Mortgage Calculator
Estimate monthly payment, taxes, insurance & PMI
Mortgage Calculator: Calculate Your Monthly Home Loan Payments Easily
Buying a home is one of the biggest financial decisions most people make. Whether you're purchasing your first house, refinancing an existing loan, or comparing mortgage options, this free Mortgage Calculator helps you estimate your monthly mortgage payments quickly and accurately.
Our advanced mortgage payment calculator allows you to calculate principal, interest, property taxes, homeowners insurance, and PMI (Private Mortgage Insurance). It gives a complete breakdown of your home loan costs so you can better understand your financial commitment before applying for a mortgage.
This calculator is designed for home buyers, real estate investors, real estate agents, mortgage brokers, financial planners, and anyone who wants to estimate housing expenses with confidence.
Quick answer: on a $350,000 home with $70,000 down (20%), a 4.5% rate and a 30-year term, the loan is $280,000 and the monthly principal and interest payment is about $1,418.72. Adding $3,500 a year in property tax and $1,200 a year in insurance brings the monthly total to about $1,810.39.
What Is a Mortgage?
A mortgage is a type of loan used to buy real estate or property. In a mortgage agreement, a lender provides money to help you purchase a home, and you repay the loan over time with interest through monthly payments.
A mortgage typically includes the principal, the original amount borrowed, and the interest, the cost of borrowing money. Many monthly payments also cover property taxes, which are government taxes on real estate, homeowners insurance, which covers the property, and PMI (Private Mortgage Insurance), which is additional insurance required for low down payments. Most mortgages are repaid over long periods such as 15, 20, or 30 years.
How Does This Mortgage Calculator Work?
This mortgage calculator uses standard amortization formulas to estimate your monthly mortgage payment based on the home price, down payment, interest rate, loan term, property taxes, insurance costs and PMI rate. The calculator instantly updates payment estimates and provides a detailed mortgage cost breakdown. The mortgage formula used is:
Where M is the monthly mortgage payment, P is the loan amount, r is the monthly interest rate (the annual rate divided by 12) and n is the total number of payments. This formula calculates fixed monthly mortgage payments over the life of the loan. For a full payment-by-payment breakdown of a loan, use the amortization calculator.
15, 20 or 30 Years: Comparing Loan Terms
The loan term has a large effect on the cost of a mortgage. This table uses the same $280,000 loan at 4.5% and shows the principal and interest only. The 15-year loan costs about $723 more per month than the 30-year loan, but saves $125,182 in interest.
| Loan term | Monthly principal & interest | Total interest | Total repaid |
|---|---|---|---|
| 15 years | $2,141.98 | $105,557 | $385,557 |
| 20 years | $1,771.42 | $145,140 | $425,140 |
| 30 years | $1,418.72 | $230,739 | $510,739 |
PMI and Your Down Payment
PMI is usually required when your down payment is less than 20% of the home price. In this calculator it is turned on with the "Include Tax, Insurance & PMI" switch and is charged as a yearly percentage of the loan, then stops when your balance reaches 80% of the home price. On the same $350,000 home with only 5% down, the loan is $332,500, and PMI at 0.5% adds about $138.54 a month for roughly 8.3 years. To see how different down payments change the loan, try the down payment calculator.
What Total Cost Includes
Total cost adds up everything you pay over the life of the loan: the loan amount, all the interest, property taxes, insurance and PMI when they are included. It does not include your down payment, closing costs, maintenance or HOA fees, so always factor in those hidden costs too. Results are estimates for planning, and your lender's figures may differ. For other types of borrowing, see the loan calculator, or use the refinance calculator if you are thinking about replacing an existing mortgage.
Why Use a Mortgage Calculator?
A mortgage calculator helps you estimate affordability before buying a home, compare loan options easily, understand long-term interest costs, plan your monthly budget, determine ideal down payments, avoid financial surprises and estimate total home ownership expenses.
Mortgage Tips for Home Buyers
Increase your down payment. A larger down payment reduces your monthly payments and total interest costs. Compare interest rates. Even a small interest rate difference can save thousands over time. Choose the right loan term. Shorter loan terms cost less overall but have higher monthly payments. Avoid PMI when possible. Putting down at least 20% can help eliminate PMI costs. Include hidden costs. Always factor in taxes, insurance, maintenance, and HOA fees.
Who Can Use This Mortgage Calculator?
First-time home buyers, real estate investors, mortgage lenders, property buyers, realtors and agents, financial advisors, homeowners refinancing loans, and people comparing loan options.
How to Use the Mortgage Calculator
Enter Home Price
Input the total purchase price of the property.
Add Down Payment
Enter how much money you plan to pay upfront.
Enter Interest Rate
Add your mortgage interest rate offered by the lender.
Select Loan Term
Choose your mortgage duration, such as 15 or 30 years.
Add Optional Costs
Enable taxes, insurance, and PMI for a more accurate estimate.
Click Calculate
See your monthly payment, total loan amount, total interest paid, overall mortgage cost and the principal vs interest chart.