Mortgage Calculator
Calculate monthly payments, check affordability, and compare loan terms.
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Plan Your Home Purchase With Confidence
Buying a home is the biggest financial decision most people make. Our Mortgage Calculator helps you understand the true cost of homeownership—not just the loan payment, but taxes, insurance, PMI, and HOA fees.
Whether you're calculating payments, checking affordability, or comparing 15-year vs 30-year terms—we've got you covered.
Three Powerful Modes
1. Monthly Payment Calculator
Enter home price, down payment, and interest rate to see your complete monthly payment breakdown—including principal, interest, taxes, insurance, PMI, and HOA.
2. Affordability Calculator
How much house can you afford? Enter your monthly housing budget and available down payment—we'll calculate the maximum home price you can comfortably purchase.
3. Compare Loan Terms
See side-by-side how 15, 20, and 30-year terms affect your monthly payment and total interest paid. Understand the trade-off between lower payments and long-term savings.
All Features
Quick Reference: Payment by Loan Amount
Monthly P&I at 6.5% interest rate:
| Loan Amount | 15 Year | 30 Year | Interest Saved |
|---|---|---|---|
| $200,000 | $1,742 | $1,264 | $93K |
| $300,000 | $2,613 | $1,896 | $140K |
| $400,000 | $3,484 | $2,528 | $186K |
| $500,000 | $4,355 | $3,160 | $233K |
Frequently Asked Questions
How is monthly mortgage payment calculated?
The principal & interest (P&I) portion uses the amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is loan amount, r is monthly interest rate, n is total payments. Add property tax, insurance, PMI, and HOA for total PITI payment.
What is PMI and when is it required?
PMI (Private Mortgage Insurance) protects the lender if you default. It's typically required when your down payment is less than 20%. PMI usually costs 0.5-1% of the loan annually. You can request PMI removal once you reach 20% equity.
What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance—the four components of a complete mortgage payment. Lenders use your total PITI payment when qualifying you for a loan, typically using the 28% rule (PITI should be ≤28% of gross income).
Should I choose a 15-year or 30-year mortgage?
15-year mortgages have higher monthly payments but much lower total interest. A $400K loan at 6.5% saves ~$200K in interest with 15yr vs 30yr. Choose 15yr if you can afford higher payments; choose 30yr for lower payments and more cash flow flexibility.
How much house can I afford?
Use our Affordability mode. Enter your monthly housing budget and down payment. A common rule: mortgage payment shouldn't exceed 28% of gross income. For $6,000/month income, that's ~$1,680/month for PITI.
What is a good down payment amount?
20% is ideal to avoid PMI. However, many buyers put 5-10% down. FHA loans allow as low as 3.5%. Higher down payment = lower loan amount = lower monthly payment + less interest over time.
How much are property taxes typically?
Property taxes vary widely by location: 0.3% in Hawaii to over 2% in New Jersey. National average is about 1.1% of home value per year. For a $400K home, expect $4,400/year or ~$367/month.
What is an escrow account?
An escrow account is managed by your lender to pay property taxes and insurance on your behalf. You pay monthly into escrow (part of your PITI), and the lender pays bills when due. This ensures these critical expenses are never missed.
How do interest rates affect my payment?
Every 1% increase in rate adds about $60/month per $100K borrowed on a 30-year mortgage. At $400K, going from 6% to 7% adds ~$240/month. Use our calculator to see exact impact.
What are HOA fees?
HOA (Homeowners Association) fees cover shared community expenses: landscaping, amenities, building maintenance (for condos). Fees range from $100-$1000+/month depending on property type and location. Not all properties have HOA.