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Mortgage calculator — know your number.
See what a home would really cost each month. Pick a loan program, change the price or down payment, and the numbers update as you type, starting from today's average rate.
Payoff
How the loan pays down
…
- With extra payments
- Scheduled payments only
Year-by-year table
| Year | Principal | Interest | Balance |
|---|
Plain English
How this calculator works
Principal and interest
This is the part of the payment that goes to the loan itself. The bank spreads the loan out over the term you pick and charges interest on what you still owe. Early on, most of each payment is interest. Later, most of it is principal.
Property tax and insurance
Lenders usually collect these with your payment and hold them in an escrow account, then pay the bills for you. Taxes vary a lot by town, so if you know the number for a specific home, type it in.
Mortgage insurance (PMI)
If you put down less than 20% on a conventional loan, you pay mortgage insurance until you owe 78% of the price. The cost depends on your down payment and your credit score, which is why we ask for both. FHA and USDA loans have their own insurance rules, and VA loans have none.
HOA dues
Condos and some neighborhoods charge monthly dues. They are not part of the loan, but they are part of what you pay every month, so we include them.
Extra payments
Anything extra you pay goes straight to the loan balance. Even a small amount each month can cut years off the loan and save a lot of interest. The schedule above shows exactly how much.
Loan programs
Conventional loans are the everyday choice and drop mortgage insurance once you have 20% equity. FHA loans allow lower scores and 3.5% down but keep their insurance longer. VA loans are for veterans and service members, with no down payment and no monthly insurance. USDA loans cover eligible rural areas with no down payment. We will tell you which one fits.
FAQ
Frequently asked questions
How much house can I afford?
A common guideline is to keep your total housing payment, including taxes and insurance, at or under about 28% of your gross monthly income, with all debts under about 36% to 43%. Try different prices above until the monthly payment fits your budget, then talk to us to confirm what you qualify for.
What is included in a monthly mortgage payment?
Principal, interest, property tax, and home insurance. Many people call these the four parts of a payment. Mortgage insurance is added when the down payment is under 20%, and HOA dues apply to condos and some communities.
Does a bigger down payment lower my payment?
Yes, in two ways. You borrow less, so the principal and interest drop, and once you reach 20% down you avoid mortgage insurance. Try 5%, 10%, and 20% above to see the difference.
Is a 15-year loan better than a 30-year loan?
A 15-year loan has a higher monthly payment but far less total interest, and the rate is usually a bit lower. A 30-year loan keeps the payment lower and leaves more room in your budget. Many buyers take the 30-year loan and make extra payments when they can.
Are these numbers a quote?
No. This is an estimate for planning. Your actual rate and payment depend on your credit, the loan program, and the property. We can give you a real quote in about a day. Just tell us about the home you have in mind.
Should I choose FHA or conventional?
FHA is often the better fit with a score under 680 or a small down payment, because its insurance cost does not rise with a lower score. Conventional usually wins with a strong score and 10% or more down, because its insurance is cheaper and ends on its own. Switch the program above and compare the two monthly payments.
Ready for the real thing?
Two minutes of basics and a licensed loan officer prices your actual scenario.