Mortgage Calculator - Estimate Your Monthly Payments
| Monthly | Total | |
|---|---|---|
| Mortgage Payment | $2,022.62 | $728,140.63 |
| Property Tax | $400.00 | $144,000.00 |
| Home Insurance | $125.00 | $45,000.00 |
| Other Costs | $333.33 | $120,000.00 |
| Total Out-of-Pocket | $2,880.95 | $1,037,140.63 |
| House Price | $400,000.00 |
| Loan Amount | $320,000.00 |
| Down Payment | $80,000.00 |
| Total of 360 Mortgage Payments | $728,140.63 |
| Total Interest | $408,140.61 |
| Mortgage Payoff Date | Sep 2055 |
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What Is a Mortgage Calculator?
A mortgage calculator helps you estimate your monthly mortgage payment, total interest paid, and remaining balance over time. It’s a powerful tool for homebuyers and homeowners to evaluate loan options and affordability.
Why Use a Mortgage Calculator?
- Understand your monthly payment breakdown
- Compare fixed vs. adjustable-rate loans
- Factor in taxes, insurance, and HOA fees
- Plan for early payoff or refinancing scenarios
How Does a Mortgage Work?
A mortgage is a type of loan used to purchase a home. You borrow a lump sum and repay it over time — typically 15 or 30 years. Each monthly payment includes:
- Principal: The amount borrowed
- Interest: The cost of borrowing
- Taxes & Insurance: Optional, but often escrowed
How Is Your Mortgage Payment Calculated?
- Loan amount (home price - down payment)
- Interest rate
- Loan term (e.g., 15 or 30 years)
- Property tax and insurance (optional)
- Private mortgage insurance (PMI), if applicable
Types of Mortgage Loans
- Fixed-rate: Same interest rate throughout the loan
- Adjustable-rate (ARM): Interest rate may change over time
- FHA / VA: Government-backed for specific eligibility
- Interest-only: Pay only interest for an initial period
Mortgage Calculator Pros and Cons
| Pros | Cons |
|---|---|
| Easy to use and free | Doesn’t include all lender-specific fees |
| Helps compare multiple loans | Estimates only — not a quote |
| Visual charts aid planning | PMI/tax estimates may vary |
Alternatives to Traditional Mortgages
- Cash-out refinance: Tap home equity for cash
- Home equity loan: Fixed loan using equity
- HELOC: Revolving line of credit backed by your home
Frequently Asked Questions
Use our affordability calculator to estimate how much house you can buy based on your income and expenses.
A 15-year mortgage saves on interest but has higher monthly payments. It depends on your budget.
Yes, though some lenders may charge a prepayment penalty — check your loan terms.
Private Mortgage Insurance (PMI) is required if your down payment is under 20%.