Mortgage Calculator
Get the full picture of your monthly housing costs. Includes principal, interest, taxes, insurance, and PMI.
Last updated: January 2026
Mortgage Calculator
How to use this mortgage calculator
Enter the home price, your down payment, the interest rate, and the loan term. Add your estimated annual property tax and home insurance. If your down payment is under 20%, PMI is included automatically. The calculator shows your total monthly payment broken down into principal and interest, property tax, home insurance, and PMI.
The amortization schedule shows how each payment is split between principal and interest over time. In the early years, most of your payment goes to interest. Over time, more goes to principal — this is called building equity.
What affects your mortgage payment?
Your interest rate is determined by your credit score, loan term, and market conditions. A 30-year fixed-rate mortgage has lower monthly payments but more total interest than a 15-year term. Your down payment affects whether you need PMI — putting 20% down eliminates this cost. Property tax and insurance vary by location and should be researched for your area.
This is an estimate. Actual results vary.
More guidance for the Mortgage Calculator
PITI breakdown
A real mortgage payment is more than principal and interest. Most homeowners also pay property taxes, homeowners insurance, and sometimes PMI, creating the full PITI payment. Principal reduces your loan balance. Interest pays the lender. Taxes and insurance are often escrowed monthly. PMI protects the lender when your down payment is usually below 20%. Your credit score can change the rate you receive, so it is worth checking the credit score simulator before applying.
The formula behind the payment
The standard fixed-rate mortgage formula is M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the number of payments. If you borrow $200,000 at 6.5% for 30 years, r is 0.065/12 and n is 360. The principal-and-interest payment is about $1,264 before taxes, insurance, or PMI.
15-year vs 30-year tradeoff
A 15-year mortgage usually has a higher monthly payment but much lower total interest. A 30-year mortgage lowers the monthly payment and gives more cash-flow flexibility, but the loan accrues interest for twice as long. The better option depends on job stability, emergency savings, retirement contributions, and how long you expect to stay in the home. Use the loan comparison calculator to compare two loan structures side by side.
Stress testing the loan
Before signing, test what happens if insurance rises, property taxes increase, or your income drops. A rate that is affordable at closing can become uncomfortable if other housing costs climb. Consult a mortgage advisor or housing counselor when debt-to-income ratio, PMI removal, points, ARM terms, or closing costs are unclear.
Practical example
The safest way to use the Mortgage Calculator is to run one realistic case, then change one assumption at a time. Start with your current numbers, save or write down the result, then test a conservative scenario and an optimistic scenario. This makes the tool more useful than a single answer because you can see which input actually drives the outcome. For money, tax, legal, or health-adjacent decisions, the range is often more important than the exact midpoint.
Decision checklist
Before relying on any calculator result, check whether the inputs match your real situation, whether rates or rules have changed this year, whether the result excludes fees or local rules, and whether a professional review would be cheaper than a mistake. Use the result as a planning estimate, then verify critical numbers against official documents, lender quotes, payroll records, contracts, or professional advice.