property taxes, and insurance.
What is included in your monthly payment?
- Principal: The amount you borrowed
- Interest: The cost of borrowing money
- Property taxes: Local taxes paid monthly
- Insurance: Homeowner's insurance cost
Why interest matters
Interest is often the largest hidden cost in a mortgage. Even a small change in your interest rate can significantly increase your total repayment over time.
Common Mortgage Scenarios
Buying your first home
Use the calculator to estimate what you can afford and how much down payment you need.
Comparing loan terms
Compare 15-year vs 30-year mortgages to balance monthly cost and total interest.
Adjusting down payment
See how increasing your down payment lowers your monthly payment and interest.
Planning monthly budget
Understand how taxes and insurance impact your real monthly cost.
Tips to lower your mortgage payment
- ✔ Increase your down payment to reduce loan amount
- ✔ Choose a longer loan term for lower monthly payments
- ✔ Improve your credit score to get better interest rates
- ✔ Compare multiple lenders before choosing a loan
Frequently Asked Questions
Your payment is calculated using loan amount, interest rate, and term. Taxes and insurance are added to get your total monthly cost.
It includes principal, interest, property taxes, and insurance. Some loans also include PMI.
Higher interest rates increase both your monthly payment and total loan cost significantly.
A 15-year loan has higher monthly payments but lower total interest. A 30-year loan is more affordable monthly but costs more long-term.
Typically, your mortgage should not exceed 28–30% of your monthly income, depending on your financial situation.
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