Mortgage Calculator
Use our free mortgage calculator to estimate your monthly mortgage payment, including principal, interest, property taxes, home insurance, and PMI. Instantly see how different home prices, down payments, interest rates, and loan terms affect your payment.
Mortgage Calculator
mortgage calculator
How It Works
Enter your home price, down payment, loan term, and interest rate. The calculator computes your principal & interest payment using the standard amortization formula, then adds monthly property tax, insurance, and PMI to show your total monthly payment.
Formula
Monthly P&I = P × [r(1+r)^n] / [(1+r)^n - 1] Where: P = Loan Amount, r = Monthly Interest Rate, n = Number of Payments
Examples
$400K Home, 20% Down, 30 Years at 6.5%
A typical median US home purchase with standard terms.
$600K Home, 10% Down, 30 Years at 7%
Higher-priced home with smaller down payment including PMI.
Frequently Asked Questions
What is included in a mortgage payment?
A typical mortgage payment (PITI) includes: Principal (loan repayment), Interest (lender fee), Taxes (property tax escrow), and Insurance (homeowner's insurance + PMI if applicable).
What is a good interest rate for a mortgage?
A "good" rate depends on market conditions, your credit score, and loan type. As of 2024-2025, rates in the 6-7% range for 30-year fixed mortgages are typical. Rates below the national average are considered good.
How much down payment do I need?
Conventional loans typically require 5-20%. FHA loans require 3.5%. VA and USDA loans may offer 0% down. Putting down 20% eliminates PMI.
What is PMI?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. It protects the lender if you default. PMI typically costs 0.5-1.5% of your loan amount annually.
Should I choose a 15 or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves significantly on interest. A 30-year mortgage offers lower payments and flexibility. Use this calculator to compare both scenarios.