A mortgage calculator estimates your monthly mortgage payment based on your home price, down payment, loan term, and interest rate.
The purchase price of the home, or your home's current value if you're refinancing.
The amount you pay upfront in cash. Below 20% typically requires private mortgage insurance (PMI).
20.0% down · no PMI required
Credit score range and ZIP code help generate a more accurate interest rate estimate, along with local tax and insurance figures for your area.
Shorter terms carry higher monthly payments but less total interest.
The annual cost of borrowing, expressed as a percentage of your loan amount.
HOA fees may apply for a condo or planned community, though they're usually billed separately.
A $320,000 loan over 30 years at 6.5%, based on a $400,000 home in 10001.
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These results are estimates, not predictions. They're calculated from the figures you entered and assume your rate of return and inflation rate hold steady every year, which real markets don't do. Change any input and the result changes. Use this to compare scenarios, not to plan around a specific number.
How your remaining balance falls while cumulative principal and interest build up over the life of the loan.
Enter your home price, down payment, credit score range, ZIP code, loan term, and interest rate. The calculator shows your estimated monthly payment, broken into principal and interest, taxes, insurance, and any HOA fees or PMI that apply.
Home price is the purchase price of the home, or your home's current value if you're refinancing.
Down payment is the amount you pay upfront in cash. Down payments below 20% typically require private mortgage insurance, or PMI.
Credit score range and ZIP code help generate a more accurate interest rate estimate, along with local tax and insurance figures for your area.
Loan term is the number of years you have to repay the loan, commonly 10, 15, 20, or 30 years. Shorter terms carry higher monthly payments but less total interest.
Interest rate is the annual cost of borrowing, expressed as a percentage of your loan amount.
Lenders refer to your full monthly housing payment as PITI: principal, interest, taxes, and insurance. Property taxes are charged by your local government based on your home's assessed value. Homeowners insurance is typically required by your lender to protect against fire, theft, and storm damage. If your down payment is below 20%, PMI is added on top of PITI, generally costing 0.46% to 1.50% of your loan amount annually. HOA fees may also apply for a condo or planned community, though they're usually billed separately rather than folded into your mortgage payment.
Lenders use a standard amortization formula to spread your principal and interest evenly across the life of the loan: M = P × [r(1 + r)^n / ((1 + r)^n − 1)], where P is your loan amount, r is your monthly interest rate, and n is your total number of payments.
A common guideline for how much home you can afford is the 28/36 rule: your mortgage payment shouldn't exceed 28% of your gross monthly income, and your total debt payments, including the mortgage, shouldn't exceed 36%. For example, someone earning $60,000 a year, or $5,000 a month, would keep their mortgage payment at or below $1,400 under this guideline.
Even if your monthly payment feels comfortable, lenders also look at your full debt-to-income ratio, which typically needs to stay at or below 36% to 43% to qualify. A small increase in interest rate can meaningfully change what home price fits your budget, and adding even a modest extra payment each month can shorten your payoff timeline.
A fiduciary financial advisor can help you decide how a mortgage payment fits into your broader budget and long-term financial goals, including retirement savings and other debt. Matching with an advisor is free and comes with no pressure to commit.
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