Estimate your monthly mortgage payments. See exactly how much you'll pay in principal, interest, taxes, and insurance.
Enter your loan details to calculate your mortgage.
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Our Mortgage Calculator computes your complete monthly housing cost, often referred to as PITI (Principal, Interest, Taxes, and Insurance). By entering the home price, down payment, loan term, and interest rate, you get an exact breakdown of what you will owe every month without giving away your personal contact details to lenders.
First-time homebuyers, real estate investors, and current homeowners looking to refinance should use this tool. It allows you to rapidly test different home prices and down payment scenarios to see what fits comfortably within your monthly budget.
Example Input
Home price: $400,000, Down payment: 20% ($80,000), Term: 30 years, Rate: 6.5%, Annual Property Tax: 1.2%, Home Insurance: $1,200/year.
Sample Output
Principal & Interest: $2,022.62, Property Taxes: $400.00, Insurance: $100.00. Total Monthly Payment (PITI): $2,522.62.
Example Input
Current loan: $320,000 at 6.5%, 27 years remaining. Refinance offer: 5.75%, $4,500 closing costs.
Sample Output
Monthly payment drops by $165. Break-even on closing costs in 27 months. Total interest savings over remaining term: $38,200.
Use this calculator when you are browsing real estate listings to understand the true cost of a property. It is also highly useful when comparing different mortgage terms, such as choosing between a 15-year and a 30-year fixed-rate mortgage to see how much interest you save.
The calculator uses the standard amortization formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1 ], where M is the monthly payment, P is the principal loan amount, i is your monthly interest rate, and n is the number of months. To get the most accurate output, ensure you lookup your specific county's property tax rate, as this drastically affects your total monthly payment.
A common mistake is forgetting that property taxes and insurance premiums can increase over the 30-year life of the loan. This calculator assumes a fixed interest rate and constant tax/insurance rates. It also does not factor in HOA (Homeowners Association) fees, which you must add manually to your budget.
A standard monthly mortgage payment includes Principal, Interest, Property Taxes, and Homeowners Insurance (often referred to as PITI). If your down payment is less than 20%, it may also include PMI (Private Mortgage Insurance).
The interest rate is the base cost of borrowing, while APR (Annual Percentage Rate) includes the interest rate plus lender fees, points, and other charges, giving you the true annual cost of the loan.
A common guideline is the 28/36 rule: spend no more than 28% of gross monthly income on housing costs and no more than 36% on total debt payments. Use our mortgage affordability calculator for a precise estimate.
Unlike most real estate websites, our mortgage calculator runs entirely on your device. We do not require your email address or phone number, which means you will not be harassed by mortgage brokers after checking a rate.
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