Introduction
This mortgage calculator shows what a home loan may cost you each month. Type in the home price, your down payment, the loan term and your credit score range, and pick your state if you like. The tool then gives you a full monthly payment estimate.
Your payment is more than just the loan. It also includes property taxes, homeowners insurance, PMI (if your down payment is under 20%), and HOA dues. This calculator adds all of them up, so you see the real number.
You also get:
- Your loan-to-value (LTV) ratio and whether PMI applies
- A housing debt-to-income (DTI) estimate if you add your income
- Total interest, taxes, and insurance paid over the life of the loan
- A full year-by-year or month-by-month payment schedule
- Step-by-step math so you can see how each number was found
Change any number and the results update right away. Use it to compare a 15-year loan to a 30-year loan, test a bigger down payment, or see how a small rate change moves your payment. It helps you plan before you talk to a lender.
How to use our Mortgage Calculator
Enter the home price, your down payment, the loan term, your credit score range and, if you like, your state and county. The calculator shows your total monthly mortgage payment, a full breakdown of principal, interest, taxes, insurance, PMI and HOA, your LTV and DTI ratios, lifetime costs, and a year‑by‑year amortization schedule.
Home Purchase Price: Type the price of the home you want to buy. This is the base for your loan, taxes and closing cost estimates.
Down Payment (amount): Type the cash you plan to pay up front in dollars. The percent field updates on its own.
Down Payment (percent): Or type your down payment as a percent of the price. Under 20% adds PMI to your monthly payment.1
Loan Amount: You do not fill this in. It is the home price minus your down payment.
Loan Term & Type: Pick a fixed loan (10, 15, 20 or 30 years) or an ARM (5/6, 7/6 or 10/6). Fixed loans keep the same rate. ARMs can change after the fixed years end.
Credit Score Range: Pick the band that fits your score. It sets the PMI rate when you put down less than 20%, from Enact Mortgage Insurance's published national rate card.8 Your lender sets your interest rate from your full credit profile.
Interest Rate: For 30-year and 15-year fixed loans the calculator fills in Freddie Mac's latest weekly average rate, shown with the week it covers.9 Freddie Mac does not publish averages for 10-year, 20-year or ARM loans, so for those you type the rate from your lender. You can type your own rate for any term, or click "Use Freddie Mac average" to go back to the published rate.
State and County: Optional. Pick where the home is, and the calculator fills in that place's median property tax rate, the median real estate taxes paid divided by the median home value in the Census Bureau's American Community Survey,6 and an insurance estimate for the state. Leave the state blank to use national figures.
Annual Property Tax Rate: Your yearly tax rate as a percent of the home price, filled in from the place you pick. Type your own rate if you know it. The monthly amount updates on its own.
Property Tax (monthly): Or enter your monthly tax bill in dollars if you already know it.
Homeowners Insurance (annual): The calculator starts from the NAIC's average 2023 premium for an HO-3 homeowners policy in your state, for homes insured for about the purchase price.7 Enter what you pay or have been quoted for a closer number.
Homeowners Insurance (monthly): Or enter the monthly amount. Both fields stay in sync.
HOA Dues (monthly): Enter your monthly HOA fee. Use 0 if the home has no HOA.
Lender Fees and Points: Optional. Enter the prepaid finance charges on your Loan Estimate, such as the origination fee and any discount points. They are used only for the APR under See more details.
Annual Gross Household Income: Optional. Enter your pre‑tax yearly income for everyone on the loan to see your housing debt‑to‑income ratio. Leave it blank to skip it.
Click Calculate to see your results, or Reset to start over with the sample numbers.
What a Mortgage Payment Is Made Of
A mortgage is a loan you use to buy a home. You pay it back in monthly payments over many years. Most people think a mortgage payment is just the loan, but it is really five smaller costs added together.
- Principal: the part that pays down what you borrowed.
- Interest: what the lender charges you to borrow the money.
- Property taxes: what your city or county charges each year for owning the home.
- Homeowners insurance: protects your home from fire, storms, and other damage.
- PMI and HOA dues: extra costs that only some buyers pay.
People often call the first four costs PITI. Together they make your total monthly housing cost.
Down Payment and Loan Amount
Your down payment is the cash you pay up front. The rest is your loan. If a home costs $300,000 and you put down $60,000, your loan is $240,000. A bigger down payment means a smaller loan, a smaller monthly payment, and less interest over time.
Loan-to-Value (LTV) and PMI
Loan-to-value compares your loan to the home price. A $240,000 loan on a $300,000 home is 80% LTV. If your down payment is under 20%, lenders usually add private mortgage insurance, or PMI, which protects the lender, not you.1 The calculator prices it from Enact Mortgage Insurance's published national rate card, which sets the yearly rate by down payment, credit score and loan term.8 PMI ends automatically once your balance drops to 78% of the home's original value, and you can ask to cancel it at 80%.2
Fixed Rate vs. Adjustable Rate (ARM)
A fixed-rate loan keeps the same interest rate and the same principal and interest payment for the whole term. A 30-year fixed loan has 360 payments. Shorter terms like 15 years cost more each month but save a lot of interest.
An ARM starts with a lower fixed rate for a set number of years. A 5/6 ARM is fixed for 5 years, then the rate can change every 6 months. Your payment can go up or down after that. ARMs have caps that limit how high the rate can go.4
Debt-to-Income (DTI)
Lenders look at how much of your income goes to housing. A common rule is to keep your housing payment at or under 28% of your gross monthly income. Many lenders stop at about 36% for housing plus other debts. Lower is safer and easier to get approved.
How Amortization Works
Amortization is the schedule that splits each payment between interest and principal. In the early years, most of your money goes to interest. Over time, more goes to principal. At some point, the total principal you have paid passes the total interest. That is when you start building equity faster. Adding extra to each payment speeds this up.
Other Costs to Plan For
Closing costs usually run 2% to 5% of the home purchase price and are due when you buy.5 Your APR is a bit higher than your interest rate because it includes lender fees.3 Taxes, insurance, and HOA dues also tend to rise over the years, so your real payment may grow even with a fixed rate.