Mortgage Calculator

Our Mortgage Calculator helps you see what your monthly payment could look like based on your loan amount, rate, and term.

Benefits

• Get an instant estimate of your monthly mortgage payment
• See how changes in rate, term, or down payment affect your budget
• Plan ahead for property taxes and insurance
• Compare different loan types side by side

Formula

Most lenders use the 28/36 rule to estimate affordability:Your monthly mortgage payment includes principal and interest, often along with property taxes and insurance.

Basic formula:

Where

• M = monthly payment
• P = principal (loan amount)
• i = monthly interest rate
• n = total number of payments (loan term in months)

Don’t worry — the calculator handles the math for you automatically.

Terms

• Principal: The amount of money you borrow.
• Interest Rate: The cost of borrowing, expressed as a yearly percentage.
• Loan Term: The length of your loan, usually 15 or 30 years.
• Taxes & Insurance: Estimated monthly costs for property taxes and homeowners insurance.
• HOA Fees: Optional monthly fees for properties with homeowners associations.

Factors to Consider

• Your interest rate is influenced by credit score, loan type, and market conditions.
• A shorter loan term often means higher payments but lower total interest paid.
• Adding extra to your principal each month can reduce your payoff time and save money.
• Don’t forget to include taxes, insurance, and maintenance when planning your total budget.

FAQ

Is this my exact payment?

No. It’s an estimate. Your actual payment depends on your loan terms, taxes, and insurance.

Can I use this for refinancing?

Yes. Enter your current balance and new loan details to compare payments.

How accurate are the taxes and insurance numbers?

They’re estimates. Actual amounts vary by location and coverage.

What’s the best loan term?

It depends on your goals. A 15-year loan pays off faster, while a 30-year keeps payments lower.