How to use the Mortgage Calculator tool
3 simple steps · under a minute
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Enter the home price
Type the price of the home and your down payment, as an amount or a percentage.
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Add rate, term and costs
Enter the interest rate and term, plus yearly property tax, insurance and any monthly HOA fee.
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See your monthly payment
Read the full monthly payment and how it splits between loan, tax and insurance.
About Mortgage calculator
Buying a home is the biggest purchase most people make, and the monthly payment is more than the loan alone. This mortgage calculator adds property tax, homeowner’s insurance and HOA dues to the principal-and-interest payment, so you see what you will really pay each month.
Try different down payments and terms to see their effect. A larger down payment lowers both the monthly payment and the total interest, and a 15-year mortgage costs more per month than a 30-year one but saves a large amount of interest over the life of the loan.
Full monthly cost
Principal and interest plus property tax, homeowner’s insurance and HOA in one number.
Down payment in % or amount
Switch between a percentage and a cash amount; the loan size updates automatically.
Year-by-year schedule
See how fast you build equity and how much interest you pay each year.
Frequently asked questions
What is included in a mortgage payment?
Usually four parts, often called PITI: principal, interest, property taxes and homeowner’s insurance. Some homes also have a monthly HOA fee.
How much should my down payment be?
20% avoids private mortgage insurance (PMI) on most conventional US loans, but many loans allow 3–10%. A bigger down payment means a smaller loan and less interest.
Should I choose a 15-year or 30-year mortgage?
A 30-year mortgage has lower monthly payments; a 15-year mortgage has higher payments but usually a lower rate and far less total interest.
Does this include PMI?
No. If your down payment is under 20%, ask your lender for the PMI cost and add it to the monthly total.
Is this financial advice?
No. The result is an estimate for planning. Lenders, taxes and insurance costs vary, so confirm figures with your lender.