Mortgage Payment Calculator
Calculate your monthly payment including principal, interest, taxes, insurance, and PMI.
Calculate your monthly mortgage payment, how much house you can afford, refinance savings, amortization schedule, and rent vs. buy comparison. No sign-up required.
Calculate your monthly payment including principal, interest, taxes, insurance, and PMI.
Find out how much house you can afford based on income, debt, and down payment.
See if refinancing saves you money. Compare old vs. new loan terms and break-even point.
View your full payment schedule year by year. See principal vs. interest breakdown.
Side-by-side comparison of two loan options. See total cost difference over the loan term.
Should you rent or buy? Compare total costs over time with appreciation and investment returns.
Calculate your monthly mortgage payment including principal, interest, property taxes, homeowners insurance, and PMI. See the full breakdown.
Enter your home price and loan details to calculate your monthly payment
Find out how much house you can afford based on your income, monthly debts, down payment, and current interest rates.
Enter your income and debts to see how much house you can afford
See if refinancing your mortgage saves money. Compare your current loan against a new one and find your break-even point.
Enter your current and new loan details to see if refinancing saves money
View your complete mortgage payment schedule year by year. See how much goes to principal vs. interest over the life of your loan.
Enter your loan details to generate the full amortization schedule
Side-by-side comparison of two mortgage options. See total cost, monthly payment difference, and which saves more over time.
Enter two loan options to compare side-by-side
Should you rent or buy? Compare total costs over time including home appreciation, rent increases, and investment returns on your down payment.
Enter buying and renting details to see which is better for you
Your monthly payment is calculated using the standard amortization formula: M = P[i(1+i)^n]/[(1+i)^n-1], where P is the loan amount, i is the monthly interest rate, and n is the number of payments. This calculator also adds property taxes, insurance, and HOA fees to show your total monthly housing cost.
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home's value. PMI typically costs 0.3% to 1.5% of the loan amount annually. This calculator automatically includes PMI estimates for down payments under 20%.
While 20% is the traditional recommendation (to avoid PMI), many buyers put down less. FHA loans allow as little as 3.5%, and some conventional loans allow 3%. However, a larger down payment reduces your monthly payment and total interest paid. Use our affordability calculator to see what works for your budget.
Lenders typically prefer a front-end DTI (housing costs only) under 28% and a back-end DTI (all debts) under 36%. FHA loans allow up to 43%, and some lenders go up to 50% for well-qualified borrowers. Lower DTI ratios improve your chances of approval and better rates.
Refinancing typically makes sense when you can reduce your rate by at least 0.5-1%, plan to stay in the home long enough to break even on closing costs (usually 2-5 years), or want to switch from an adjustable to fixed rate. Use our refinance calculator to find your specific break-even point.
Closing costs typically range from 2% to 5% of the loan amount. They include loan origination fees, appraisal fees, title insurance, attorney fees, and prepaid items like property taxes and insurance. On a $300,000 loan, expect $6,000-$15,000 in closing costs.
An amortization schedule shows every payment over the life of your loan, breaking down how much goes to principal (reducing your balance) vs. interest. Early payments are mostly interest; later payments are mostly principal. Making extra payments toward principal can significantly shorten your loan term.
It depends on your financial situation, time horizon, and local market. Buying builds equity and offers tax benefits but requires a down payment and maintenance costs. Renting offers flexibility and lower upfront costs but doesn't build equity. Use our rent vs. buy calculator with your specific numbers to compare.