Mortgage Calculator
A mortgage payment is more than principal and interest: property tax, homeowners insurance, mortgage insurance (PMI) and HOA dues all change what you actually pay each month. This calculator adds them so the number matches a real budget. The sample home price is only a starting point — change it to your own.
Mortgage calculator
Move the sliders or type your own numbers. Sample amounts and rates are placeholders — enter the figures from your lender’s Loan Estimate or offer.
📊 Principal and interest by year
Early payments are mostly interest; the principal share grows every year. Hover or tap a bar for details.
📅 Amortization schedule
Year-by-year summary — tap “+” to see every month. Download the full monthly schedule as a spreadsheet.
⚡ Extra payments — how much can you save?
Test a one-time extra payment, a fixed extra amount each month, or a yearly lump sum. Extra principal payments cut the balance that interest is charged on, so earlier ones save the most.
🔄 Refinance break-even
Enter a new rate, term and closing costs to see the new payment and how many months it takes to recover the costs.
⚖️ Compare loan offers side by side
Enter up to three offers. The best deal has the lowest total cost (interest plus fees), not necessarily the lowest rate or payment.
🏡 Affordability — how much can you borrow?
Lenders compare your monthly debt payments to your gross monthly income (debt-to-income, or DTI). This shows the payment your income supports at the DTI you choose.
ℹ️ About mortgage payments
A mortgage payment is more than principal and interest: property tax, homeowners insurance, mortgage insurance (PMI) and HOA dues all change what you actually pay each month. This calculator adds them so the number matches a real budget. The sample home price is only a starting point — change it to your own.
| Topic | Details |
|---|---|
| Benchmark rate (30-year fixed) | 7.03% — Freddie Mac Primary Mortgage Market Survey, week of 24 September 2026 |
| Benchmark rate (15-year fixed) | 6.42% — Freddie Mac PMMS, same week |
| 2026 conforming loan limit | $832,750 in most of the US; up to $1,249,125 in high-cost areas (FHFA) |
| Private mortgage insurance (PMI) | Usually required on conventional loans with less than 20% down. Under the Homeowners Protection Act, PMI ends automatically when your balance is scheduled to reach 78% of the original home value, and you can ask to cancel at 80%. |
| FHA loans | Down payments as low as 3.5% (CFPB); mortgage insurance is required on all FHA loans, with a 1.75% upfront premium (HUD). 2026 FHA limits: $541,287 floor, $1,249,125 ceiling. See the FHA guide. |
| VA loans | Eligible veterans and service members can buy with no down payment (Department of Veterans Affairs). |
Rates and limits shown are from Freddie Mac (PMMS, week of 24 September 2026), the Federal Housing Finance Agency and studentaid.gov. Your rate depends on your credit, down payment and lender.
Tips to lower your mortgage cost
- Get Loan Estimates from at least three lenders on the same day and compare the APR and the fees section, not just the rate.
- A 15-year loan has a higher payment but far less total interest; test both terms.
- Budget property tax and insurance for the specific county and home — they vary widely.
- Ask what your PMI will cost and when it can be removed before you choose your down payment.
- Keep 3–6 months of expenses in reserve after closing costs and the down payment.
📝 Documents you need and how to apply for a mortgage
- Steady, verifiable income and employment history
- A credit history the lender can review (minimum scores depend on the loan type and lender)
- A debt-to-income ratio within the lender’s limit
- Enough cash for the down payment, closing costs and reserves
- A property that meets the loan program’s standards (for FHA, VA and USDA loans, program rules apply)
- Government-issued photo ID and Social Security number
- Recent pay stubs and W-2s (self-employed borrowers are usually asked for tax returns and a profit-and-loss statement)
- Federal tax returns for recent years
- Recent bank and investment statements
- A list of your debts and monthly payments
- Documentation for any gift funds used for the down payment
- The purchase contract once you have a home under contract
How to apply, step by step
- Check your credit reports and set a budget with the affordability calculator.
- Get prequalified or preapproved (see the prequalification guide).
- Request Loan Estimates from at least three lenders on the same day and compare them.
- Choose a lender, submit your full application and documents, and lock your rate.
- The lender orders the appraisal and underwrites the loan; respond quickly to requests for documents.
- Review the Closing Disclosure at least three business days before closing and compare it with your Loan Estimate.
- Sign at closing and pay closing costs; keep your finances stable until then.
Timelines vary by lender and loan type; ask your lender for an estimated closing date when you apply. Every lender sets its own requirements, so confirm the list with the lender before you apply.
🧮 How a loan payment is calculated
Worked example
| Step | Value |
|---|---|
| Loan amount (P) | $320,000 |
| Monthly rate (r) | 7.03% ÷ 12 = 0.005858 |
| Payments (n) | 30 × 12 = 360 |
| (1 + r)n | 8.1894 |
| Monthly payment (principal & interest) | $2,135.42 |
| Total interest | $448,751 |
| Total of payments | $768,751 |
How the term changes the payment ($320,000 at 7.03%)
| Term | Payment | Total interest | Interest vs loan |
|---|---|---|---|
| 7 years | $4,834.35 | $86,086 | 27% |
| 10 years | $3,720.42 | $126,451 | 40% |
| 15 years | $2,881.62 | $198,692 | 62% |
| 20 years | $2,486.72 | $276,813 | 87% |
| 25 years | $2,267.82 | $360,346 | 113% |
| 30 years | $2,135.42 | $448,751 | 140% |
How the rate changes the payment ($320,000 for 30 years)
| Rate | Payment | Total interest |
|---|---|---|
| 6.03% | $1,924.74 | $372,906 |
| 6.53% | $2,028.94 | $410,417 |
| 7.03% | $2,135.42 | $448,751 |
| 7.53% | $2,244.06 | $487,863 |
| 8.03% | $2,354.74 | $527,707 |
Loan calculator FAQs
How much house can I afford?
Lenders look at your debt-to-income ratio, credit score, savings and the loan type. Use the affordability tool below to see the payment your income supports, then check the full payment with taxes and insurance.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage usually has a lower rate and much less interest but a higher monthly payment. A 30-year mortgage lowers the payment; you can still pay extra to shorten it.
What are closing costs?
Fees paid when the loan closes, such as lender charges, title and appraisal. Your Loan Estimate lists them; the calculator lets you enter lender fees as a percent of the loan.
What is amortization?
Amortization is paying off a loan with fixed payments over time. Each payment covers that month’s interest and reduces the principal; over time a larger share goes to principal.
Is the result exactly what my lender will charge?
It is a close estimate. Lenders may calculate interest daily, use a different first-payment date or round differently. Your loan documents and repayment schedule are final.
What is APR?
The annual percentage rate expresses the yearly cost of a loan, including interest and certain fees. Lenders must show it in their Truth in Lending disclosures.
Should I make extra payments?
Extra payments toward principal reduce total interest and can shorten the loan. Check that there is no prepayment penalty and that extra money is applied to principal.
What happens if I miss a payment?
You may owe a late fee, and lenders can report late payments to the credit bureaus, which can lower your credit score. Contact your lender early if you expect trouble paying.
Results are illustrations based on the numbers you enter, not a loan offer, pre-approval or financial advice. Loan terms, rates and fees vary by lender and borrower.