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🏠 Mortgage Calculator
Calculate your monthly payment and see how much you can save
Calculate your monthly payment and see how much you can save
Buying a home is one of the largest financial decisions most people make. A mortgage calculator helps you estimate your monthly mortgage payment based on the home price, loan amount, interest rate, and loan term.
This calculator is designed for homeowners and buyers who want a quick, clear estimate of what a mortgage may cost before speaking with a lender or real estate professional. It’s especially useful for comparing different loan scenarios, understanding how interest rates affect payments, and planning a household budget.
All results are estimates for educational and planning purposes.
Loan Amount: $0
Total Interest Paid: $0
Total Cost: $0
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This mortgage calculator estimates your monthly payment using standard loan amortization formulas. Your payment is primarily influenced by four factors:
The calculated payment typically includes principal and interest only. Property taxes, homeowners insurance, HOA fees, and private mortgage insurance (PMI) are not included unless specifically noted.
Because real mortgage costs vary by lender and location, this tool should be used as a planning estimate, not a loan quote.
A mortgage calculator can be helpful in many situations, including:
If you’re also planning for long-term finances, pairing this tool with a retirement savings calculator can help balance housing costs with future goals.
While monthly payments matter for budgeting, it’s also important to understand the total cost of the loan over time.
Longer loan terms often have:
Longer loan terms often have:
This calculator helps you visualize those tradeoffs so you can make informed decisions.
This calculator provides estimates based on the information you enter. Actual mortgage payments may vary depending on lender fees, taxes, insurance, and loan terms.
No. This calculator estimates principal and interest only unless otherwise stated. Property taxes and insurance vary by location and lender.
Yes. You can enter your remaining loan balance, interest rate, and term to estimate new payments when comparing refinance scenarios.
This tool is for educational and planning purposes. Always consult a qualified mortgage professional for loan-specific advice.
Even small changes in interest rate can significantly impact monthly payments and total interest paid over time. Try adjusting the rate to see the difference.
Most mortgage payments include four main components, often called PITI:
Private Mortgage Insurance (PMI) is required when you put down less than 20% on a conventional loan. It typically costs 0.5-1% of the loan amount annually and protects the lender if you default. Once you reach 20% equity, you can request to remove PMI.
50-Year Mortgage:
30-Year Mortgage:
15-Year Mortgage:
Making even small extra payments toward your principal can save you tens of thousands of dollars in interest and shorten your loan term by years. For example, on a $300,000 loan at 6.5% for 30 years:
Your credit score significantly impacts your interest rate:
Beyond your mortgage payment, budget for:
Educational Purposes Only: This calculator provides estimates and should not be considered financial advice. Actual mortgage terms vary by lender, credit history, and location. Consult with licensed mortgage professionals and financial advisors.
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