🏠 Mortgage Calculator

Home Price ($)

Down Payment ($)

Loan Term

Interest Rate (%)

Property Tax ($/yr)

Home Insurance ($/yr)

What is the Mortgage Calculator?

The Mortgage Calculator estimates your full monthly home payment from the home price, down payment, loan term, interest rate, property tax, and homeowner's insurance. It returns your principal-and-interest payment, total monthly payment (PITI), loan amount, total interest over the life of the loan, total cost, and a visual breakdown chart plus a year-by-year amortization schedule.

How to Use It

Enter the home price and down payment amount, choose a loan term (10, 15, 20, or 30 years), and enter the interest rate quoted by a lender. Add annual property tax and homeowner's insurance for a complete monthly housing cost. Press Calculate to see your payment breakdown, a principal-vs-interest chart over time, and the full amortization table.

When to Use It

Use it while house hunting to see what price range fits your budget, when comparing loan terms (a 15-year loan costs far less in total interest than a 30-year loan at the same rate), or when deciding how much to put down and how that changes your monthly payment and total cost.

Who Benefits

First-time and repeat homebuyers, anyone refinancing an existing mortgage, and buyers comparing offers from multiple lenders. Rates vary with credit score, loan type, and market conditions — shopping three to five lenders can save thousands over the life of the loan.

⚠️ Estimates only. Consult a licensed mortgage professional before making financial decisions.

Frequently Asked Questions

Your monthly payment uses the formula M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments. For example, a $280,000 loan at 6.8% for 30 years gives a monthly P&I payment of about $1,826.

A full mortgage payment (PITI) includes Principal (reduces your balance), Interest (cost of borrowing), Taxes (property tax, typically 1/12 of annual bill), and Insurance (homeowner's insurance). If your down payment is under 20%, you'll also pay PMI (Private Mortgage Insurance).

A larger down payment directly reduces your loan amount, lowering both your monthly payment and total interest paid. A 20% or greater down payment also eliminates PMI, which can save 0.5–1.5% of your loan per year.

🏠 Mortgage Calculator