Mortgage Calculator
[mortgage_calculator]
Visit our Refinance calculator page if you want to compare your current loan with new mortgage rates.
Mortgage Calculator (USA): Estimate Your Monthly Payment Fast
Use the mortgage calculator above to get an instant estimate of your monthly mortgage payment. This mortgage payment calculator is built for U.S. homebuyers and homeowners and includes principal & interest, property taxes, homeowners insurance, PMI (private mortgage insurance), and HOA fees—the full PITI picture most lenders consider. Whether you’re exploring current mortgage rates, comparing a 30-year mortgage vs 15-year mortgage, or planning a refinance, this tool gives you clear numbers you can act on.
How to Use the Mortgage Calculator
- Home Price – Enter the price of the house you’re considering.
- Down Payment – Add a dollar amount or percentage to see how down payment size affects LTV (loan-to-value), PMI, and monthly costs.
- Loan Term – Choose the length of your loan (popular options are 30-year fixed and 15-year fixed).
- Interest Rate – Input your estimated rate. If you’re shopping, check mortgage interest rates and APR from multiple lenders.
- Property Tax & Insurance – Add annual property taxes and homeowners insurance so your PITI estimate is realistic.
- HOA Fees – If the property is in an association, include monthly HOA dues.
- PMI – If your down payment is under 20% on a conventional loan, the calculator can estimate PMI until your LTV drops to 80%.
The result shows total monthly payment and a detailed payment breakdown (principal, interest, taxes, insurance, HOA, PMI), plus an amortization schedule so you can see how your balance changes over time.
What Your Results Mean (PITI Explained)
- Principal & Interest (P&I) – The mortgage itself. Principal reduces your loan balance; interest is the cost of borrowing.
- Property Taxes – Local taxes based on assessed value; these vary by location in the U.S.
- Homeowners Insurance – Protects the property; many lenders require escrow for insurance and taxes.
- PMI (Private Mortgage Insurance) – Applies to many conventional mortgages with LTV above 80%. It typically falls off when you reach 78–80% LTV, depending on the loan terms and lender.
- HOA Fees – Monthly dues for communities with shared services or amenities.
Together, these items form the mortgage payment most people budget for every month.
Compare Loan Types and Terms
30-Year vs 15-Year Mortgage
- 30-Year Fixed-Rate Mortgage: Lower monthly payment, higher total interest over the life of the loan.
- 15-Year Fixed-Rate Mortgage: Higher monthly payment, significantly less total interest, faster mortgage payoff.
Fixed-Rate vs Adjustable-Rate (ARM)
- Fixed-Rate Mortgage: The rate doesn’t change; predictable payments.
- Adjustable-Rate Mortgage (ARM): The initial rate is often lower, then adjusts based on an index after the intro period. Use the calculator to model scenarios if you’re comparing an ARM to a fixed rate.
Loan Programs You Can Model
- Conventional Loan – Often requires PMI with <20% down.
- FHA Loan – Popular with first-time home buyers; low down payment options; includes mortgage insurance premium (MIP).
- VA Loan – Available to eligible service members and veterans; typically no PMI and competitive rates.
- USDA Loan – For eligible rural areas; low/no down payment options with specific requirements.
- Jumbo Mortgage – For loan amounts above conforming limits; may require larger down payment and stronger credit.
Use the same home loan calculator settings and adjust down payment, rate, and fees to estimate each program.
Affordability: How Much House Can I Afford
If you’re still early in the process, think in terms of affordability. Lenders look at your DTI (debt-to-income ratio), income, credit score, and down payment. As a guide:
- Add your monthly debts (car loans, student loans, minimum credit card payments).
- Estimate your future mortgage payment using the affordability calculator or the tool above.
- Aim for a comfortable DTI that fits your budget after savings, utilities, and lifestyle expenses.
Try different mortgage rates, loan terms, and down payment amounts to find the sweet spot.
Refinance and Save
Already own a home? Use the calculator as a refinance calculator to compare your current loan with a new refinance mortgage scenario:
- Enter your remaining balance, the new interest rate, and remaining term.
- Check potential savings in monthly payment and total interest.
- Consider rate-and-term refinance to lower payment or pay off sooner, or a cash-out refinance to access home equity (note the impact on your payment and APR).
- Review closing costs and potential discount points—the calculator helps you see how buying points might lower your rate and break-even timeline.
Extra Payments = Faster Payoff
Small changes can make a big difference:
- Add a little extra principal each month.
- Make biweekly payments (26 half-payments per year) to shave years off a 30-year mortgage.
- Apply windfalls (tax refund, bonus) directly to principal.
Use our extra payment mortgage calculator mode to see interest saved and your new payoff date.
Tips for Using Current Mortgage Rates
- Shop multiple lenders and compare mortgage interest rates today plus APR (APR includes certain fees).
- Rate quotes are influenced by credit score, LTV, loan type (conventional, FHA, VA, USDA), occupancy (primary home vs investment), and loan amount (conforming vs jumbo).
- Consider the trade-off between discount points and upfront costs; the calculator can illustrate month-to-month and lifetime impacts.
Common Costs to Budget For
- Earnest Money & Down Payment
- Closing Costs (lender fees, title, appraisal, recording)
- Prepaids & Escrows (taxes and insurance set-aside)
- Home Inspection & Appraisal
- HOA Transfer/Initiation Fees (if applicable)
Estimating these alongside your mortgage payment helps avoid surprises.
Frequently Asked Questions (FAQs)
What is a mortgage calculator?
A mortgage calculator (or mortgage estimator) helps you forecast your monthly mortgage payment based on home price, down payment, interest rate, loan term, property tax, homeowners insurance, PMI, and HOA fees. It also provides an amortization schedule showing how principal and interest change over time.
How accurate is the mortgage payment calculator?
It’s an estimate. Your actual numbers depend on current mortgage rates, your credit profile, specific loan program, exact property taxes, insurance premiums, and lender fees. Use this as a planning tool, then verify with a loan officer.
What’s the difference between interest rate and APR?
The interest rate is the cost to borrow the principal. APR includes certain fees and points and helps you compare loans on an apples-to-apples basis.
When do I pay PMI, and when does it drop off?
On many conventional mortgages, PMI applies when your down payment is under 20% (LTV > 80%). It may be canceled once you reach the required equity threshold, subject to loan terms and servicer rules. FHA loans use MIP, which has different rules.
Should I choose a 30-year fixed, 15-year fixed, or an ARM?
It depends on your budget, how long you’ll keep the home, and your appetite for risk. 30-year fixed offers lower monthly payments; 15-year fixed pays off faster with less total interest; ARMs can start lower but adjust later. Use the calculator to compare.
How much house can I afford?
Use our affordability calculator to test scenarios with income, debts, and DTI targets. Try different down payments, mortgage rates, and loan terms to find a comfortable payment.
Can I use this as a refinance calculator?
Yes. Enter your remaining balance, an estimated refinance rate, and term. Compare your current payment to the new estimate and factor in closing costs and potential points.
What are closing costs?
Typical items include lender charges, title and escrow fees, appraisal, recording, and prepaids for taxes and insurance. The calculator helps you see how rolling costs into the loan or paying points might change your APR and monthly payment.
Does this calculator include taxes and insurance?
Yes—add property tax and homeowners insurance to get a full PITI estimate. You can also include HOA fees and PMI.
Get More From Your Numbers
- Save scenarios to compare mortgage rates and terms side by side.
- Switch between mortgage payment calculator, refinance calculator, extra payment mortgage calculator, and home affordability calculator to answer every “what if.”
- Use the amortization schedule to plan extra principal payments and track your path to mortgage payoff.
Disclaimer: This tool provides educational estimates only and is not financial or legal advice. Loan approval, rates, and terms depend on your individual profile and lender guidelines.
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