Mortgage Calculator
Estimate your monthly mortgage payment, including principal, interest, taxes, and insurance.
HOW TO USE THIS TOOL
Three steps to estimate your mortgage
Enter your numbers
Add the home price and your expected down payment to estimate the amount you need to borrow.
Set rate and term
Enter your estimated mortgage interest rate and loan term. Compare different scenarios to see how they affect your payment.
Review your payment
Explore your estimated monthly payment, including principal, interest, property taxes, insurance, and PMI when applicable.
Estimate Your Monthly Mortgage Payment
Use the Mortgage Calculator to estimate your monthly home payment based on the purchase price, down payment, interest rate, loan term, property taxes, homeowners insurance, and PMI.
Adjust the numbers to see how changes in your loan amount, interest rate, down payment, and other housing costs can affect your estimated monthly payment.
What Does a Mortgage Payment Include?
A typical monthly mortgage payment can include several costs:
- Principal: The amount of your payment that goes toward paying down the loan balance.
- Interest: The cost of borrowing money from your mortgage lender.
- Property taxes: Local taxes charged on the property.
- Homeowners insurance: Insurance that helps protect your home and property.
- PMI: Private mortgage insurance that may be required depending on your loan and down payment.
Your actual monthly housing cost may also include HOA fees, flood insurance, or other property-related expenses that are not included in every mortgage calculation.
How to Use the Mortgage Calculator
Enter your estimated home price, down payment, mortgage interest rate, and loan term. Then add estimated property taxes, homeowners insurance, and PMI when applicable. The calculator can help you compare different scenarios before you shop for a home or speak with a lender.
How Much House Can You Afford?
Your estimated mortgage payment is only one part of determining whether a home fits your budget. Income, debts, down payment, taxes, insurance, interest rates, and other monthly expenses can all affect home affordability.
For a broader estimate of how much home you may be able to afford, use the Affordability Calculator.
Mortgage Calculator vs. Amortization Calculator
A mortgage calculator helps estimate your monthly housing payment. An amortization calculator shows how those payments are divided between principal and interest over the life of the loan.
Use the Amortization Calculator to see how your loan balance may change over time.
Frequently asked questions
How is a mortgage payment calculated?
A mortgage payment is generally calculated using the loan amount, interest rate, and loan term. Depending on the calculator, the estimated payment may also include property taxes, homeowners insurance, and private mortgage insurance.
Does a mortgage calculator include property taxes and insurance?
A mortgage calculator can include estimated property taxes and homeowners insurance when those costs are entered into the calculator. Actual costs vary by property and location.
Does a mortgage calculator include PMI?
PMI can be included when applicable. Private mortgage insurance requirements depend on factors such as the loan type and down payment.
How does the down payment affect my mortgage payment?
A larger down payment generally reduces the amount borrowed, which can reduce the principal and interest portion of the monthly payment. It may also affect whether PMI is required.
Is the mortgage calculator an exact payment estimate?
No. The calculator provides an estimate based on the information entered. Your actual mortgage payment may differ because of lender terms, taxes, insurance, fees, rate changes, and other costs.
KEEL PLANNING
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