Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, taxes, and insurance.
Loan Details
Current rates typically range from 6-8%
Varies by location (average ~1.1%)
Typically 0.25-0.5% of home value
Leave blank if none
Your Estimated Payment
Total Monthly Payment
$2,401.90
Principal, interest, taxes, insurance, and fees
Loan Amount
$320,000
Down Payment
$80,000
20% of home price
Total Interest
$370,682
Over 30 years
Total Cost
$690,682
Principal + Interest
Your estimated payment: $2,401.90/mo
That's based on current average rates. Lenders in your area may offer lower — see what you actually qualify for.
Disclaimer: These calculations are estimates based on the information you provide. Actual loan terms, rates, and payments may vary. Consult with a mortgage lender for exact figures.
Frequently Asked Questions
How is monthly mortgage payment calculated?
Monthly mortgage payment is calculated using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal loan amount, r is the monthly interest rate, and n is the number of payments. This gives you the principal and interest portion. Add property taxes, insurance, and PMI for your total monthly payment.
What is PMI and when is it required?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. PMI typically costs 0.5% to 1% of the loan amount annually. Once you reach 20% equity in your home, you can request to have PMI removed.
How much house can I afford on my salary?
A common guideline is that your monthly housing payment should not exceed 28% of your gross monthly income. For example, if you earn $6,000/month, aim for a housing payment under $1,680. Use our calculator to see exact numbers based on your situation.
What's the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal loan amount. APR (Annual Percentage Rate) includes the interest rate plus other costs like origination fees, closing costs, and mortgage insurance, giving you a more complete picture of the total cost of the loan.