🏡 Mortgage Calculator
Enter the home price, down payment, interest rate, term, property tax, and insurance to estimate your full monthly payment, the loan amount, total interest, and total of payments.
💰 Price, Rate & Term
What is a Mortgage Calculator?
It models a home loan end to end: it subtracts your down payment to find the amount you actually finance, amortizes that over your chosen term and rate to produce a level principal-and-interest payment, then layers on the monthly share of property tax and homeowners insurance for a true PITI total. It also totals the interest you'll pay and the full cost of the loan over its lifetime.
Use it to set a budget before you tour homes, test how a bigger down payment or shorter term changes the numbers, or sanity-check a lender's quote. The results are estimates for planning — your approved rate, PMI, and closing costs will shift the final figures.
❓ Frequently Asked Questions
How is the monthly mortgage payment calculated?
Principal and interest use the standard amortization formula: the financed amount (home price minus your down payment) is spread over the term at a fixed monthly rate — the annual rate divided by 12. We then add one-twelfth of your annual property tax and homeowners insurance to produce a PITI-style monthly total, the figure most lenders quote.
What is PITI, and why does it matter?
PITI stands for principal, interest, taxes, and insurance — the four parts of a typical monthly housing payment. Lenders qualify you on the full PITI, not just principal and interest, so a home with high property taxes or insurance can cost far more per month than the loan payment alone suggests. This calculator shows both so you can budget for the real number.
How does the down payment change the cost?
A larger down payment reduces the amount you finance, which lowers both the monthly principal and interest and the total interest over the life of the loan. Putting at least 20% down also typically lets you avoid private mortgage insurance (PMI), which this calculator does not add — so your real payment could be higher with a small down payment.
Will my real mortgage payment match this estimate?
It should be close, but these are estimates for planning; verify with a lender. Your approved rate depends on credit, loan type, and points; PMI, HOA dues, flood insurance, and closing costs can all add to the figure. Use a lender's Loan Estimate for the binding numbers.