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Calculate your monthly mortgage payment instantly. Enter your loan amount, interest rate, and loan term to see a detailed breakdown of principal, interest, taxes, and insurance.
Plan your financial future with our suite of mortgage calculators
Your monthly mortgage payment includes principal (the loan amount), interest (the cost of borrowing), property taxes, homeowners insurance, and potentially PMI (private mortgage insurance) if your down payment is less than 20%. Our calculator factors in all these components to give you an accurate estimate.
The main factors are: loan amount, interest rate, loan term (15, 20, or 30 years), down payment size, property taxes, homeowners insurance, and PMI if applicable. A lower interest rate or larger down payment will reduce your monthly payment.
A 15-year mortgage has higher monthly payments but lower total interest paid. A 30-year mortgage has lower monthly payments but more interest over time. Choose based on your budget and financial goals - our calculator lets you compare both scenarios.
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. PMI typically costs 0.5% to 1% of the loan amount annually and can be removed once you reach 20% equity.
A common guideline is that your monthly housing costs should not exceed 28% of your gross monthly income. Try our Affordability Calculator for a detailed analysis of how much home you can afford based on your income and debts.