Mortgage Payment Calculator
Work out your full monthly mortgage payment including tax, insurance and PMI. 100% free, no signup. Everything runs in your browser.
This free mortgage payment calculator shows what a house will actually cost you every month, not just the part the bank quotes. Most calculators stop at principal and interest, which is the number that makes a mortgage look affordable and is almost never what leaves your account. Property tax, home insurance and, if your down payment is under twenty percent, mortgage insurance all ride along with it. Enter the home price, what you are putting down, the rate you have been offered and the term, and you get the whole monthly figure with every part listed separately. Everything runs in your browser, so none of your financial details are sent anywhere. If you want the same amortisation maths without the housing extras, our loan EMI calculator does exactly that.
How to use
- Enter the home price and how much you are putting down. The difference between them is the amount you actually borrow.
- Type the annual interest rate you have been quoted. Use the rate itself, not the APR, since APR folds in fees that are not part of the monthly payment.
- Set the term in years. Thirty is the common default, but try fifteen as well and watch what happens to the interest total.
- Add your yearly property tax and home insurance. Rough figures are fine, because both are usually collected monthly into an escrow account and adjusted later.
- Read the three headline numbers: total monthly payment, the principal and interest portion, and the total interest you would pay across the whole term.
- Check the breakdown underneath to see exactly where each part of the payment goes, including mortgage insurance if your down payment triggers it.
Why use our mortgage payment calculator?
The number that decides whether you can afford a house is the total monthly payment, and this calculator refuses to hide the parts that make it bigger. A three hundred thousand pound or dollar home at six and a half percent looks like one figure when you only count principal and interest, and several hundred more once tax and insurance are in. Seeing that gap before you make an offer is the difference between a comfortable budget and a tight one.
It also makes the cost of time visible. The interest total across the term is usually the most sobering number on the page, and it moves enormously with small changes. Drop the rate by half a point, or shorten the term by five years, and watch it fall. Because the calculation updates as you type, you can explore those trade-offs in seconds rather than filling in a form and pressing submit each time. Nothing you enter is transmitted, which matters when the numbers describe your income and savings.
Before you take any payment figure to a lender, the CFPB's mortgage tools and guidance explain what else moves the number, from escrow to the fees that never appear in a monthly payment estimate.
Who is this tool for?
First time buyers use this to work out what price range is genuinely within reach, rather than the range a lender is willing to approve. Those two are rarely the same. Being able to see the mortgage insurance line appear the moment the down payment slips under twenty percent is often what convinces people to save a little longer.
People who already own a home use it when rates move, to see whether refinancing is worth the trouble, and to model what an extra year or two on the term would do. Estate agents and mortgage brokers use it in front of clients because the breakdown answers the question people always ask next, which is what exactly am I paying for. If you are comparing several offers, our percentage increase calculator is handy for expressing the difference between two rates or two payments in plain terms.
Frequently asked questions
Yes, and that is the main reason it exists. Enter your annual property tax and home insurance and both are divided by twelve and added to the monthly total. Most lenders collect them along with the mortgage payment into an escrow account, so this matches what actually leaves your account each month.
Private mortgage insurance protects the lender, not you, and is normally charged when your down payment is under twenty percent of the home price. This calculator estimates it at half a percent of the loan per year, which is a common mid range figure. Your actual rate depends on your credit and the lender. It usually stops once you have built twenty percent equity.
No. The interest rate is what the monthly payment is calculated from. The APR bundles in fees and closing costs to give a comparison figure across lenders. Use the plain interest rate here, otherwise the monthly payment will come out slightly too high.
Because a mortgage runs for decades and interest is charged on the outstanding balance the whole way. On a thirty year term at a typical rate you can easily pay most of the original loan again in interest. This is not an error, and it is the single strongest argument for a shorter term or for overpaying when you can.
Yes. Some family loans and a few promotional deals genuinely carry no interest, so the calculation falls back to simply dividing the loan by the number of months instead of failing on a division by zero.
No. The entire calculation happens in your browser using plain arithmetic. Nothing is uploaded, nothing is stored and no account is required, which is not something you can say about most mortgage calculators attached to a lender's website.