Mortgage Calculator

Use this free mortgage calculator to estimate your monthly home payment in the US. Enter the home price, down payment, loan term and interest rate, then add property tax, insurance, PMI and HOA to see your full monthly cost and total interest.

How this calculator works

Principal and interest use the standard fixed-rate formula: payment = loan x r / (1 - (1 + r)^-n), where r is the monthly rate and n is the number of monthly payments. Property tax, home insurance and HOA fees are added monthly. PMI applies only when your down payment is below 20%.

Frequently asked questions

How much down payment do I need?

Many conventional loans accept 3% to 5% down, but putting 20% down avoids private mortgage insurance (PMI) and lowers your monthly payment.

What is PMI?

Private mortgage insurance protects the lender when your down payment is under 20%. It usually costs about 0.3% to 1.5% of the loan per year and can be removed once you reach enough equity.

Is a 15-year mortgage better than a 30-year?

A 15-year loan has a higher monthly payment but a lower rate and far less total interest. A 30-year loan keeps the payment lower and more flexible.

Results are estimates only. Actual payments depend on your lender, credit profile, local property taxes and insurance quotes.