Mortgage Calculator

Estimate your monthly payment

Enter a home price, your down payment, and an interest rate. We’ll show your full monthly payment, including taxes and insurance, plus how much interest the loan costs over time and how fast you’d pay it off.

Your payment has several parts
Each month you repay part of the loan (principal), pay the lender’s charge for borrowing (interest), and set aside property tax and home insurance. Together these are called . HOA dues and mortgage insurance get added when they apply.
Early payments are mostly interest
Interest is charged on what you still owe, so in the first years most of each payment goes to interest and only a little reduces the loan. That gradual shift is called , and it’s why extra payments early on save so much.
Down payment and rate drive the cost
A bigger down payment means a smaller loan. Under 20% down, most lenders add . A lower rate or a shorter loan cuts the total interest, though a shorter loan raises the monthly payment.

The tax, insurance, and PMI defaults are slightly cautious US figures. Once you have a lender quote, check them against your Loan Estimate, the standard form that lists your real payment and costs.

RATE TYPE

LOAN LENGTH (YRS)

The home and the loan

The price you expect to pay, the cash you'll put down, and your interest rate. The rest of the price is what you borrow.

Home price

Down payment ($ or %)

Interest rate

Ongoing home costs

Bills that come with owning, on top of the loan. Defaults are rough US figures; a home's listing usually shows its real property tax and HOA dues.

Property tax

% / yr

Home insurance

$/ yr

HOA dues

$/ mo

Pay it off faster (optional)

Leave at $0 to see the standard schedule. Any amount here goes straight to paying down the loan.

Extra payment

$/ mo

Estimated monthly payment

$3,504

Loan payment (principal + interest)

$2,781

Property tax

$573

Home insurance

$150

Monthly payment · $3,504

Loan amount

$440,000

price minus 20.0% down

Total interest

$561,196

127.5% on top of the loan

Total repaid

$1,001,196

loan plus all interest

Paid off in

30yr 0mo

360 monthly payments

Income to afford it

$150,172

yearly pre-tax, at the 28% guideline

What this means

Borrowing $440,000 for the $550,000 home, you’d pay about $3,504 a month. $2,781 of that repays the loan with interest; the rest covers property tax, insurance. Early on, about 86% of each loan payment is interest, which is why the loan costs $561,196 in interest over 30 yr.

Your lender’s Loan Estimate shows the exact payment. Tax and insurance are often collected with the loan payment through an , and both can change from year to year.

What would lower your payment

Put $27,500 more down (5% of the price)−$174/mo

Get a 6% rate instead of 6.5%−$143/mo

Loan payment (principal + interest) Interest portion

The gap between the two lines is principal: the part of each payment that pays down the loan and builds your equity. Early payments are mostly interest; over time more goes to principal. Hover the chart to see exact values.

Results are estimates based on your inputs and the assumptions on this page, not quotes or advice. A lender, servicer, or tax advisor will give you different numbers. Disclaimer

Something look off? Report it

Terms used on this page

The parts of a monthly payment, and the loan terms the calculator above uses.

Principal and interest: The loan part of your monthly payment. Principal pays down what you borrowed; interest is the lender’s charge for lending it.
PITI: Principal, interest, taxes, and insurance: the four parts of a typical monthly mortgage payment. HOA dues and PMI get added when they apply. More
Down payment: The part of the price you pay in cash upfront. The rest is your loan. Closing costs are a separate, additional cash expense.
PMI (private mortgage insurance): A monthly charge lenders add when you put down less than 20%. It protects the lender if you stop paying, and can usually be removed once you owe less than 80% of the home’s value. More
Amortization: How a loan is paid off with equal monthly payments. Early payments are mostly interest; later ones are mostly principal. An amortization schedule shows that split over time.
Loan term: How many years you have to repay the loan. Longer terms mean smaller monthly payments but much more interest paid overall.
ARM (adjustable-rate mortgage): A loan with a fixed rate for the first few years that then changes with the market. A 5/1 ARM is fixed for 5 years, then can adjust once a year. More
Rate caps: Limits on how far an ARM’s rate can move: at the first change, at each later change, and over the life of the loan. Often written as three numbers, like 2/1/5.
Escrow account: An account your loan servicer uses to collect property tax and insurance with your monthly payment, then pay those bills for you when they’re due. More
Equity: The part of the home you own outright: its value minus what you still owe. It grows as you pay down the loan and as the home rises in value.

Keep learning

Next steps

Affordability calculator: find a price that fits your income
Closing cost estimator: cash you’ll need beyond the down payment
15 vs 30 year: compare loan lengths side by side
Payoff goal: the extra payment to be done by a target date