Mortgage Payment Calculator
Enter the home price, your down payment and the rate. See your monthly payment, what the home really costs each month, and how extra payments change it.
What we noticed
Year by year
How this calculator works
Your loan payment is fixed for the life of the loan. It is worked out so that after all the payments, you have paid back the loan and the interest. At the start, most of each payment is interest. Over time, more goes to the loan itself.
Your real monthly cost also includes property tax and home insurance, often paid into an escrow account by your lender. If you put less than 20% down, lenders often add private mortgage insurance (PMI) until you own enough of the home.
Extra payments go straight to the loan. They cut the interest you pay and shorten the loan. This uses standard loan maths. Your lender's quote is the final word, and rates and fees vary.
What makes up your payment
| Principal and interest | The loan itself, fixed for the loan length |
|---|---|
| Property tax | A share of the home's value each year, set locally |
| Home insurance | Yearly premium, often paid monthly with the loan |
| PMI | Often charged with under 20% down |
| HOA fees | If the home belongs to an association |
Sources: Official source
Frequently asked questions
How is a mortgage payment calculated?
It is a fixed amount based on the loan size, the interest rate and the number of months. The formula spreads the loan and its interest evenly over the loan length.
How much house can I afford?
Many lenders prefer your total housing cost to be well below a third of your income, but it depends on your other debts and savings. Try the take-home pay calculator to see what you really bring home.
What is PMI?
Private mortgage insurance protects the lender when you put down less than 20%. Lenders generally must end it automatically at 78% of the home's original value, and you can ask to end it at 80%. Ask your lender about the rate and rules.
Do extra payments help?
Yes. Each extra dollar goes to the loan balance, which lowers the interest charged every month after that.
Is a 15-year loan better?
It has a higher monthly payment but a lower rate and far less total interest. Whether it fits depends on your budget.