HomeCalc

Free Mortgage Calculator

Estimate your monthly payment with taxes, insurance & PMI. Make confident home-buying decisions with our free calculators.

Calculate Your Monthly Payment

Enter your loan details below to see a breakdown of your estimated monthly payment.

Mortgage Details
%
Monthly Payment

$2,675.50

Principal & Interest
$2,150.50
Property Tax
$400.00
Home Insurance
$125.00
Payment Breakdown
300×250 Ad
Loan Summary
Loan Amount$320,000
Total Interest$454,181
Total Cost of Loan$963,181

How to Use This Calculator

1

Enter Home Details

Input the home price, your down payment, and loan term to get started.

2

Adjust the Numbers

Fine-tune interest rate, taxes, insurance, and HOA fees for accuracy.

3

See Your Results

View your monthly payment breakdown, total costs, and payment composition chart.

Explore All Calculators

From estimating your first mortgage to comparing renting vs buying, we have a free calculator for every step of your home-buying journey.

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Mortgage Calculator

Calculate your monthly mortgage payment including taxes, insurance, and PMI.

💰

Affordability Calculator

Find out how much house you can afford based on your income and debts.

🔄

Refinance Calculator

See if refinancing makes sense and how long until you break even.

📊

Amortization Calculator

View your full loan amortization schedule year by year or month by month.

🏦

Down Payment Calculator

Plan your down payment savings and see how it affects your mortgage.

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Rent vs Buy Calculator

Compare the long-term costs of renting versus buying a home.

📋

Closing Costs Calculator

Estimate the closing costs you'll pay when purchasing a home.

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HELOC Calculator

Calculate payments on a home equity line of credit.

Frequently Asked Questions

What is a mortgage calculator?
A mortgage calculator is a tool that estimates your monthly mortgage payment based on the home price, down payment, loan term, interest rate, and other costs like property taxes and insurance. It helps you understand the full cost of homeownership before you commit.
How much house can I afford?
A common guideline is the 28/36 rule: spend no more than 28% of your gross monthly income on housing costs and no more than 36% on total debt. Use our Affordability Calculator for a personalized estimate based on your income, debts, and down payment.
What is PMI and when do I pay it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. PMI typically costs 0.5% to 1.5% of the loan amount per year and is added to your monthly payment. It can be removed once you reach 20% equity.
What is included in a monthly mortgage payment?
A monthly mortgage payment typically includes four components (PITI): Principal (the loan amount you're paying down), Interest (the cost of borrowing), Taxes (property taxes), and Insurance (homeowners insurance). If your down payment is less than 20%, PMI is also included.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal loan amount. The APR (Annual Percentage Rate) includes the interest rate plus other costs like origination fees, closing costs, and mortgage insurance, giving you a more complete picture of the loan's total cost.
Should I choose a 15-year or 30-year mortgage?
A 30-year mortgage has lower monthly payments but costs more in total interest. A 15-year mortgage has higher monthly payments but saves significantly on interest — often hundreds of thousands of dollars over the life of the loan. Choose based on your budget and financial goals.
How much should I put down on a house?
While 20% is ideal to avoid PMI, many buyers put down less. FHA loans require as little as 3.5%, and some conventional loans allow 3-5% down. A larger down payment means lower monthly payments and less interest over time, but it's not always necessary to wait until you have 20%.
Are these calculators accurate?
Our calculators use standard financial formulas and provide reliable estimates. However, actual costs may vary based on your specific lender, location, credit score, and other factors. Always consult with a licensed mortgage professional for precise figures before making financial decisions.

Understanding Mortgages in the United States

A mortgage is a loan used to purchase real estate, where the property itself serves as collateral. In the United States, mortgages are the most common way to finance a home purchase, with the majority of homebuyers using some form of mortgage lending to complete their transaction.

How Mortgage Payments Work

Your monthly mortgage payment is typically made up of four components, often referred to as PITI: Principal (the portion that reduces your loan balance), Interest (the cost of borrowing money), Taxes (property taxes collected by your local government), and Insurance(homeowners insurance to protect your property). If your down payment is less than 20%, you'll also pay Private Mortgage Insurance (PMI).

Current Mortgage Rate Environment

As of 2025, mortgage rates in the US have stabilized after the significant increases seen in 2022-2023. The average 30-year fixed-rate mortgage sits around 6.5-7.5%, while 15-year fixed rates are approximately 0.5-0.75% lower. These rates vary based on your credit score, down payment, loan type, and the overall economic environment.

Types of Mortgages

The most common mortgage types in the US include Conventional loans (not backed by the government, typically requiring 5-20% down), FHA loans (insured by the Federal Housing Administration, with as little as 3.5% down), VA loans (for eligible veterans, offering 0% down payment), and USDA loans (for rural properties, also offering 0% down). Each has different requirements, rates, and benefits.

Making Smart Home-Buying Decisions

Before committing to a mortgage, it's essential to understand how much house you can truly afford. Financial experts recommend that your total housing costs — including mortgage payment, taxes, insurance, and HOA fees — should not exceed 28% of your gross monthly income. Use our Affordability Calculator to determine a comfortable price range, and our Mortgage Calculator to estimate your monthly payment for any property.

If you're a first-time homebuyer, be sure to check out our comprehensive First-Time Homebuyer Guide for step-by-step guidance through the entire home purchasing process.

The calculators on this site are for educational and informational purposes only and do not constitute financial, legal, or tax advice. Results are estimates and may not reflect your actual costs. Consult a licensed mortgage professional before making any financial decisions.