The Mortgage Calculator helps you estimate your monthly mortgage payment instantly, including property taxes and homeowner's insurance. Whether you're a first-time homebuyer comparing loan options, a homeowner considering refinancing, or a real estate investor evaluating properties, this free tool gives you a complete financial picture in seconds. Enter your home price, down payment, interest rate, and loan term to see your exact monthly payment and full amortization schedule. All calculations happen locally in your browser - no data is stored or shared.
Input the total purchase price of the home and the amount you plan to put down. The calculator will compute the actual loan amount by subtracting your down payment from the home price. A typical down payment is 20%, but you can enter any amount.
Enter the annual interest rate offered by your lender and select the loan term in years. Common terms are 15 and 30 years. A lower rate or shorter term means less total interest paid, but higher monthly payments.
Enter your annual property tax and homeowner's insurance amounts. These are added to your base mortgage payment to give you the true monthly cost. You can find estimated property tax rates from your county assessor's website.
Click the Calculate button to see your monthly payment, total payment over the life of the loan, and total interest paid. Toggle the amortization schedule to see a year-by-year breakdown of how your payments split between principal and interest.
Monthly mortgage payments are calculated using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where M is the monthly payment, P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. This calculator also adds monthly property tax and insurance to give you the total monthly cost of homeownership.
Mortgage interest rates vary based on economic conditions, your credit score, loan type, and down payment. As of 2026, rates for a 30-year fixed mortgage typically range from 5.5% to 7.5%. A rate below 6% is generally considered good. Your actual rate depends on your credit score (740+ gets the best rates), debt-to-income ratio, and the size of your down payment.
A common guideline is the 28/36 rule: spend no more than 28% of your gross monthly income on housing costs (mortgage, taxes, insurance) and no more than 36% on total debt. For example, with a $6,000 monthly income, aim for housing costs under $1,680. Use this calculator to find the home price that keeps your payment within that range.
A 15-year mortgage has higher monthly payments but saves significantly on total interest. A 30-year mortgage has lower monthly payments but costs more over the life of the loan. For example, on a $240,000 loan at 6.5%, a 15-year term saves over $150,000 in interest compared to a 30-year term. Choose based on your monthly budget and long-term financial goals.
A mortgage payment typically includes four components, known as PITI: Principal (the loan amount you're paying down), Interest (the cost of borrowing), Taxes (property taxes, usually collected monthly and held in escrow), and Insurance (homeowner's insurance). Some loans also include Private Mortgage Insurance (PMI) if your down payment is less than 20%.