Mortgage Calculator

How to Use This Mortgage Calculator

1. Enter home price and down paymentType the home purchase price and your down payment amount or percentage. The calculator automatically computes the loan amount and adjusts all results as you type. Use the sliders for quick exploration or enter exact values in the text fields.
2. Pick a loan term and interest rateSelect your loan term from the preset buttons (10, 15, 20, 25, or 30 years) and enter the interest rate offered by your lender. The monthly principal and interest payment updates instantly.
3. Add taxes, insurance, PMI, and HOAExpand the Additional Costs section to include property tax, homeowners insurance, PMI, and HOA fees. These are added to your monthly payment total so you can see the true cost of homeownership each month. PMI is automatically calculated when your down payment is below 20%.
4. Review the amortization scheduleThe schedule below shows every monthly payment broken down into principal and interest. Toggle to the yearly view for a higher-level overview. The chart above the table visualizes how your balance decreases and equity builds over time.
5. Model a refinance scenarioUse the Refinance Comparison section to model what-if scenarios with a lower rate or different term. Enter the new loan terms and closing costs to see your break-even point and potential savings.

What is a Mortgage?

A mortgage is a loan used to purchase real estate, where the property itself serves as collateral. The borrower agrees to repay the loan in regular installments — typically monthly — over a set period, usually 15 or 30 years. Each payment includes a portion that reduces the loan balance (principal) and a portion that covers the cost of borrowing (interest). A dedicated mortgage calculator lets home buyers model every scenario before they sign.

What determines your monthly payment

Your monthly mortgage payment is determined by the loan amount, interest rate, and term length. A larger down payment reduces the loan amount and therefore the monthly payment. It can also eliminate the need for private mortgage insurance (PMI), which lenders require when the down payment is less than 20% of the home's value.

Taxes, insurance, and HOA fees

Beyond principal and interest, most homeowners pay property taxes and homeowners insurance as part of their monthly housing cost. These are often collected by the lender through an escrow account and included in the monthly payment. Some properties also have homeowners association (HOA) fees.

Fixed-rate vs adjustable-rate mortgages

Fixed-rate mortgages keep the same interest rate for the entire term, making monthly payments predictable. Adjustable-rate mortgages (ARMs) start with a lower introductory rate that adjusts periodically based on market conditions. This calculator models fixed-rate mortgages, which are the most common type for primary residences.

Understanding the full cost of a mortgage — not just the monthly payment but the total interest over the life of the loan — helps borrowers make informed decisions about how much to borrow, what term to choose, and whether refinancing makes sense down the road.

Mortgage Calculator Features

• Principal, Interest, Taxes & Insurance (PITI)Complete monthly housing cost, not just the loan payment.
• Automatic PMIPrivate mortgage insurance is added when down payment < 20% and removed at 80% LTV.
• HOA feesInclude condo or planned-community dues in the total payment.
• Loan term presets10, 15, 20, 25, and 30-year options with one click.
• Amortization scheduleMonth-by-month or annual view of principal, interest, and remaining balance.
• Equity chartVisualize balance and equity growth over the life of the loan.
• Refinance comparisonBreak-even point and lifetime savings from a new rate or term.
• Extra payment modelingSee interest saved and months shaved off with additional principal payments.
• No signup, no data collectionRuns entirely in your browser.

Who Uses a Mortgage Calculator?

• First-time home buyersFigure out a realistic price range before shopping.
• Move-up buyersCompare payment changes from an existing mortgage to a larger loan.
• Refinance shoppersModel a lower rate or shorter term and find the break-even point.
• Real estate agentsQuickly quote an accurate monthly payment to clients during a showing.
• InvestorsEvaluate rental property cash flow by comparing PITI to expected rent.
• Financial plannersDemonstrate the long-term cost difference between 15- and 30-year loans.
• Mortgage brokers & LOsPre-qualify a buyer's payment comfort zone on the spot.

Mortgage & Home-Buying Tips

• Follow the 28/36 ruleHousing ≤ 28% of gross income; total debt ≤ 36%.
• Shop 3+ lendersEven 0.25% lower can save $20,000+ over 30 years.
• Improve your credit scoreApply with a strong score — the best rates go to 740+ FICO.
• Aim for 20% downSkip PMI, but don't drain emergency savings to do it.
• Budget for closing costsTypically 2–5% of the home price on top of the down payment.
• Lock the rateOnce you have an accepted offer if rates are trending up.
• Request a PMI removalWhen you hit 20% equity — don't wait for the automatic 22% drop.
• Consider biweekly paymentsSqueeze in one extra payment a year (≈ 4–7 years off).

Frequently Asked Questions