Mortgage Calculator: Estimate Your Monthly Payment
Use this free mortgage calculator to estimate your monthly mortgage payment, see how much you’ll pay in interest over the life of the loan, and understand your full amortization schedule. Just enter your home price, down payment, loan term, and interest rate to get an instant breakdown.
Mortgage Payment Calculator
What Goes Into Your Monthly Mortgage Payment
- Principal — The amount you’re borrowing after your down payment.
- Interest — The cost of borrowing, expressed as your annual interest rate.
- Property taxes — Often collected monthly and held in escrow by your lender.
- Homeowners insurance — Also commonly escrowed and paid monthly.
- PMI — Private mortgage insurance, typically required if your down payment is under 20%.
How Loan Term Affects Your Payment
A 30-year mortgage spreads payments out for lower monthly costs but more interest paid overall. A 15-year mortgage has higher monthly payments but builds equity faster and saves significantly on total interest. Try both terms in the calculator above to compare.
Tips for Lowering Your Mortgage Payment
- Increase your down payment to shrink the loan amount and avoid PMI.
- Improve your credit score before applying to qualify for a better interest rate.
- Shop multiple lenders — rates can vary meaningfully between them.
- Consider a shorter term if you can afford higher payments, to cut total interest.
Frequently Asked Questions
What’s a good mortgage rate right now? Rates change frequently and depend on your credit, loan type, and term. Check with a few lenders for current quotes.
Does this calculator include taxes and insurance? This calculator focuses on principal and interest; add your estimated property tax and insurance separately for a full monthly total.
Is my down payment included? Yes. Enter your home price and down payment separately, and the calculator works out the loan amount for you.