Mortgage Calculator: Estimate Your Monthly Payment
Use this free mortgage calculator to estimate your monthly mortgage payment, including property tax and home insurance, and see your full amortization schedule.
Where your money goes
Year-by-year breakdown
Amortization schedule
| Year | Principal | Interest | Balance |
|---|
How to use this mortgage calculator
- Enter the home price and your down payment, as an amount or a percentage.
- Add the interest rate and choose a loan term.
- Add yearly property tax and home insurance to see your full monthly cost.
- Optionally enter an extra monthly payment to see how much interest you save.
What is a mortgage calculator?
A mortgage calculator estimates your monthly home loan payment from the price of the home, your down payment, the interest rate and the loan term. It helps you see what you can afford before you talk to a lender. For other kinds of borrowing, try our loan calculator, or visit our home page for more free tools.
Mortgage calculator formula
For a fixed rate mortgage loan, the monthly principal and interest payment is found with this formula, where P is the loan amount, r is the monthly interest rate and n is the number of monthly payments.
Property tax and insurance are then added to get the total monthly cost. For free guidance on choosing a home loan, see the Consumer Financial Protection Bureau’s home buying guide.
Mortgage calculator example
The loan
A $300,000 home with $60,000 down (20%) at 6.5% over 30 years means a $240,000 loan.
The payment
Principal and interest come to about $1,517 a month, or $1,867 with $3,000 yearly tax and $1,200 yearly insurance.
With extra payments
Adding $200 a month pays the loan off in about 21 years 10 months and saves roughly $96,000 in interest.
Tips to lower your mortgage payment
Save a bigger down payment
A larger down payment lowers the loan amount, so both the payment and the total interest drop.
Compare interest rates
Even a small difference in rate changes the payment. Get quotes from several lenders and test each one.
Try a shorter term
A 15-year loan has a higher payment than a 30-year loan but far less total interest.
Make extra payments
Adding even a modest amount each month can save a large amount of interest over the loan.
Mortgage calculator FAQ
What is included in a mortgage payment?
A typical mortgage payment covers principal (the amount borrowed), interest, property tax and home insurance, often called PITI. This mortgage calculator shows the principal and interest payment on its own and the total with tax and insurance added.
How much house can I afford?
A common guideline is to keep your total housing cost at about 28% of your gross monthly income, and all debts at about 36%. Lenders look at your own situation, so use this as a rough starting point only.
Do extra payments really save money?
Yes. Extra payments go straight to the principal, which cuts the interest you pay and shortens the loan. Enter an extra monthly amount in the mortgage calculator to see the interest saved and the new payoff time.
Is this mortgage calculator accurate?
It uses the standard mortgage formula, so the principal and interest figure is accurate for a fixed rate loan. It does not include private mortgage insurance, HOA fees, closing costs or rate changes on an adjustable loan.
This mortgage calculator gives estimates for general information only and is not financial advice. Your lender’s figures may differ, so confirm the details with a qualified professional.