Mortgage Calculator
Estimate your monthly mortgage payment — principal, interest, taxes and insurance included.
| Principal & Interest | — |
| Property Taxes | — |
| Homeowners Insurance | — |
| Total Monthly | — |
| Loan Amount | — |
| Total Interest Paid | — |
| Total Cost of Home | — |
How This Mortgage Calculator Works
We use the standard fixed-rate amortization formula. Your loan amount is the home price minus your down payment. The monthly principal & interest payment is fixed for the life of the loan; property taxes and insurance are estimated annually and divided by 12.
Tips to Lower Your Monthly Payment
- Increase your down payment. Putting 20% down also avoids PMI (private mortgage insurance).
- Shop the interest rate. Even 0.25% lower can save tens of thousands over 30 years. Compare at least 3 lenders.
- Consider a shorter term if you can afford a higher payment — 15-year loans carry lower rates and far less total interest.
What's Included vs. Not Included
This calculator includes principal, interest, property taxes and homeowners insurance. It does not include PMI, HOA fees, or closing costs. If your down payment is under 20%, budget an extra 0.5%–1.5% of the loan amount per year for PMI.
FAQ
What is the 28/36 rule?
Lenders generally want your housing costs below 28% of gross monthly income, and all debts below 36%. Our Home Affordability Calculator applies this rule for you.
Should I refinance?
If current market rates are at least 0.75%–1% below your rate and you plan to stay in the home past the break-even point, refinancing may save money. Check our Refinance Calculator.