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Mortgage Calculator
Use this free Mortgage Calculator to estimate monthly home loan payments with taxes and insurance. Simple, accurate, and easy to use online.
A mortgage is likely the biggest debt you will ever take on, and the Mortgage Calculator is designed to make that commitment transparent. It calculates your monthly payment based on the loan amount, interest rate, and term, while also estimating the impact of property taxes and insurance.
Navigating the mortgage market can be overwhelming. Lenders quote different rates, points, and terms. This tool allows you to standardize those offers and see exactly what each one costs you on a monthly basis and over the life of the loan.
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Understanding Your Mortgage with Our Calculator
A home is likely the most significant investment you will ever make. Our Mortgage Calculator is designed to take the mystery out of home financing. It breaks down your monthly payment into principal and interest, giving you a clear picture of what you can afford.
This tool is essential for first-time homebuyers, current homeowners looking to refinance, and real estate investors. By adjusting interest rates, down payments, and loan terms, you can simulate various scenarios to find the perfect mortgage strategy for your financial goals.
Key Features
Principal & Interest Split
See the breakdown of your monthly payment to understand where your money is going.
Loan Term Comparison
Compare the difference between 15-year and 30-year fixed mortgages instantly.
Total Cost Analysis
Calculate the total amount you will pay for your home after 30 years of interest.
Why Use This Calculator?
Budget with Confidence
Plan for the Future
Frequently Asked Questions
What is included in a mortgage payment?▼
A standard mortgage payment includes Principal (repayment of amount borrowed) and Interest. Most lenders also collect Property Taxes and Homeowners Insurance in escrow, which increases the total monthly cost.
Is a 15-year or 30-year mortgage better?▼
A 15-year mortgage has higher monthly payments but saves a massive amount in interest and builds equity faster. A 30-year mortgage offers lower monthly payments but costs much more in interest over time.
How much of a down payment do I need?▼
While 20% is the standard to avoid Private Mortgage Insurance (PMI), many loans allow for as little as 3% or 3.5% down. However, a larger down payment always results in a lower monthly cost.
When to Use This Calculator
Use the Mortgage Calculator when:
- House Hunting: "Can I afford that $400,000 house on my $80,000 salary?"
- Comparing Offers: "Is a 15-year loan at 4% better than a 30-year loan at 5%?"
Example Scenario
You want to buy a home for $300,000. You have a 20% down payment ($60,000). The loan amount is $240,000.
At a 6.5% interest rate over 30 years:
- Principal & Interest: ~$1,517/month
- Property Tax (est. 1.2%): ~$300/month
- Home Insurance (est.): ~$100/month
Your total monthly payment is roughly $1,917. Over 30 years, you will pay approximately $306,000 in interest alone—more than the original loan amount!