Mortgage Calculator
Estimate your monthly mortgage payment, total interest, property tax, insurance, and total amount paid.
Mortgage Calculator
Mortgage Results
How to Use the Mortgage Calculator
Enter the home price, down payment, annual interest rate, and mortgage term. You can also enter estimated annual property taxes and homeowners insurance to get a broader estimate of your monthly housing payment.
Select your preferred currency, then click Calculate Mortgage. The calculator will estimate your principal and interest payment, monthly property tax, monthly insurance, total monthly housing payment, total interest, and total amount paid over the mortgage term.
Understanding Your Mortgage Payment
A mortgage payment can contain several components. The principal is the amount borrowed to purchase the home. Interest is the cost charged by the lender for borrowing that money.
Property taxes and homeowners insurance can also contribute to the overall monthly housing cost. This calculator includes the annual property tax and insurance amounts you enter and divides each by 12 to estimate their monthly amounts.
A larger down payment reduces the amount borrowed, which can reduce the principal and interest portion of the monthly payment and the total interest paid over the life of the loan.
Mortgage Example
Suppose a home costs $300,000 and the down payment is $60,000. The estimated mortgage principal would therefore be $240,000.
If the annual interest rate is 6.5% and the mortgage term is 30 years, the calculator uses monthly payments over 360 months to estimate the principal and interest payment.
If annual property taxes and homeowners insurance are also provided, those amounts are divided by 12 and added to the estimated monthly housing payment.
Frequently Asked Questions
What is a mortgage?
A mortgage is a loan commonly used to purchase a home or other real estate. The borrower generally repays the principal and interest through scheduled payments over an agreed term.
Does a larger down payment reduce the mortgage payment?
Generally, yes. A larger down payment means less money needs to be borrowed, which can reduce the principal and interest portion of the monthly payment.
Does a longer mortgage term reduce the monthly payment?
A longer term can reduce the required monthly principal and interest payment because the loan is spread across more monthly payments. However, it can also result in more total interest being paid over the life of the mortgage.
Does this calculator include every mortgage cost?
No. This calculator estimates principal, interest, property tax, and homeowners insurance based on the information entered. Other costs may include lender fees, closing costs, mortgage insurance, homeowners association fees, and other expenses.
Can I use another currency?
Yes. You can select a different currency symbol from the currency field. The calculator changes the displayed symbol, but it does not perform currency conversion.
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Important Disclaimer
This calculator provides estimates for informational and educational purposes only. Actual mortgage payments and costs may differ because of lender terms, taxes, insurance, fees, rates, loan programs, and other factors. Review the terms provided by your lender before making financial decisions.