Mortgage Calculator
Calculate monthly mortgage payments including principal, interest, and determine how much house you can afford.
Monthly Payment Calculator
Calculate your monthly principal and interest payment
Home Affordability Calculator
Find out how much house you can afford
Mortgage Payment Breakdown
Understanding what makes up your monthly payment
Principal & Interest (P&I)
The portion that pays down your loan balance and covers the cost of borrowing.
Property Taxes
Annual property taxes divided by 12, collected monthly and held in escrow.
Homeowners Insurance
Required insurance to protect your home, typically 0.3-1.5% of home value annually.
PMI (if applicable)
Private mortgage insurance required if down payment is less than 20%.
How to Use the Mortgage Calculator
Monthly Payment Calculator
- Enter the total home purchase price
- Enter your down payment amount
- Enter the annual interest rate (current rates typically 6-8%)
- Choose your loan term (30 years is most common)
- Click calculate to see your monthly P&I payment
Affordability Calculator
- Enter your gross monthly income before taxes
- Enter all monthly debt payments (car loans, credit cards, etc.)
- Enter the amount you have available for down payment
- Enter the expected interest rate
- Choose your desired loan term
The 28/36 Rule
Lenders typically use the 28/36 rule: your housing expenses shouldn't exceed 28% of gross monthly income, and total debt payments shouldn't exceed 36% of gross monthly income.
Frequently Asked Questions
What's the difference between APR and interest rate?
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 origination fees, points, and mortgage insurance.
How much should I put down?
While 20% down avoids PMI, many successful homebuyers put down less. Consider your cash flow, emergency fund, and other financial goals. Some loans allow as little as 3-5% down.
Should I choose a 15-year or 30-year mortgage?
15-year mortgages have higher monthly payments but lower total interest costs. 30-year mortgages have lower monthly payments but higher total interest. Choose based on your monthly budget and financial goals.
What other costs should I budget for?
Besides the monthly payment, budget for closing costs (2-5% of home price), moving expenses, immediate repairs/improvements, and ongoing maintenance (1-2% of home value annually).