Mortgage Calculator: Quickly Calculate Your Mortgage Payments

With our simple mortgage calculator, you can easily estimate your monthly mortgage payments and plan a realistic housing budget.

This mortgage calculator is a starting point and many factors not included in this calculator will affect your purchasing power, such as where you live, your credit history, market conditions, and the type of mortgage you want. For the most accurate estimate of what your mortgage payments will be, always get a mortgage prequalification and consult with your lender.

Mortgage loan calculator: Find out how much you’ll pay each month

Enter your information below to get an estimate of your monthly mortgage payments along with how much interest you’ll pay over the life of your mortgage.

How to calculate mortgage payments using our calculator

Our simple mortgage calculator combines several data points to calculate your monthly mortgage payment estimate. Here’s what each field means and how it affects your payments:

• Home price: This is the amount you plan on paying for your property. Make sure to enter the full purchase price, not just your potential mortgage amount. If you’re just exploring your options, you can enter different prices to see how they affect your monthly payments.
• Down payment: You can enter your down payment amount in either dollars or as a percentage of the purchase price. A 20% down payment is ideal if you can afford it. Under 20% and you’ll usually be required to purchase private mortgage insurance (PMI), which varies by lender but generally adds around 0.5% to 1.5% to your mortgage bills annually.
• Loan term: This is how long you’ll have to pay back your mortgage. Most mortgage terms are either 15 or 30 years. A shorter term means your monthly payments will be higher, but you’ll pay off your mortgage sooner and with less total interest. A longer term will lead to lower monthly payments but more total interest paid.
• Interest rate: Enter the interest rate you expect to get or use the estimated average we’ve inputted already. Note that this is different from per diem interest, which is a part of your closing costs. Keep in mind that our calculator assumes your interest rate will be fixed during the entire loan term. If you have an adjustable rate mortgage (ARM), your interest rates will fluctuate, making your monthly payments difficult to predict with this calculator.
• Property taxes: If you prefer, you can enter your property taxes yourself. Enter your monthly property tax amount. You can also use our property tax and millage calculator to determine how much your property taxes may be.
• Credit score: Your credit score has a significant impact on the amount of mortgage you’ll qualify for as well as your interest rates. For competitive rates, your crediting score should be over 680, with the very best rates reserved for credit scores over 740. However, credit score requirements vary by mortgage type, with government-backed loans having lower thresholds.
• Homeowners insurance: Enter how much you expect to pay in home insurance each month. Keep in mind that homeowners insurance is different from title insurance (which is a one-time payment made at closing) and PMI on conventional loans (which is only applicable if your down payment is less than 20%).
• HOA fees: If applicable, enter the monthly HOA fees, which may also be called HOA dues, association fees, or condo fees. These can usually be found on the property listing, but if not ask your realtor.
• PMI: Private mortgage insurance is only required if your down payment is less than 20%. It varies significantly by loan and lender, but it’s typically around 0.5% to 1.5% of your loan balance annually. Learn more about when you can remove PMI from your loan.

How interest rates affect your mortgage costs

Interest rates are among the biggest factors in how much house you can afford and what your monthly payments will look like. Currently, average interest rates for a 30-year fixed-rate mortgage are 6.99000% nationally and 6.57000% for 15-year mortgages. However, that’s not necessarily the rate you’ll pay for your mortgage.

The interest rate your lender charges depends on your credit score, debt-to-income (DTI) ratio, income, assets, and payment history. Even then, different lenders charge different rates, so it’s always a good idea to shop around to find the best mortgage lender for you.

How your rate impacts your monthly payments

When comparing lenders, it may seem like the differences in interest rates are minor, often less than 1%. However, even small adjustments in your interest rate can make a big difference to your bottom line.

For example, on a $400,000 loan with a 30-year term, the difference between a 6% and 7% rate is stark:

• At 6%, your combined monthly principal and interest payments will be $2,398.
• At 7%, your monthly mortgage payments will be $2,661.

That’s a difference of $263 every month or $3,156 over the full year. And over the full 30-year term, you’ll pay nearly $95,000 more in interest with the 7% mortgage than you would with the 6% mortgage.

Keep in mind that even if you have a 30-year fixed-rate mortgage, you’re not necessarily stuck with that rate for the full 30 years. You can refinance your mortgage if rates go down, although you’ll need to factor in closing costs and how long you’ll be staying in the home to make sure that doing so is worthwhile.

How interest rates impact buying power

Lenders generally want to see housing costs make up around 28% to 36% of your gross monthly income. So, if your mortgage payments are higher because of higher interest rates, that means they’ll take up a greater percentage of your monthly income and reduce your overall buying power.

Going back to our 6% vs. 7% example, imagine your gross monthly income is $8,000 and you qualify for maximum monthly housing costs of $2,500 (i.e., around 31%). After factoring in PMI, insurance, and property taxes, you then have $1,750 left over for your mortgage payments. Here’s how much house you’d then be able to afford at 6% vs 7%:

• At 6% interest, $1,750 qualifies your for approximately a $292,000 loan.
• At 7% interest, that same monthly payment only qualifies you for a $262,000 mortgage.

In other words, a decrease of just one percentage point qualifies you for an extra $30,000 on your mortgage. That’s why shopping around mortgage lenders is worthwhile and can have a big effect on your purchasing decisions. You can also buy mortgage points to lower your interest rate.

How different types of mortgages affect your costs

The loan type you choose will also have a significant impact on your monthly payments and your purchasing power. 

Conventional loans

Conventional loans are the most common mortgage type. They’re offered by private lenders and not backed by the federal government, although they have to follow guidelines set by government-sponsored entities Fannie Mae and Freddie Mac.

For a conventional loan, you’ll usually need a credit score of at least 620 and a down payment of at least 3% (as long as you qualify for certain income-based programs—otherwise the minimum down payment will be 5%). However, if your down payment is less than 20% you’ll have to pay PMI.

FHA loans

FHA loans are backed by the federal government, which is why they have lower credit score requirements (typically 580 and over) and small down payment requirements of just 3.5%.

While FHA loans don’t charge PMI, they do have mortgage insurance. This is paid as an upfront mortgage insurance premium (around 1.75%, which can be rolled into your loan) and an annual premium of 0.45% to 1.05% paid monthly. Unlike PMI, you pay mortgage insurance for the life of the loan unless your down payment is over 10%, in which case it drops off after 11 years.

VA loans

VA loans are among the best mortgage products available as they come with zero down payment options and no PMI requirement. Because they’re backed by the federal government, they have competitive interest rates and more flexible down payment requirements than conventional loans.

However, only veterans, active-duty service members, and military spouses are eligible. Plus, there is a VA funding fee that ranges from 1.4% to 3.6% of the total loan amount, although disabled veterans are exempt from it.

USDA loans

USDA loans are another zero-down payment option backed by the federal government. While ostensibly aimed at rural homebuyers, many suburban homes also qualify. However, you’ll need to meet income limits (generally up to 115% of the area median income) and live in an eligible area.

USDA loans have a guarantee fee of 1% upfront (which can be rolled into your loan) plus 0.35% annually. Also note that not all lenders offer USDA loans, so it’s a bit harder to compare rates.

Jumbo loans

Jumbo loans are mortgages that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. In 2026, the conforming loan limit is $832,750 in most of the country, although higher in high-cost areas. If you want a mortgage beyond this amount, you’ll need a jumbo loan.

Jumbo loans have higher eligibility requirements and are not backed by the federal government. You’ll need excellent credit, a down payment of 10% to 20%, low DTI, and significant cash reserves. 

What to do after you estimate your monthly mortgage payments

You’ll need a mortgage prequalification to truly understand your buying power. You can apply for prequalification through a mortgage lender.

Mortgage prequalification is based on your credit score, income, employment history, DTI ratio, and assets. When you apply, you’ll provide your lender with recent pay stubs, tax returns, bank statements, documents related to debts, and government-issued ID.

Prequalification gives you a more reliable estimate of how much house you can actually buy and your actual interest rate. Plus, in competitive markets, a prequalification letter shows sellers that you’re a serious buyer and that any offer you make is unlikely to fall through due to financing issues.