Mortgage Calculator
Free mortgage calculator.
Estimate your monthly mortgage payment from the home price, down payment, interest rate, and loan term. Add optional annual property tax and home insurance to see a fuller monthly figure, plus the total interest you'll pay over the life of the loan. Everything recalculates instantly as you adjust the numbers.
Seeing the total interest — not just the monthly payment — is what turns a mortgage from an abstract commitment into a decision you can actually weigh.
What makes up your monthly payment
A mortgage payment is often more than just loan repayment. Lenders group it under the acronym PITI: Principal, Interest, Taxes, and Insurance. The principal and interest portion is fixed for the life of a standard fixed-rate loan and is what the core formula calculates. Property taxes and homeowners insurance are usually collected monthly into an escrow account and paid on your behalf, which is why your actual payment can be noticeably higher than a bare principal-and-interest quote. This calculator lets you add both so the monthly figure reflects reality.
The power of the down payment and term
Two levers change your mortgage dramatically. A larger down payment shrinks the loan, lowering both the monthly payment and the total interest — and once you cross 20% down, you typically avoid private mortgage insurance, an extra monthly cost not shown here. The term is the other lever: a 15-year loan carries a higher monthly payment than a 30-year one but saves an enormous amount of interest, because you're borrowing for half as long. Try switching the term between 15 and 30 years and watch the total-interest figure move — it's often the single most expensive decision in the whole loan.
Fixed versus adjustable, and extra payments
This calculator models a fixed-rate mortgage, where the principal-and-interest payment stays the same for the whole term — the most common and predictable choice. Adjustable-rate mortgages start lower but can rise later, so their long-term cost is harder to pin down. One lever worth exploring is overpayment: because a mortgage front-loads interest, even small extra amounts toward principal in the early years remove a disproportionate chunk of total interest and can shorten the loan by years. Try lowering the term to see the higher payment that would clear the loan faster, then judge whether that trade is worth it for the interest you'd save.
Frequently asked questions
Does this include property tax and insurance?
It can. Enter your annual property tax and insurance and they're divided into the monthly payment. Leave them at zero for a principal-and-interest-only figure.
Is PMI included?
No. Private mortgage insurance, usually required with less than 20% down, isn't calculated here, so your real payment may be slightly higher if it applies.
Why does a 30-year loan cost so much more interest than a 15-year?
You're paying interest on the balance for twice as long. The monthly payment is lower, but the total interest over the loan is far higher.
Is this financial advice?
No. It's an estimation tool. Actual rates, taxes, and insurance vary; confirm figures with a lender before making decisions.
What credit score do I need for a good rate?
That depends on the lender and market and is beyond what this tool estimates. Generally, higher scores earn lower rates. Get quotes from lenders for your actual situation.
Last updated: 2026-01-20