Estimate a monthly mortgage payment including taxes and insurance. Enter the home price, down payment, rate, and term.
Usage Tip
Lenders often cap total housing cost near 28% of gross monthly income. Compare offers by APR, which folds in fees, not just the headline rate.
Monthly P and I = loan × i(1+i)^N ÷ ((1+i)^N − 1)
Total monthly = P and I + (tax + insurance) ÷ 12
A larger down payment shrinks the loan and may remove private mortgage insurance (PMI).
Property tax and insurance vary widely by location and are taken from your annual figures.
Most interest is paid in the early years, so early extra principal payments save the most.
A mortgage payment is made up of principal and interest, and many lenders also collect property tax and insurance in the same monthly payment. The principal and interest part depends on the loan amount, the interest rate, and the term, while taxes and insurance depend on the property and where it is located.
A larger down payment reduces the loan amount and often the interest rate, and a down payment under 20 percent may bring extra costs such as mortgage insurance. A longer term lowers the monthly payment but raises the total interest paid over the life of the loan. This is an estimate and your lender’s figures will differ, so confirm the details before making any decision.