Mortgage Calculator
Estimate your monthly payment, total interest, and the true cost of your home loan — including property tax, insurance, and HOA.
Your loan details
🏦 Shopping for a mortgage?
Rates differ by lender — comparing 3+ quotes can save you thousands. (Affiliate: add lender comparison links here.)
How the mortgage payment is calculated
Monthly principal & interest = P × r(1+r)n / ((1+r)n − 1), where P is the loan amount, r the monthly interest rate, and n the total number of payments. Your full monthly housing cost adds property tax, homeowner's insurance, and HOA dues on top.
Frequently asked questions
How is a monthly mortgage payment calculated?
With the standard amortization formula M = P × r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r the monthly interest rate, and n the number of payments. Property tax, insurance and HOA are added on top.
What is a good mortgage rate in 2026?
Rates move with the market; check current lender quotes rather than relying on a fixed number. Even a 0.5% difference can change total interest by tens of thousands of dollars over 30 years.
How much house can I afford?
A common rule is that housing costs stay under 28% of gross monthly income. Use this calculator to test different prices and down payments against your budget.
Does a bigger down payment matter?
Yes — 20% down usually avoids PMI (private mortgage insurance), lowers your monthly payment, and reduces total interest paid over the life of the loan.
What is PMI and when do I pay it?
Private mortgage insurance protects the lender if you default. It typically applies when your down payment is under 20%, costing roughly 0.5–1% of the loan per year until you reach 20% equity.
15-year vs 30-year mortgage: which is better?
A 15-year loan has higher monthly payments but a much lower rate and far less total interest — often saving six figures. A 30-year loan keeps payments low and cash flow flexible. Enter both above to compare your numbers.
Do extra payments really save that much?
Yes. Even one extra payment a year on a 30-year loan can shave 4+ years off the term and save tens of thousands in interest, because extra payments go straight to principal.
What credit score do I need for a mortgage?
Conventional loans typically want 620+, FHA loans can go to 580 (or 500 with 10% down), and the best rates go to scores above 740. A higher score can be worth more than shopping for a slightly lower rate.