Mortgage Calculator
Estimate your monthly mortgage payment — principal, interest, taxes, insurance and PMI — and see the full amortization schedule.
Quick Answer
On a $400,000 home with 20% down, a 30-year fixed loan at 6.5% interest, your estimated monthly payment (principal & interest only) is about $2,023. Adjust the numbers below for your own figures.
Loan Details
Estimated Monthly Payment
$2,023
Principal & Interest
$2,023
Property Tax
$400
Insurance
$133
PMI + HOA
$0
Loan Amount
$320,000
Total Interest Paid
$408,270
Amortization Schedule
Yearly view| Year | Principal | Interest | Balance |
|---|
What Is a Mortgage Calculator?
A mortgage calculator estimates your monthly home loan payment based on the home price, down payment, interest rate and loan term. It breaks the payment down into principal, interest, property taxes, homeowners insurance and, if applicable, private mortgage insurance (PMI) — giving you a realistic picture of what a home will actually cost each month before you apply for financing.
How to Use This Calculator
- Enter the home price you're considering.
- Adjust your down payment amount or percentage.
- Set your expected interest rate and loan term (15, 20, or 30 years).
- Add estimated property tax, insurance, PMI and HOA fees for accuracy.
- Review your monthly payment breakdown and amortization schedule instantly.
Mortgage Rates Today
Current mortgage rates change daily based on market conditions. Use today's average rates below as a starting point, then plug your own numbers into the calculator above for a personalized monthly payment estimate.
| Loan Type | Rate | APR |
|---|---|---|
| 30-Year Fixed Mortgage Rate | 6.50% | 6.68% |
| 15-Year Fixed Mortgage Rate | 5.85% | 6.02% |
| 5/1 ARM Rate | 6.10% | 7.15% |
| FHA Loan Rate | 6.20% | 7.05% |
Rates are illustrative averages and vary by lender, credit score and location. Confirm current mortgage rates with a licensed lender.
Frequently Asked Questions
What's included in a monthly mortgage payment?
Principal, interest, property taxes, homeowners insurance, and PMI if your down payment is under 20% — often called PITI.
Where can I find today's mortgage rates?
The table above shows current average mortgage rates updated regularly. Actual rates depend on your credit score, loan type, down payment and lender — always get a personalized quote before committing.
How much down payment do I need?
Conventional loans often require 3-20% down, while FHA loans can go as low as 3.5%. A larger down payment lowers your monthly payment and can eliminate PMI.
Does this calculator include closing costs?
No — this tool estimates ongoing monthly payments only. Closing costs are a separate one-time expense, typically 2-5% of the loan amount.