Mortgage Calculator
Use our home loan calculator to estimate your mortgage payment, with taxes and insurance. Simply enter the price of the home, your down payment, and details about the home loan to calculate your mortgage payment breakdown, schedule, and more.
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Mortgage Calculator Help
Our mortgage payments calculator can help you quickly estimate the monthly mortgage payments for your new home, including taxes, insurance and PMI. Here’s the info you’ll need to enter into the mortgage calculator:.
Home Price
Enter the purchase price of the home you want to buy. You can also enter the amount that you think you will offer.
Down Payment
Most home loans require a down payment of at least 3%. A higher down payment will lower your monthly payment.
Loan Program
Your loan program can affect your interest rate and monthly payments. Choose from 30-year fixed, 15-year fixed, and 5/1 ARM in the calculator.
Interest Rate
This is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.
Property Tax
The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.
Home Insurance
Home insurance or homeowners insurance is typically required by lenders. You can edit this number in the mortgage calculator advanced options.
HOA Dues
In the loan calculator advanced options, you can also add any HOA dues you expect to pay each month.
More Ways to Use Our Mortgage Calculator
A mortgage payment calculator is a powerful real estate tool that can help you do more than just estimate your monthly payments. Here are some additional ways to use our mortgage calculator:
Calculate Different Scenarios
Considering what to offer on a new home? Use our mortgage calculator to estimate and compare the monthly payments for different offer scenarios. Change the home price in the loan calculator to see if going under or above the asking price still fits within your budget. If you’re looking to see what you can afford to spend on a new home, try our affordability calculator.
You can also use our mortgage payment calculator to see the impact of making a higher down payment. A higher down payment will lower your monthly payments, not only because it reduces the amount of money you borrow, but it can sometimes help you qualify for a lower interest rate. In some cases, a down payment of at least 20% of the home’s purchase price can help you avoid paying private mortgage insurance (PMI).
See Where Your Money Is Going
A monthly mortgage payment is made up of a number of different costs, and our mortgage calculator’s payment breakdown can show you exactly where your estimated payment will go: Principal and interest (P&I), homeowners insurance, property taxes, and private mortgage insurance (PMI).
Click “Schedule” to see an interactive graph showing the principal and interest paid (as well as the remaining balance) for each month. Click “Full Report” for an even more in-depth look at the estimated cost of a home loan. Similar to our amortization calculator, it will show you a comprehensive breakdown of the estimated payment, the total interest paid over the life of the loan, and a full mortgage payment amortization calculation broken down by month so you can see the total amount of interest included with every payment.
Estimate the Cost of Different Loan Types
The type of loan you use to finance a new home can make an impact on your monthly mortgage payment. Use our mortgage payment calculator to estimate and compare the cost of a 30-year fixed rate mortgage, a 15-year fixed, or a 5/1 ARM. Simply select your desired loan type under “Loan program” and the payment will automatically change to incorporate the average interest rate and term for that loan type.
In general, the 30-year fixed will have the lowest payment amount, but the highest interest rate. The 15-year fixed will have a higher payment amount, but you’ll pay the loan off faster and pay less interest over the life of the loan. The interest rate for 5/1 ARM loans is usually much lower than a fixed rate. However, the rate can change every year once the initial fixed period ends, which can increase your monthly payment. If you're considering an ARM, make sure you understand how much your payments could increase.
