Mortgage Calculator: Estimate Your Monthly Home Payment
Planning to buy a home? This free mortgage calculator helps you estimate your monthly payment, total interest, and overall cost based on home price, down payment, interest rate, and loan term. Run the numbers before you commit.
🏠 Mortgage Payment Calculator
How to Use This Mortgage Calculator
Enter the home price, your down payment percentage, the interest rate, and loan term. The calculator shows your monthly principal and interest payment, total interest over the life of the loan, and total amount paid. Adjust the inputs to compare different scenarios.
Understanding Mortgage Costs
Your monthly payment is just principal and interest. The true cost of homeownership includes more:
- Property taxes — Typically 0.5% to 2.5% of home value per year
- Homeowner's insurance — Usually $1,000 to $3,000 per year
- PMI — Required if down payment is under 20%, adds 0.5-1% of loan annually
- HOA fees — $200 to $500/month in many communities
- Maintenance — Budget 1% of home value per year for repairs
On a $350,000 home with 20% down at 6.5% for 30 years, the monthly P&I is about $1,770. Add taxes and insurance, and the real cost is closer to $2,300-$2,500/month.
Tips for Getting the Best Mortgage
- Improve your credit score — A 740+ score unlocks the best rates, potentially saving tens of thousands.
- Save for 20% down — Eliminates PMI and reduces your loan amount significantly.
- Compare multiple lenders — Rates can vary 0.5% or more between lenders on the same day.
- Consider a 15-year term — Higher payments but dramatically less interest overall.
- Lock your rate — Once you find a good rate, lock it in to protect against increases.