Mortgage Calculator | Estimate Your Monthly Payment

$ Home Price

$ Down Payment

% Down Payment

% Interest Rate

Loan Term

Estimated monthly principal & interest

Loan Amount

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Down Payment

–

Total Interest Paid

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Total Cost of Loan

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This calculator provides estimates for informational purposes only. Results are not a commitment to lend. Contact a licensed mortgage professional for accurate figures. Loan products and rates subject to change.

Want to Know What Rate You'd Actually Get?

We can pull your real rate based on your credit, income, and the loan you're looking at. Usually takes a few minutes.

How To Read Your Calculator Result

The number you see at the top of your result is your principal and interest payment. That is the chunk of your monthly payment that actually pays down the loan. It is also the number most calculators stop at, which is why quotes from real lenders almost always come in higher than what you see here. Use this tool to model scenarios. Use a pre-approval to see your real monthly cost.

The one to watch

Your rate is priced, not guessed.

The interest rate field is an estimate so you can play with numbers. Your real rate is priced based on your credit profile, the loan program, your down payment, the property type, and current market pricing on the day you lock. A half-point difference on a $350,000 loan is roughly one hundred dollars a month over thirty years. That is why the rate matters more than almost any other input on this page.

What This Calculator Doesn’t Include

This tool shows principal and interest only. It does not include property taxes, homeowner’s insurance, HOA dues, or mortgage insurance. Those line items are real and they add up. A $350,000 home in Hillsborough County with ten percent down typically carries another $400 to $600 per month in taxes and insurance on top of your P&I. If you want the full monthly housing cost, run our full PITI calculator here. If you are trying to figure out what price range makes sense for your income and debts, the affordability calculator is the better starting point.

Four Inputs That Move Your Payment

Every input on this calculator is a lever. Tap any of them to see how they affect your number.

Home Price

Your home price is the top-line purchase price. Changing this changes your loan amount dollar for dollar after your down payment is subtracted. A smaller home price with the same down payment percentage means a smaller loan, a smaller monthly payment, and less total interest over the life of the loan. If a specific neighborhood is out of reach, model a lower price and see what the monthly payment looks like before ruling yourself out.

Down Payment

A larger down payment shrinks your loan amount, which shrinks your monthly payment directly. It can also move you into a lower loan-to-value bracket, which can unlock better pricing and remove mortgage insurance on a conventional loan. That said, more down is not always better. Keeping reserves in the bank for closing costs, moving expenses, and the first few months of ownership matters just as much as the down payment percentage.

Interest Rate

The rate you enter here is a placeholder for modeling. Your real rate depends on your credit score, the loan program, the property type, the down payment, and market pricing the day you lock. A half-point rate difference on a $350,000 loan is roughly one hundred dollars a month, and about thirty-six thousand dollars over thirty years. The rate is the input that matters most over the life of the loan.

Loan Term

A 15-year loan has a much higher monthly payment but you pay far less interest and build equity at a steep pace. A 30-year loan has a lower monthly payment with more cash flow flexibility. Many buyers pick a 30-year loan and make extra principal payments when their budget allows, which gets them the flexibility of a 30 with the payoff speed closer to a 15. There is no single right answer. There is only the answer that fits your budget and goals.

When To Trust This Number, and When Not To

Trust this number for quick comparisons. It is accurate for the inputs you give it. It is also useful for testing what happens when you change one variable at a time, which is exactly how lenders think about pricing. Do not trust this number as your final monthly payment. It is missing taxes, insurance, PMI, and HOA, which can be several hundred dollars a month on a Florida home.

The cleanest path to a real monthly cost is a pre-approval. It takes a few minutes, it is free, and you walk away knowing exactly what your loan amount, rate, and total monthly payment will be. Want to understand how the mortgage process actually unfolds? See how the mortgage approval process works start to finish, or start with Mortgage 101 if you are new to buying.

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Mortgage Calculator FAQ

Common questions about what this calculator shows, what it doesn’t, and how to use your number.

What does this mortgage calculator actually show me?

It shows your principal and interest payment only. That is the portion of your monthly payment that pays down the loan. It does not include property taxes, homeowner’s insurance, HOA dues, or PMI. For the full housing cost picture, use our PITI calculator.

Why does my actual loan quote come in higher than this calculator?

Real mortgage payments include taxes, insurance, and sometimes HOA or PMI on top of principal and interest. Depending on the county and home value, that bundle can add four hundred to six hundred dollars a month. Your rate is also priced based on your credit, loan type, and down payment, so the calculator’s rate is an estimate, not a lock.

Does the interest rate I enter here reflect what I will actually get?

Not exactly. The rate field is an estimate so you can model scenarios. Your real rate depends on your credit score, the loan program, your down payment, the property type, and market pricing the day you lock. The calculator is useful for running comparisons. The real number comes from a pre-approval.

How does my down payment change my monthly payment?

A larger down payment lowers the loan amount, which lowers the monthly payment directly. It can also put you into a lower loan-to-value bracket, which can unlock better pricing and remove mortgage insurance. Try adjusting the down payment in ten thousand dollar increments to see the effect on your number.

What is the difference between a 15-year and 30-year loan term on this calculator?

A 15-year loan has a higher monthly payment but you pay far less interest over time and build equity faster. A 30-year loan has a lower monthly payment with more cash flow flexibility. Many buyers choose a 30-year and make extra principal payments, getting the flexibility of a 30 with the payoff speed closer to a 15.

Does this calculator include PMI or mortgage insurance?

No. PMI is not calculated here because the amount depends on your credit score, loan type, and down payment percentage. On a conventional loan, expect PMI to apply if your down payment is under twenty percent. FHA loans have mortgage insurance regardless. For a precise number, get a pre-approval.

Can I trust this calculator to decide whether I can afford a home?

Use it as a starting point, not a final answer. It does not include taxes, insurance, HOA, PMI, closing costs, or reserves. For a complete affordability picture, use our affordability calculator, which factors income and debts, or get pre-approved so you have the full monthly payment and maximum purchase price nailed down.

How fast can 14 Days To Close actually close my loan?

Our target on qualifying files is fourteen business days from a complete application to funding. Actual timelines depend on appraisal, title work, and your response speed on document requests. We will tell you at pre-approval whether your file is on pace for that window.

Mortgage Calculator: See Your Real Monthly Payment