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Mortgage Calculator

Calculate your estimated monthly mortgage payments, including principal, interest, taxes, and insurance.

Buying a home is often the largest purchase of your life. Our Mortgage Calculator helps you estimate your monthly payments with accuracy by factoring in not just principal and interest, but also property taxes, homeowners insurance, HOA fees, and PMI. Use this tool to experiment with different loan amounts, interest rates, and terms to find a mortgage that fits your budget comfortably.

Loan Details

Additional Estimations (Annual/Monthly)

Estimated Monthly Payment

$0

Payoff Date:

Monthly Breakdown

Principal & Interest$
Property Tax$250.00
Home Insurance$125.00

Loan Summary

Total of 360 Payments$
Total Interest Paid$
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Understanding Your Mortgage Costs

A monthly mortgage payment is more than just paying back a loan. It typically consists of four parts, known as PITI: Principal, Interest, Taxes, and Insurance.

The Components of PITI

  • Principal: The money that goes towards paying down your loan balance.
  • Interest: The fee you pay the bank for borrowing the money.
  • Taxes: Property taxes collected by your local government to fund schools and services.
  • Insurance: Homeowners insurance to protect against fire, theft, and damage.

What is PMI?

Private Mortgage Insurance (PMI) is usually required if you put down less than 20% of the home's value. It protects the lender if you stop making payments. Once you build 20% equity in your home, you can typically request to have PMI removed, lowering your monthly payment.

How to Lower Your Payment

To get a more affordable monthly payment, you can:

  • Increase Your Down Payment: Reduces the principal and can eliminate PMI.
  • Improve Credit Score: Helps you qualify for a lower interest rate.
  • Extend the Term: A 30-year term has lower monthly payments than a 15-year term, though you pay more interest overall.