Mortgage Calculator
Estimate your monthly mortgage payment based on home price, down payment, interest rate and loan term.
What This Calculator Includes
This calculator estimates the principal and interest portion of your monthly mortgage payment. It does not include property taxes, homeowners insurance, HOA fees or PMI (private mortgage insurance), which can add a significant amount to your actual monthly payment depending on your location and down payment size.
A larger down payment reduces your loan principal and can help you avoid PMI, while a shorter loan term increases your monthly payment but reduces total interest paid over time.
Frequently Asked Questions
Does this include property taxes and homeowners insurance?
No, this calculator shows principal and interest only. Property taxes, homeowners insurance, and HOA fees vary widely by location and can add a significant amount to your actual monthly payment.
What is PMI and when do I need it?
Private Mortgage Insurance (PMI) is typically required when your down payment is below 20% of the home price. It protects the lender, not you, and is usually removable once you reach sufficient equity.
How does my down payment affect the monthly payment?
A larger down payment reduces your loan principal directly, lowering both your monthly payment and total interest paid — and can help you avoid PMI altogether if it gets you to 20% equity upfront.
Can I pay off my mortgage early?
Most mortgages allow extra principal payments, which reduce total interest paid over the life of the loan. Check your specific loan for any prepayment penalties before doing so.