Mortgage Calculator

Your monthly mortgage payment is more than the loan itself. It usually adds up principal, interest, property tax and home insurance, plus PMI if your down payment is under 20%. On a $350,000 home with 20% down at 6.5% for 30 years, that comes to $2,119.79 a month with $3,000 a year in tax and $1,200 a year in insurance.

Enter the home price, the down payment as a percentage, the rate and a term of 10, 15, 20, 25 or 30 years. Then add the yearly property tax, home insurance and PMI rate. Set any of these to 0 to leave it out. The tool shows the total monthly payment and each part of it. It also shows the loan amount, total interest and the total cost over the term, plus a yearly schedule and a chart of the balance falling.

PMI (private mortgage insurance) protects the lender, not you. This tool adds it only when the down payment is below 20%. It stops charging PMI once the balance falls to 78% of the home price, which is when lenders must drop it by law if you are current on payments. It also shows how many months you pay it.

The rate has a big effect over 30 years. On a $300,000 loan, going from 6% to 7% adds about $197 a month and roughly $71,000 in total interest, as the table below shows. A 15-year term costs more each month but saves a large amount of interest.

Your real payment may differ. Lenders set taxes and insurance through escrow, and HOA fees or closing costs are not included here. Use the result to plan, then compare official loan estimates from lenders. For other loans, try the Loan and EMI Calculator.