Mortgage Calculator
Calculate your monthly mortgage payment with our free calculator. Includes address lookup, payment breakdown, PMI calculation, property tax estimation, and mortgage payment with taxes and insurance. Get instant results for conventional, FHA, VA, and USDA loans.
PMI will be added to your payment
Estimated Monthly Payment
$2,804
Estimated Maximum Monthly Payment
Note: This payment is an estimate. It's not a loan offer or commitment.
Data Sources
• Property taxes: Census Bureau, Tax Foundation
• Insurance: Census Bureau, National Bureau of Economic Research
• Home prices: Varies by location
Note: These are estimates. Actual costs may vary.
Notices and Disclaimers
For Illustrative Purposes Only: This calculator provides estimates for educational and planning purposes only. Your actual mortgage payment and terms may vary significantly.
Not a Loan Offer: This calculator does not constitute a loan offer, commitment, or pre-approval. All loan terms are subject to lender approval and market conditions.
Rate Variations: Interest rates, fees, and terms vary by lender, loan type, and individual circumstances. Contact lenders directly for current rates and terms.
Insurance Requirements: Actual insurance costs may differ based on property type, location, coverage amounts, and individual circumstances.
Tax Estimates: Property tax estimates are based on general rates and may not reflect actual tax assessments or exemptions.
Credit Score Impact: Your actual credit score and credit history will significantly impact your loan terms and eligibility.
Consult Professionals: We recommend consulting with qualified mortgage professionals, real estate agents, and financial advisors for personalized guidance.
How to Calculate Your Mortgage Payment with Taxes and Insurance
Follow these simple steps to calculate your monthly mortgage payment with our free calculator.
Enter Your Home Price
Start by entering the purchase price of your home. You can use the slider or type in the exact amount. This is the total cost of the property you want to buy.
Set Your Down Payment
Choose your down payment percentage (3% to 50%). A larger down payment reduces your loan amount and may eliminate PMI costs. Use the slider or quick percentage buttons.
Enter Your Interest Rate
Input your expected interest rate or use current market rates. Even a small difference in rate can significantly affect your monthly payment.
Choose Your Loan Term
Select between 15-year or 30-year mortgage terms. 30-year loans have lower monthly payments, while 15-year loans save on total interest.
Add Your Address (Optional)
Enter your property address for location-specific property tax estimates. This provides more accurate monthly payment calculations.
Review Your Payment Breakdown
See your monthly payment broken down into principal, interest, taxes, and insurance. The calculator automatically includes PMI if your down payment is less than 20%.
Trusted by Home Buyers Nationwide
Our mortgage calculator has helped thousands of home buyers understand their payment options and make informed decisions.
"This calculator gave me the most accurate estimate compared to others I tried. The address lookup feature made a huge difference in my property tax calculations."
- Sarah M., First-time Homebuyer
"I love how it breaks down all the costs including PMI. The educational content helped me understand what I was actually paying for each month."
- Michael R., Refinancing
"No registration required and completely free. I used it to compare different down payment scenarios and it helped me decide on 15% down."
- Jennifer L., Homebuyer
Trusted by home buyers nationwide
Join the growing community of users who rely on our calculator for accurate mortgage estimates
Why Choose Our Mortgage Calculator?
Our mortgage calculator stands out from other tools with comprehensive features and accurate calculations.
Complete Payment Breakdown
Unlike basic calculators, ours includes property taxes, homeowners insurance, and mortgage insurance (PMI/MIP) for accurate monthly payments.
Address Lookup Feature
Get location-specific property tax estimates by entering your address, unlike generic calculators that use national averages.
All Loan Types Supported
Calculate payments for conventional, FHA, VA, and USDA loans with accurate insurance calculations for each type.
No Registration Required
Unlike bank calculators that require account creation, our tool is completely free and accessible without any signup.
Advanced Options
Customize credit scores, loan terms, and see how different factors affect your payment with interactive sliders.
Educational Content
Learn about mortgage components and factors that affect your payment, not just get a number like other calculators.
What Makes Up Your Monthly Payment?
How Mortgage Payments Work
Your monthly mortgage payment consists of four main components:
- Principal
- The portion of your payment that goes toward reducing your loan balance. This builds your home equity over time.
- Interest
- The cost of borrowing money from your lender. This is calculated based on your interest rate and remaining loan balance.
- Taxes
- Property taxes assessed by your local government. Lenders typically collect these monthly and pay them annually on your behalf.
- Insurance
- Homeowners insurance to protect your property, plus mortgage insurance (PMI, MIP, or guarantee fees) if your down payment is less than 20%.
- Mortgage Insurance
- PMI for conventional loans, MIP for FHA loans, funding fees for VA loans, or guarantee fees for USDA loans. These protect the lender if you default.
Factors That Affect Your Payment
- Interest Rate
- Lower rates typically result in lower monthly payments. Even a 0.5% difference can affect your payment by hundreds per month.
- Down Payment
- Larger down payments reduce your loan amount and may eliminate PMI costs.
- Loan Term
- 30-year loans have lower payments but higher total interest. 15-year loans have higher payments but lower total interest.
- Credit Score
- Higher credit scores typically qualify for lower interest rates. Scores above 740 often receive more favorable rates.
- Property Type
- Single-family homes typically have lower rates than condos and multi-unit properties.
- Occupancy Type
- Primary residences typically have lower rates than investment properties and second homes.
- Loan Purpose
- Purchase loans typically have lower rates than refinances. Cash-out refinances may have higher rates.
- State
- Different states have varying property tax rates, insurance costs, and regulatory requirements.
More Mortgage Calculators
Explore our suite of mortgage calculators to help you make informed decisions about your home purchase, refinancing, and affordability.
Refinance Breakeven Calculator
Calculate how long it takes to break even on refinancing costs and start saving money.
Calculate breakeven →Home Affordability Calculator
Determine how much house you can afford based on your income, debt, and down payment.
Calculate affordability →Rent vs Buy Calculator
Compare the costs of renting versus buying to make the best financial decision.
Compare options →Types of Mortgage Loans
Conventional
Traditional loans with flexible terms and competitive rates.
- • 3-20% down payment
- • No mortgage insurance with 20% down
- • Flexible credit requirements
FHA
Government-backed loans with low down payment options.
- • 3.5% down payment
- • Lower credit score requirements
- • Mortgage insurance required
VA
Special loans for veterans, service members, and spouses.
- • 0% down payment possible
- • Competitive interest rates
- • No PMI required
USDA
Rural development loans with no down payment required.
- • 0% down payment
- • Available in rural areas
- • Income limits apply
Frequently Asked Questions
How accurate is this mortgage calculator?
This calculator provides estimates based on current market conditions. For exact payments, contact a lender who can provide personalized quotes based on your specific situation, credit score, and property details.
What's included in my monthly payment?
Your monthly payment typically includes principal, interest, property taxes, homeowners insurance, and private mortgage insurance (PMI) if your down payment is less than 20%.
How much should I put down on a house?
While 20% down eliminates PMI, many buyers put down 3-10%. Consider your savings, monthly budget, and long-term financial goals. Government programs may allow lower down payments for qualified buyers.
What is PMI and when do I need it?
Private Mortgage Insurance (PMI) is required on conventional loans when your down payment is less than 20%. PMI costs up to 0.5% of your loan amount annually and can be removed once you reach 20% equity. FHA loans use MIP (Mortgage Insurance Premium), VA loans have a funding fee, and USDA loans have a guarantee fee instead of PMI.
How do property taxes affect my payment?
Property taxes are typically 1% of your home's value annually. Lenders often collect these monthly and hold them in escrow to ensure timely payment. Your actual tax rate depends on your county and local assessments.
What's the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal loan amount. APR (Annual Percentage Rate) includes the interest rate plus other loan costs like broker fees, discount points, and some closing costs. APR gives you a more complete picture of the loan's total cost.
Should I choose a 15-year or 30-year mortgage?
30-year mortgages offer lower monthly payments and more flexibility, while 15-year mortgages save significant interest over time. Consider your monthly budget, long-term goals, and whether you plan to stay in the home long-term when making this decision.
How does my credit score affect my mortgage rate?
Higher credit scores typically qualify for better interest rates. Scores above 740 generally receive the best rates. FHA loans may accept scores as low as 580 with 3.5% down, while conventional loans typically require 620+.
Can I use gift funds for my down payment?
Yes, gift funds from family members are often acceptable for down payments. Conventional loans allow gift funds for down payments, while FHA, VA, and USDA loans have specific requirements. The donor must provide a gift letter stating the funds are a gift with no expectation of repayment.
What happens if I make extra payments on my mortgage?
Making extra payments reduces your principal balance faster, saving you interest over time and potentially paying off your loan early. Even small additional payments can make a significant difference in your total interest costs.
How do I know if I can afford a house?
Affordability is deeply personal. Our affordability calculator uses a 43% debt-to-income ratio, but your comfort level may be different. Consider what monthly payment feels manageable for your lifestyle, how much you want to save each month, and what other financial goals you have. The right payment is the one that lets you sleep well at night.
Related Tools and Resources
Mortgage Loan Limits
Check the maximum loan amounts for your area by county and loan type.
Check loan limits →First-Time Home Buyer Guide
Everything you need to know about buying your first home, from saving to closing.
Read the guide →Down Payment Assistance
Find programs that may help you with your down payment and closing costs.
Find programs →Note: All data in this calculator is currently estimated for demonstration purposes. For accurate calculations, we recommend integrating with the suggested data sources above.
