Mortgage Calculator

How to calculate a mortgage payment using our mortgage calculator

Home price: Enter the desired purchase price of the home you're considering, or experiment with various price ranges to observe their impact on your monthly mortgage payments.

Loan term: Your loan term represents the duration required to repay your mortgage. Opting for a 30-year fixed-rate term yields the lowest payment. Alternatively, a 15-year term results in substantial interest savings, though with higher monthly payments.

Down payment: A down payment is the initial payment made when purchasing a home, typically ranging from 5% to 10%. If your down payment is less than 20% on a conventional loan, you'll be required to pay private mortgage insurance (PMI), which safeguards your lender in case of foreclosure. Our calculator estimates PMI based on your down payment. If you opt for a non-conventional loan, such as an FHA loan, different mortgage insurance rules apply.

Mortgage rate: View today’s mortgage rates for precise calculations. Otherwise, the calculator will use a standard interest rate.

The mortgage calculator provides an estimate of your monthly payment, encompassing principal, interest, taxes, and insurance — collectively known as a PITI payment. Understanding these components helps gauge the overall cost of owning a home.

Breakdown of PITI:

Principal: The mortgage principal denotes the amount allocated monthly toward reducing your loan balance.

Interest: This represents your monthly interest charges, which encompass the expenses related to borrowing funds.

Property Taxes: The calculator divides your yearly property tax bill by 12 to determine the monthly amount.

Homeowners Insurance: Your yearly homeowners insurance premium is divided by 12 to determine the monthly amount added to your payment.