Mortgage Payment Calculator
Estimate your monthly mortgage payment. Adjust home price, down payment, loan term, and rate to find a payment that fits your budget.
Mortgage Calculator
Estimate only. Does not include taxes, insurance, PMI, or HOA fees.
Tips for Lowering Your Payment
20% Down Payment
Putting 20% down eliminates private mortgage insurance (PMI), saving $100-300/month on a typical loan.
Total Cost Includes More
Your actual monthly housing cost includes property taxes, homeowners insurance, and possibly HOA fees. Budget an extra 30-40% above P&I.
Rate Shopping Saves Money
Getting quotes from 3-5 lenders can save 0.25-0.5% on your rate. On a $320,000 loan, that is $15,000-30,000 over 30 years.
Points vs. Rate
Paying discount points (1 point = 1% of loan amount) can lower your rate by about 0.25%. Worth it if you plan to stay 5+ years.
How the Mortgage Calculator Works
This calculator uses the standard mortgage amortization formula to compute your monthly principal and interest (P&I) payment. The formula is:
Where M is the monthly payment, P is the loan principal, r is the monthly interest rate, and n is the total number of payments. This does not include property taxes, insurance, PMI, or HOA fees.