US Mortgage Calculator

Easily estimate your monthly mortgage payments

Choose State

Select

The calculations above are indicative. Actual values may vary based on additional factors not considered in the calculation.

The information provided on this website is intended for general informational purposes only and does not constitute financial, legal, or mortgage advice.

Watch the Video

How To Use The Mortgage Calculator

If you are a foreign national, please use our Foreign Nationals Calculator for more accurate results.

Why You Should Use a Mortgage Calculator

Using a mortgage calculator provides a clear picture of what homeownership will cost you each month. Here are some reasons why using one is essential when you’re planning to buy a home:

Estimate Your Monthly Payments

Mortgage calculator helps you get a realistic idea of your monthly mortgage payment. By inputting details like the home price, down payment, interest rate, and loan term you can see exactly what you’ll need to pay each month and how much will go toward the loan’s principal and interest. This is crucial when trying to figure out if a home purchase is within your budget.
Compare Loan Options

Mortgage calculator helps you get a realistic idea of your monthly mortgage payment By inputting details like the home price, down payment, interest rate, and loan term, you can see exactly what you’ll need to pay each month and how much will go toward the loan’s principal and interest. This is crucial when trying to figure out if a home purchase is within your budget.
Plan for Extra Costs

Your mortgage isn’t just about the loan principal and interest; property taxes, homeowner’s insurance, and even private mortgage insurance (PMI) can significantly affect your monthly payments. A good mortgage calculator will take these into account, providing you with a much more accurate overall cost so that you won’t be caught off guard.
Visualize Amortization

Our mortgage calculator provides an amortization schedule that breaks down each payment into principal and interest components. This allows you to see how your balance decreases over time and how the proportion of your payment going toward interest shifts as you pay down the loan. It’s a great way to track how quickly you’re building equity in your home.
Optimize Your Down Payment

Adjusting your down payment amount can have a big impact on your mortgage. With a calculator, you can test different scenarios to see how a larger down payment might reduce your monthly payments or eliminate the need for PMI, making your loan more affordable in the long run.
Budget and Financial Planning

Once you know your potential mortgage payment, it’s easier to set a realistic budget. You can account for your other monthly expenses and ensure that homeownership fits comfortably into your financial plans. This can help you avoid biting off more than you can chew when it comes to buying a home.
Quick and Easy Insights

Mortgage calculators are incredibly user-friendly. In just a few seconds, you can explore different loan scenarios without having to do the math yourself. This makes them perfect for anyone trying to navigate the often complex world of home loans.

The values provided by the mortgage calculator are estimates and may not include all potential costs. For a more detailed breakdown tailored to your financial situation, it’s best to consult with a mortgage advisor.

Explanation of Mortgage Terms

Mortgage terms can be confusing, but we’ve simplified them to make things clearer

Home Price

This is the total cost of the home, used to calculate your loan amount, down payment, and mortgage terms. Accurate pricing is crucial for determining monthly payments and affordability

Down Payment

This is the initial cash payment, usually a percentage of the home's price. For instance, 20% of $200,000 is $40,000. A higher down payment can lower your loan interest and help avoid private mortgage insurance (PMI)

Loan program

This is the duration to repay your mortgage. A longer term, depending on your loan program, means lower monthly payments but more total interest over time

Interest rate

This is the annual cost of borrowing money from your lender, expressed as a percentage. The calculator automatically updates with the current average interest rate

Private Mortgage Insurance (PMI)

Estimated annual property taxes are based on the home’s purchase price and divided by 12 to be added to your monthly mortgage payment. Enter the annual amount if known

Property taxes

Estimated annual property taxes are based on the home’s purchase price and divided by 12 to be added to your monthly mortgage payment. Enter the annual amount if known

Homeowners insurance

Also known as homeowners insurance, this is an annual premium based on the home’s price, typically less than 1% of the price. It’s divided by 12 to adjust your monthly payment and covers liability and property damage

Homeowner's Association (HOA) Fees

In some communities, homeowners pay monthly Homeowner’s Association (HOA) fees for shared amenities, maintenance, and insurance. Include your monthly HOA costs if applicable; otherwise, leave this field blank.

Monthly payment

This is the amount you pay each month towards your mortgage. It typically includes a portion of the principal (the amount borrowed), interest, and, depending on your loan, may also include property taxes, homeowners insurance, and private mortgage insurance (PMI). Your monthly payment amount is determined by your loan amount, interest rate, loan term, and any additional fees or insurance.