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Enter the home price, your down payment, the interest rate and the loan term. The calculator shows the full monthly payment and how much you pay in interest over the life of the loan.
How much will my mortgage cost per month?
Everything happens on your device: nothing is uploaded to the internet.
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Mortgage calculator: what it is for
Enter the home price, down payment, interest rate and term to see your full monthly mortgage payment: principal and interest, property tax, homeowners insurance, HOA and PMI when you put down less than 20%. The calculator also shows the loan amount and the total interest over the life of the loan.
Compare 15 and 30-year terms or different rates to find the payment that fits your budget.
How to use
- Enter the home price and down payment.
- Enter the rate, term, tax and insurance.
- See the monthly payment and total interest.
When to use it
- Budgeting for a home purchase.
- Comparing loan offers and terms.
- Checking the effect of a bigger down payment.
Frequently asked questions
What is PMI?
Private mortgage insurance is charged on conventional loans when the down payment is under 20% of the home price. It usually costs 0.3% to 1.5% of the loan per year and can be removed once you reach 20% equity.
15 or 30 years?
A 15-year loan has a higher monthly payment but a lower rate and much less total interest. A 30-year loan keeps the payment lower and leaves more room in the monthly budget.
What is included in the monthly payment?
Principal and interest, plus, in most loans, property tax and homeowners insurance paid through an escrow account. PMI and HOA dues are added when they apply.
Is it really free?
Yes, 100% free. No sign-up, no subscription and no usage limits. All Tools123 tools are free and run right in your browser.