Mortgage Calculator
About the Mortgage Calculator
Estimate your monthly mortgage payment from the home price, down payment, interest rate, and loan term. The calculator breaks the payment into principal and interest, and shows the total interest paid over the life of the loan. It is useful both for checking affordability before house-hunting and for comparing loan offers — small differences in rate compound into large differences over 15–30 years.
This tool works in your browser: the files and text you use are processed on your device and are not uploaded.
How to use it
- Open the Mortgage tab and enter the property value and your down payment.
- Add the interest rate and the loan term in years.
- Enter the annual property tax rate and yearly insurance cost to include them.
- Read the estimated monthly payment, including the monthly tax and insurance estimates.
Frequently asked questions
How much house can I afford?
A widely used guideline is the 28/36 rule: housing costs under 28% of gross monthly income, and all debt payments combined under 36%. Work backwards from those caps to a comfortable monthly payment, then use the calculator to find the matching price range.
How much should I put down?
Twenty percent down avoids private mortgage insurance (PMI) in most markets and gets better rates, but many loans allow 5–10% down. A smaller down payment means a larger loan, higher monthly payments, and more total interest.
15-year vs 30-year mortgage — which is better?
A 15-year loan has higher monthly payments but a lower rate and roughly one-third of the total interest of a 30-year loan. The 30-year term maximises flexibility; you can often mimic a 15-year payoff by paying extra principal when you can.
Does this include property tax and insurance?
The core calculation covers principal and interest. Property taxes, homeowner’s insurance, PMI, and HOA fees vary by location and are typically added on top of the figure shown — budget for them separately.
This calculator is for informational and educational purposes only and does not constitute financial advice. Verify important figures with your bank, lender, or a qualified financial advisor.