Mortgage Calculator - Estimate Your Monthly Payment

What this mortgage calculator estimates

This calculator estimates a fixed-rate mortgage payment from the loan amount, interest rate, and term. It also shows how much of the payment goes to principal and interest, and optionally adds property tax, home insurance, PMI, and HOA fees. The results are estimates for planning, not a lender quote or financial advice.

How to use the mortgage calculator

1. Enter the home price and down payment. The loan amount is the difference between the two. The down payment percentage appears below the field.
2. Add the interest rate and term. Use the annual rate your lender quoted. Common terms are 15 and 30 years.
3. Add optional costs. Property tax and insurance are usually collected monthly in an escrow account. Add PMI if your down payment is below 20%, and HOA fees if they apply.
4. Review the results. The main figure is the estimated monthly payment. The table below shows how the balance falls over time.

Tips for reading the result

• A lower interest rate or a longer term reduces the monthly payment, but a longer term usually increases total interest.
• Property tax and insurance are estimates. Your lender may collect different amounts based on the property and location.
• Closing costs, HOA transfer fees, and mortgage insurance rules are not included unless you enter them.
• Compare the total interest figure, not only the monthly payment, when choosing between loan offers.

When to use it

Use this calculator to compare mortgage scenarios, test a larger down payment, or see how extra monthly costs affect a budget. For an official figure, request a Loan Estimate from a lender.