Calculate your monthly mortgage payment instantly.

Just enter your loan details, interest rate, and any additional costs. Our calculator will give you a transparent breakdown—complete with total interest, payoff timelines, and the effect of extra payments on your loan.

Key Features at a Glance

Real-Time Results: Adjust any input to see immediate updates on monthly payment and total interest.
Extra Payment Options: Compare how adding $50, $100, or more each month affects your payoff schedule.
Side-by-Side Scenarios: Evaluate 30-year vs. 15-year mortgages or different down payments.
Transparent Calculation: We show you the exact math behind the scenes.

Start Calculating Now

Mortgage Calculator

Calculate your monthly mortgage payment, including principal & interest, property tax, and homeowner’s insurance.
Inputs: Home Price, Down Payment, Loan Term, Interest Rate, Monthly Property Tax, and Insurance.

* Enter values in dollars, years, and percentages as indicated.

Step 1: Enter Mortgage Details

Home Price ($):

Total purchase price of the home.

Down Payment ($):

Upfront amount paid (reduces the loan principal).

Loan Term (years):

Example: 30 years.

Interest Rate (%):

Annual mortgage interest rate.

Property Tax (monthly, $):

Estimated monthly property tax (annual tax divided by 12).

Homeowner’s Insurance (monthly, $):

Estimated monthly insurance cost (annual cost divided by 12).

What is the mortgage?

A mortgage is a loan that is secured by real estate, such as a home. The lender has the right to take the property if the borrower doesn’t repay the loan.

How does a mortgage work?

The lender gives the borrower money to buy a property
The lender holds the title to the property until the loan is paid off
The borrower makes interest payments and repays the principal

Types of mortgages Conventional loans, Government-backed loans, and Adjustable rate mortgages (ARMs).

Factors to consider when choosing a mortgage The interest rate, The loan term, The closing costs, Whether the loan has risky features, and The Annual Percentage Rate (APR).

How to find a mortgage

Research different lenders
Compare the terms and features of different mortgages
Consider how much you can afford to pay each month

You can use our free online calculators to compare your income and debts

Main types of Mortgages

A mortgage is a long-term loan that is used to buy real estate, such as a home. It’s a type of loan that uses the property as collateral.

How does a mortgage work?

The borrower agrees to repay the loan in fixed monthly amounts over a set period of time
The lender has the right to take the property if the borrower doesn’t repay the loan plus interest

Types of mortgages

Fixed-rate mortgages: The interest rate doesn’t change over the term of the loan
Adjustable-rate mortgages (ARMs): The interest rate changes over time, usually after an introductory period
FHA loans: A government-backed loan that’s available to borrowers with limited down payment funds

Other mortgage considerations

The cost of a mortgage depends on the type of loan, the interest rate, and the term of the loan
Mortgage rates can vary widely depending on the applicant’s qualifications
Some ARMs have rate caps, which limit how much the rate can adjust

Qualification Requirements…

To qualify for a mortgage loan, you’ll need to meet certain requirements, including having a stable income, a good credit score, and a low debt-to-income (DTI) ratio. Lenders will also consider your employment history, savings, and monthly debt payments.

Credit score

A higher credit score can help you get a mortgage with better terms.
A minimum credit score of around 620 is typical.

Debt-to-income ratio

Lenders generally prefer a DTI ratio below 36%.
Some lenders may allow up to 43%-45%.
Loans insured by the Federal Housing Administration (FHA) allow up to 50%.

Income

Lenders will verify your income by reviewing your tax returns, W-2s, and pay stubs.
They’ll need to see that you have a stable income to afford your payments.

Down payment

You’ll need to make a down payment to satisfy the loan requirements.
The down payment is deducted from the purchase price.

Documentation

You’ll need to provide documentation of your employment and assets.
Lenders will want to see bank statements to assess your financial consistency and money management.

Pre-approval

You can get pre-approved from a mortgage lender before you start house shopping.

Things to know

Mortgage rates

A credit score can impact the interest rate you’re offered for a mortgage. Lenders use your credit score to assess the risk of lending to you.

Current mortgage rates

As of March 8, 2025, a 30-year fixed mortgage rate was 6.33%
A 20-year fixed mortgage rate was 6.09%
A 15-year fixed mortgage rate was 5.56%
A 5/1 ARM was 6.12%

How credit score affects mortgage rates

A higher FICO score can result in a lower interest rate
A credit score of 760–850 may result in a lower interest rate than a score of 640–659

Improving credit making on-time payments, avoiding new debt, and paying off delinquent accounts.

Getting a mortgage rate

You can compare mortgage rates from different lenders
You can use a credit score calculator to estimate your loan savings
You can prequalify for a mortgage

Mortgage refinance

Refinancing a mortgage refers to replacing your current mortgage with a new home loan. The new loan typically features different terms, including the interest rate, the balance, the payoff date and the payments. The new mortgage pays off your current loan and then you continue making payments on your new mortgage. Use our Mortgage Refinance Calculator to calculate

How much house can I afford?

What Percentage of Your Income Should Go to Your Mortgage? To determine how much income should be put toward a monthly mortgage payment, there are several rules and formulas you can use. The most popular is the 28% rule, which states that no more than 28% of your gross monthly income should be spent on housing costs. Use our calculator How much house can I afford? to determine How much house you can I afford.