Mortgage Calculator

Here’s how to use our calculator to estimate your monthly mortgage payment. Enter the following information:

• Home purchase price: The amount you plan to pay for your home.
• Down payment: The percentage of the sale price you plan to pay up front. If your down payment is less than 20%, you may be required to pay for Private Mortgage Insurance (PMI).
• Term: The loan repayment period. Typically, the longer the term, the lower the monthly principal payment — but more interest will be paid over the life of the loan. A shorter term can result in a larger monthly principal payment but less interest paid over the loan’s lifetime.
• Interest rate: The cost to borrow the money for a mortgage loan, expressed as a percentage of the principal amount.

The calculator will estimate amounts for:

• Homeowners insurance: Covers certain types of damage to your home. Rates are determined by several factors, including home size, age, location, and the deductible amount you choose.
• Homeowners association (HOA) or condo fees: If you buy a condo or a home that has an HOA, you will pay a fee for services that may include landscaping, exterior maintenance, water, sewer, etc. These fees are usually collected on a monthly basis.
• Property taxes: These are yearly taxes determined by the local government. They are a percentage of your home’s value, based on location, and may also include school and hospital taxes.

In Advanced View, you can adjust the amounts for homeowners insurance, HOA/condo fees, and property taxes.

Based on the information you enter, the calculator displays an estimated monthly mortgage payment with a breakdown showing the amount of PMI, HOA fees, taxes and insurance, and principal and interest.

When preparing to buy a house, learn about the costs associated with homeownership that aren’t included in this calculator.

• Cost of buying a home: Buyers should be prepared to cover closing costs of 2% – 5% of the loan amount and moving costs, like movers and utility installation.
• Monthly payments: Mortgage payments can change over time — for example, if property taxes go up. Keep in mind how other monthly expense will change as well, like utility bills and lawn care.
• Expected maintenance: Be familiar with the expected lifespan of major components in your home — like the roof, windows, HVAC system, and appliances — and how much they cost.
• Unexpected expenses: Surprises can happen over the course of homeownership, from a burst pipe to a fire or a severe weather event.
• Cost to sell a home: Most home sales typically cost 6% of the home’s sales price in realtor commission and transaction fees.

There are several strategies for lowering the monthly cost of your mortgage payment.

• Make a bigger down payment: If you're buying a home, making a larger down payment can reduce the amount you need to borrow, which would lower your monthly payments. A larger down payment can also help you avoid private mortgage insurance (PMI), which adds to your monthly costs.
• Remove private mortgage insurance (PMI): If you have a conventional mortgage and your down payment was less than 20%, you likely pay for PMI. Once your equity in the home reaches 20%, you can request to have the PMI removed.
• Consider a different loan type: Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage can provide more stability and potentially lower your monthly payments, especially if interest rates are currently low.
• Prepay your mortgage: Making extra payments toward the principal can reduce the amount of interest you pay over the life of the loan and shorten the loan term. This can lower your monthly payments if you refinance.
• Refinance: If you already have a mortgage, refinancing your mortgage to a lower interest rate can significantly reduce your monthly payments. Even a small decrease in the interest rate can result in substantial savings over the life of the loan.

Once you have an idea of how much your mortgage payments may cost per month, explore:

• How to buy a house: From knowing when you’re ready to signing the closing documents, learn about steps in the homebuying process.
• Shopping for a home: You probably know how many bedrooms you want, but other factors affect a home’s purchase price and the ongoing costs of ownership. Learn what to consider while you decide what you need and want in a home.
• How much it costs: From the down payment and closing costs to your monthly mortgage and maintenance costs, learn how to prepare for the upfront and ongoing costs of homeownership.