Estimate your monthly mortgage payment, total interest, and overall loan cost with this free mortgage calculator. Adjust the home price, down payment, interest rate, and loan term to understand how different mortgage options affect your budget.
How to Use the Mortgage Calculator
- Home price: The purchase price of the property.
- Down payment: The amount you pay upfront instead of borrowing.
- Interest rate: The annual interest rate charged by the lender.
- Loan term: The number of years over which you repay the mortgage.
What Affects Your Monthly Mortgage Payment?
What Is Included in a Mortgage Payment?
Understanding Your Mortgage Results
Frequently asked questions
How is a monthly mortgage payment calculated?
For a standard fixed-rate mortgage, the principal and interest payment is calculated using the loan amount, periodic interest rate, and total number of monthly payments. Taxes, insurance, and other housing costs may be additional.
How much down payment do I need?
The required down payment depends on the lender, mortgage product, property, and your financial circumstances. A larger down payment generally reduces the loan amount and may reduce borrowing costs.
Does a longer mortgage term reduce monthly payments?
Generally, yes. Spreading repayment over more years reduces the required monthly principal and interest payment, but usually increases the total interest paid.
Does this calculator include property taxes and insurance?
The estimate covers principal and interest unless additional costs are explicitly supported by the calculator. Check your actual property taxes, insurance, and lender fees separately.
Is this mortgage calculator accurate?
It provides an estimate based on the values you enter. Your actual payment and total borrowing cost may differ because of lender terms, fees, taxes, insurance, and other expenses.