Finance Calculator
Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, and insurance.
Financial estimate notice
Finance calculator results are educational estimates and are not financial advice. Verify rates, fees, taxes, and assumptions with a qualified professional.
Enter Values
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The guide, formula, examples, and FAQ are available below.
How to Use This Calculator
Enter Home Price ($)
Type your home price ($) into the input field. For example: e.g., 350000. Minimum value: 0.
Enter Down Payment (%)
Type your down payment (%) into the input field. For example: e.g., 20. Minimum value: 0. Maximum value: 100.
Enter Loan Term (years)
Type your loan term (years) into the input field. For example: e.g., 30. Minimum value: 1. Maximum value: 50.
Enter Interest Rate (%)
Type your interest rate (%) into the input field. For example: e.g., 6.5. Minimum value: 0.
Enter Property Tax ($/year)
Type your property tax ($/year) into the input field. For example: e.g., 4200. Minimum value: 0.
Enter Home Insurance ($/year)
Type your home insurance ($/year) into the input field. For example: e.g., 1200. Minimum value: 0.
View Your Result
The result appears beside the calculator with the main answer and a detailed calculation breakdown.
Adjust and Explore
Change any input value and calculate again. Use the copy and share controls to save or send your result.
On this page
Formula
M = monthly principal and interest payment. P = loan principal (home price minus down payment). r = monthly interest rate (annual rate / 12). n = total number of payments (years × 12). Property tax and insurance are added separately.
Finance calculation note
Finance calculators use standard time-value-of-money and amortization formulas for education and planning.
Rates, fees, taxes, inflation, and investment returns can change. Verify assumptions before making financial decisions.
Source and review references
Last reviewed by the Calculator Trust Editorial Team. To report an issue, email contact [at] calculatortrust.com.
Common Examples
Understanding the Concept
Buying a home is one of the biggest financial decisions you will ever make. A mortgage calculator helps you understand exactly how much your monthly payments will be, so you can budget effectively and find a home within your price range.
Understanding Your Mortgage Payment
Your total monthly mortgage payment typically consists of four components, often called PITI:
- Principal: The portion that pays down your loan balance.
- Interest: The cost of borrowing money from the lender.
- Taxes: Property taxes assessed by your local government.
- Insurance: Homeowner's insurance to protect your property.
How Down Payment Affects Your Mortgage
A larger down payment reduces your loan amount, which lowers your monthly payment and the total interest paid over the life of the loan. Putting down at least 20% also helps you avoid Private Mortgage Insurance (PMI), which can add $100-300+ per month.
Fixed vs. Adjustable Rate Mortgages
A fixed-rate mortgage keeps your interest rate the same for the entire loan term, providing predictable payments. An adjustable-rate mortgage (ARM) starts with a lower rate that can change periodically, potentially increasing your payment in the future.
This calculator assumes a fixed-rate mortgage for straightforward planning.
Tips for Getting the Best Mortgage Rate
- Improve your credit score before applying.
- Shop around with multiple lenders and compare offers.
- Consider paying points to lower your interest rate if you plan to stay long-term.
- Make the largest down payment you can comfortably afford.
Frequently Asked Questions
How much house can I afford?
What is PMI and when do I need it?
Should I choose a 15-year or 30-year mortgage?
Are property taxes included in my mortgage payment?
How does the interest rate affect my total cost?
Learn More
Loan Payment Formula: Amortization, APR, and Total Cost Explained
Learn how loan payments are calculated, how amortization changes principal and interest over time, and how APR, term length, and extra payments affect total cost.
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Mortgage Affordability Guide: Payment, DTI, Down Payment, and Taxes
A practical guide to estimating mortgage affordability with principal, interest, taxes, insurance, down payment, debt-to-income ratio, and cash reserves.
Read ArticleWritten and reviewed by Calculator Trust Editorial Team
Our calculators are built using verified formulas from academic, government, and scientific sources. Content is fact-checked and reviewed for accuracy.Note: This calculator provides estimates for educational purposes only. Consult a qualified financial advisor for personalized advice.