This mortgage payment calculator gives you an estimate.
This mortgage payment calculator provides customized information based on the information you provide. But, it assumes a few things about you. For example, that you’re buying a single-family home as your primary residence. This calculator also makes assumptions about closing costs, lender’s fees and other costs, which can be significant.
Adjust the calculator to estimate your monthly mortgage payment.
Understand your monthly mortgage payment
Your monthly mortgage payment depends on a number of factors, like purchase price, down payment, interest rate, loan term, property taxes and insurance.
Purchase price refers to the total amount you agree to pay to the property’s seller. This amount is typically different from your loan amount, since most lenders won’t loan you the full amount of a property’s purchase price.
Calculator assumption: single-family home
This mortgage payment calculator assumes that you’re buying a single-family home as your primary residence.
What can you afford?
Our mortgage affordability calculator can give you an idea of your target purchase price. You can make the calculation based on your income or how much you’d like to pay per month.
A down payment is the cash you pay up front when you buy a home. The larger your down payment, the less you’ll need to borrow and pay in interest.
Calculator assumption: 20% down payment
his mortgage payment calculator assumes that you have a 20% down payment, unless you specify otherwise. If you have less than a 20% down payment, you may have to pay private mortgage insurance (PMI), which would increase your monthly mortgage payment.
Start saving for a down payment.
When you’re ready to buy a home, a higher down payment can save you money in the long run. If you plan to buy in the near future, setting money aside now can only help.
The interest rate is the amount of money your lender charges you for using their money. It’s shown as a percentage of your principal loan amount.
Mortgage insurance is required primarily for borrowers on a conventional loan with a down payment of less than 20% of the home's purchase price. It protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan. Contact your lender for more details.
Your estimated annual property tax is based on the home purchase price. The total is divided by 12 months and applied to each monthly mortgage payment. If you know the specific amount of taxes, add as an annual total.
Homeowner's insurance is based on the home price, and is expressed as an annual premium. The calculator divides that total by 12 months to adjust your monthly mortgage payment. Average annual premiums usually cost less than 1% of the home price and protect your liability as the property owner and insure against hazards, loss, etc.