Home financing tool

Mortgage Calculator

Estimate your monthly mortgage payment, total interest, and home loan amount before you make an offer or compare lenders. Use this mortgage payment calculator to test home price, down payment, interest rate, amortization period, property tax, home insurance, and HOA fees in one simple place.

Payment schedule

Home Price

Enter the purchase price or estimated market value of the home.

Down Payment

Enter the cash amount you plan to pay upfront.

Interest Rate

Enter the annual mortgage interest rate.

Amortization Period

years

Enter the number of years used to pay off the mortgage.

Annual Property Tax

Enter the estimated yearly property tax for the home.

Annual Home Insurance

Enter the estimated yearly homeowner insurance cost.

Monthly HOA Fees

Enter monthly HOA, condo, or maintenance fees if they apply.

Mortgage calculator for monthly house payments

A mortgage calculator helps you estimate the cost of buying a home before you apply for a loan. Home price, down payment, mortgage rate, amortization period, property tax, insurance, and HOA fees can all change your monthly house payment and long-term borrowing cost.

How this mortgage payment calculator works

This calculator subtracts your down payment from the home price to estimate the mortgage amount. It then applies a standard amortized loan formula using your interest rate, payment schedule, and amortization period. Property tax, home insurance, and HOA or condo fees are converted into the selected payment schedule so the live estimate is easier to use for monthly budgeting.

Why calculate your mortgage before house shopping?

Running a mortgage estimate before you view homes can help you set a realistic price range, compare lender offers, and understand how a larger down payment may reduce your monthly mortgage payment. It also shows how interest rates affect total interest paid over the life of the home loan.

Compare monthly, bi-weekly, and weekly mortgage payments

Monthly mortgage payments are common, but some buyers prefer bi-weekly or weekly estimates because they match their pay schedule. Switching payment frequency helps you compare cash flow, plan your household budget, and see how often money may leave your account.

Plan beyond principal and interest

A helpful home affordability calculator should include more than principal and interest. Property taxes, homeowner insurance, HOA fees, condo fees, and maintenance costs can all affect how much house you can afford. Use this mortgage calculator as a simple starting point for comparing home prices, mortgage rates, down payment amounts, and monthly housing costs.

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