Formula used
How to use the Mortgage Calculator
- Enter the purchase price of the home.
- Type your planned down payment in dollars.
- Add the quoted interest rate and the loan term.
- Fill in annual property tax, home insurance and monthly HOA dues.
- Review the total monthly payment and the amortization breakdown.
About this tool
The Mortgage Calculator is built for speed and accuracy: every calculation runs in your browser, so your data never leaves your device and the result updates as you type. It works equally well on a phone, a tablet or a desktop, and it is free to use as many times as you like.
Common use cases
- Budgeting the true monthly cost before making an offer.
- Comparing a 15-year against a 30-year mortgage.
- Checking how a bigger down payment lowers the monthly payment.
- Estimating whether refinancing at a lower rate saves money.
Tips for the best result
- Use the latest figures you have - even a small change in rate or term can shift the outcome by hundreds.
- For annual figures, divide by 12 to get a monthly number you can compare with the result.
- Bookmark this page and revisit the calculation as the inputs change.
Frequently asked questions
Is PMI included in the payment?
No. Conventional loans usually require private mortgage insurance when the down payment is under 20%. It typically costs 0.3% - 1.5% of the loan balance per year, so add it manually to see the full payment.
How much house can I afford?
A common rule is that the total housing payment should stay below 28% of gross monthly income, and total debt payments below 36%. Test a few prices in the calculator and compare against your own paycheck.
Are property taxes and insurance exact?
They are estimates you provide. Check your county assessor and insurance quote for exact amounts; escrow payments usually change once a year.