Mortgage Calculator

Use our mortgage calculator to estimate your monthly mortgage payment, interest, and loan term.

Mortgage Details

Home Price $350,000
$
Down Payment $70,000
$
Loan Term 30 years
years
Interest Rate 4.5%
%

Additional Costs (Annual)

Property Tax
Property Tax Rate 1.2%
%
Home Insurance
Insurance Cost $1,200
$
PMI (Private Mortgage Insurance)
Estimated Monthly Payment
$1,418
Principal & Interest
Loan Amount
$280,000
Total Interest
$230,480
Total Payment
$510,480
Payoff Date
May 2053
Principal
Interest
Taxes
Insurance
PMI
Principal
Interest
Taxes
Insurance
PMI

Why Use Our Mortgage Calculator?

Our mortgage calculator helps you estimate your monthly mortgage payments accurately. Whether you're looking for a tool for FHA loans, VA loans, or conventional mortgages, our calculator provides detailed payment breakdowns. This takes the guesswork out of home buying by showing you exactly how much house you can afford.

How Our Mortgage Calculator Works

This tool takes into account principal, interest, taxes, insurance, and PMI to give you a complete picture of your monthly housing costs. You can adjust loan terms, down payments, and interest rates to find the perfect mortgage for your budget. Our calculator uses the standard mortgage formula to ensure accuracy in all calculations.

Benefits of Using Our Calculator

Who Can Benefit From This Mortgage Calculator?

Our mortgage calculator is designed for anyone considering purchasing a home or refinancing an existing mortgage. First-time homebuyers will find our tool especially helpful for understanding how different loan options affect their monthly budget. Real estate investors can use it to analyze potential rental property purchases. Current homeowners can utilize it to evaluate refinancing options.

Amortization Schedule

See how your payments break down over the life of your loan

Month Payment Principal Interest Taxes/Insurance Remaining Balance

Understanding Your Mortgage

Learn about different mortgage types and how to use our calculator effectively

Types of Mortgages

  • Conventional Loans: Not backed by the government, typically require higher credit scores
  • FHA Loans: Backed by the Federal Housing Administration, lower down payment requirements
  • VA Loans: For veterans and military members, often require no down payment
  • USDA Loans: For rural homebuyers, backed by the U.S. Department of Agriculture

Mortgage Terms Explained

  • Principal: The original amount of money you borrowed
  • Interest: The cost of borrowing money, expressed as a percentage
  • Amortization: The process of paying off your loan over time
  • PMI: Private Mortgage Insurance, required if your down payment is less than 20%
  • Escrow: An account where property taxes and insurance are held

Tips for Homebuyers

  • Check your credit score before applying for a mortgage
  • Save for a larger down payment to avoid PMI
  • Get pre-approved before house hunting
  • Compare loan offers from multiple lenders
  • Consider both 15-year and 30-year mortgage terms

More Helpful Calculators for Your Home Journey

Check out our other free tools to help with different parts of buying and owning a home.

Affordability Calculator

Not sure what you can afford? This calculator looks at your income, debts, and down payment to give you a realistic home price range. It uses standard lender guidelines so you don't overextend yourself.

Good for: First-time buyers figuring out their budget.

Refinance Calculator

Thinking about refinancing? This shows your new payment and calculates how long it takes to break even on closing costs. It helps you decide if refinancing makes sense for your situation.

Good for: Homeowners looking to lower their rate.

Extra Payment Calculator

See what happens if you pay extra each month. Even small additional payments can save you years on your mortgage and thousands in interest. It's pretty eye-opening to see the difference it makes.

Good for: Anyone wanting to pay off their mortgage faster.

VA / FHA Loan Calculator

Government-backed loans work differently. This calculator includes FHA's upfront MIP and VA funding fees so you get an accurate payment estimate with all those specific costs included.

Good for: Veterans and buyers with smaller down payments.

Closing Costs Calculator

Don't forget about closing costs! This estimates lender fees, title insurance, and other closing expenses—usually 2-5% of your loan amount. Helps you plan for that extra cash you'll need.

Good for: Buyers getting ready to close.

Rent vs. Buy Calculator

Wondering if buying beats renting for you? This looks at more than just monthly payments—it considers appreciation, maintenance, and how long you'll stay to give you a complete financial picture.

Good for: People deciding between renting and buying.

Just a heads up: These calculators give you estimates to help with planning. For exact numbers and to get pre-approved, you'll want to talk with a mortgage lender or financial advisor.

Frequently Asked Questions

Common questions about mortgages and our calculator

How does a mortgage calculator work?
A mortgage calculator uses the loan amount, interest rate, and loan term to calculate your monthly payment. It also factors in additional costs like property taxes, homeowners insurance, and PMI if applicable. The calculator uses standard mortgage formulas to provide accurate estimates of your monthly payment and total loan cost.
What is the best mortgage calculator for home buying?
Our mortgage calculator is specifically designed to help home buyers estimate their monthly payments accurately. It works for all loan types including conventional, FHA, and VA loans, making it the ideal tool for your home buying journey. With detailed amortization schedules and the ability to factor in taxes and insurance, our calculator provides a comprehensive view of your mortgage costs.
How much house can I afford?
Most financial advisors recommend that your total monthly housing costs (including mortgage, taxes, and insurance) should not exceed 28% of your gross monthly income. Additionally, your total debt payments (including housing, car loans, credit cards, etc.) should not exceed 36% of your gross income. Use our calculator to experiment with different home prices and see how they affect your monthly payment.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but you'll pay less interest over the life of the loan and own your home sooner. A 30-year mortgage has lower monthly payments but you'll pay more interest over time. Use our calculator to compare both options and see which works better for your financial situation.
What is PMI and when is it required?
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home's purchase price. It protects the lender in case you default on the loan. PMI typically costs between 0.5% and 1% of the loan amount annually. Once you've built up 20% equity in your home, you can usually request to have PMI removed.
How can I lower my monthly mortgage payment?
There are several ways to lower your monthly mortgage payment: make a larger down payment, improve your credit score to qualify for a lower interest rate, choose a longer loan term (like 30 years instead of 15), or buy a less expensive home. You can also consider an adjustable-rate mortgage (ARM) which typically starts with a lower rate than fixed-rate mortgages.