When buying a home, one of the biggest questions is: “How much will my monthly mortgage payment be?” That’s where our free Mortgage Calculator comes in.
This online tool helps you estimate your monthly payments, including principal, interest, property taxes, insurance, and other costs. By entering details like home price, down payment, loan term, and interest rate, you’ll instantly know how much you need to budget every month.
📖 What is a Mortgage Calculator?
A mortgage calculator helps you estimate your monthly loan payments, including principal, interest, taxes, insurance, and other costs related to owning a home. Instead of crunching numbers manually, this tool gives you an instant breakdown of where your money goes each month.
⚙️ How It Works
- Enter Home Price – Total cost of the property.
- Add Down Payment – The upfront amount you’ll pay (e.g., 20%).
- Choose Loan Term – Commonly 15, 20, or 30 years.
- Set Interest Rate – Current mortgage rate from your lender.
- Add Costs (Optional) – Property tax, insurance, HOA fees, PMI, or other expenses.
Hit Calculate to get:
- Your monthly mortgage payment 💰
- A detailed breakdown of costs (principal, interest, taxes, insurance)
- A projected payoff date 📅
🧮 Example Calculation
For a $400,000 home with:
- 20% down payment ($80,000)
- 30-year loan at 6.43% interest
- Property tax 1.2% + Insurance $1,500/year
👉 Monthly mortgage payment ≈ $2,007.91 (excluding extra costs).
📊 Why Use This Calculator?
✔️ Plan Your Budget – Know exactly how much you’ll pay monthly.
✔️ Compare Loan Options – Test 15-year vs. 30-year mortgages.
✔️ See True Costs – Add taxes, insurance, and fees for accuracy.
✔️ Save Money – Experiment with extra payments to see how much interest you can cut.
🏠 Mortgage Basics (Quick Guide)
- Principal → The loan amount you borrow.
- Interest → The lender’s fee for borrowing money.
- Taxes & Insurance → Added costs you must include in your budget.
- PMI → Required if your down payment is <20%.
💡 Tip: Making even small extra payments can save you thousands in interest over the life of your loan.
✅ Try It Yourself
Use our free Mortgage Calculator above to plan your dream home purchase. Whether you’re buying your first home or refinancing, it’s a simple way to see your numbers before talking to lenders.