MORTGAGE CALCULATOR

Estimate your monthly mortgage payment based on home price, down payment, loan term, interest rate, taxes, and insurance. Adjust the numbers below to explore different scenarios and get a clearer picture of what your monthly payment could look like.
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Your mortgage payments over 30 years will add up to $0.

Understanding Your Mortgage Payment

Down Payment

Your down payment is the portion of the purchase price you pay upfront. The amount required varies by loan program, and some programs allow for a relatively low down payment. A larger down payment may reduce your loan amount and monthly payment.

Loan Term

Your loan program can affect your interest rate and monthly payments. Choose from 30-year fixed, 15-year fixed, and more in the calculator.

Loan Type

There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same, even for long-term loans, such as 30-year fixed-rate mortgages. Two benefits to this loan type are stability, and being able to calculate your total interest up front. Adjustable-rate mortgages (ARMs) have interest rates that can change over time. Typically they start out at a lower interest rate than a fixed-rate loan, and hold that rate for a set number of years, before changing interest rates from year to year. For example, if you have a 5/1 ARM, you will have the same interest rate for the first 5 years, and then your interest rate will change from year to year. The main benefit of an adjustable-rate loan is starting off with a lower interest rate.

Interest Rate

Your interest rate can have a significant impact on your monthly payment and overall cost of borrowing. Actual rates vary based on the loan program, market conditions, credit profile, down payment, and other factors.

Property Tax Rate

The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.

Home Insurance

Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator advanced options.

HOA Fees

A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOAs collect these fees to assist with maintaining and improving properties in the association.

Calculator results are estimates for informational purposes only and are not a loan quote or guarantee of financing. For personalized loan information, consult with a qualified mortgage professional.