How to use Mortgage Calculator
- Enter the home price and your down payment.
- Enter interest rate and loan term.
- Add property tax, insurance and HOA for a full monthly estimate.
What makes up a mortgage payment?
Most monthly payments include principal (paying down the loan), interest, property tax and homeowners insurance — often called PITI. Some homes also have HOA fees.
Down payment and PMI
Putting down less than 20% usually means paying private mortgage insurance (PMI). A bigger down payment lowers both your monthly payment and total interest.
Example: 15-year vs 30-year mortgage
On a 320,000 loan at 6.5%, a 30-year term costs about 2,023 per month in principal and interest, with over 400,000 paid in interest over the life of the loan. A 15-year term raises the payment to about 2,788 but cuts total interest to roughly 182,000.
Frequently asked questions
Is this calculator for US mortgages only?
No. Choose your currency and enter your local tax and insurance values. Leave PMI or HOA at 0 if they do not apply in your country.
How much house can I afford?
A common guideline is keeping your total housing payment under 28% of gross monthly income. Use the calculator to test different prices and down payments.
15-year or 30-year mortgage?
A 15-year loan has higher monthly payments but much lower total interest. A 30-year loan has lower payments but costs more over time.
Last updated: · Free to use, no sign-up.