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Mortgage Calculator
Calculate your monthly mortgage payment in seconds. Add taxes, insurance, and PMI for the full picture.
| Year | Principal paid | Interest paid | Total paid | Balance |
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How to use this mortgage calculator
Enter the home price, your planned down payment, the interest rate from your lender or current market average, and the loan term. Your monthly payment updates instantly. To see your full housing cost, expand the advanced section and add property tax, home insurance, HOA fees, and PMI rate.
What's included in your monthly payment
Principal and interest are the core mortgage payment that goes to your lender. Principal pays down what you owe; interest is the lender's fee for the loan. Property tax varies widely by location, with the US average around 1.1% of home value annually. Home insurance typically runs $1,200-2,000 per year. HOA fees apply to condos, townhomes, and planned communities. PMI (private mortgage insurance) is required when your down payment is under 20%, costing 0.3% to 1.5% of the loan amount per year. Once you reach 20% equity, you can request to remove PMI.
How much house can I afford?
A common rule is to keep your total monthly housing cost (principal + interest + taxes + insurance, often called PITI) under 28% of your gross monthly income. Total monthly debt including the mortgage should stay below 36-43% of income. For a $100,000 annual salary, that's roughly $2,300 in monthly housing. Try different home prices and down payments here to see what fits your budget.
Why interest is so high in the early years
In the first years of a mortgage, most of each payment goes to interest, not principal. This is because interest is calculated on the remaining balance, which is highest at the start. Over time, as the balance shrinks, more of each payment goes to principal. The "Loan over time" chart shows this curve clearly. By making extra principal payments early in the loan, you can save tens of thousands in total interest.
FAQ
Are the calculations accurate? Yes. The math uses the standard mortgage payment formula. Numbers match Bankrate, NerdWallet, and your lender's quote within rounding. Real-world payments may vary slightly based on exact loan structure and lender-specific fees.
Does this calculator save my information? No. All calculations happen in your browser. Nothing is sent to any server, stored, logged, or shared with lenders. Refreshing the page resets the inputs.
Why is my monthly payment higher than just principal and interest? Your full housing cost (PITI) includes property tax and insurance, which lenders typically collect monthly into an escrow account. PMI applies if you put less than 20% down. HOA fees, if any, are usually paid directly to the HOA, not through the lender.
What's a good interest rate right now? Mortgage rates change daily. Check current rates at Bankrate, NerdWallet, or your lender for an accurate quote.
Should I pay points? Mortgage points (1% of loan to reduce rate by ~0.25%) make sense if you'll keep the loan long enough to recoup the cost. Divide cost-of-points by monthly savings to find the break-even, then compare to how long you plan to stay.