What down payment should I use?

Putting down less than 20% usually triggers private mortgage insurance (PMI), which this calculator does not include. Add an estimated PMI amount manually if your down payment is below 20%.

Does a shorter loan term save money?

Yes. A 15-year loan has a higher monthly payment than a 30-year loan at the same rate, but you pay significantly less total interest because the balance is paid down faster.

Are property taxes the same everywhere?

No, property tax rates vary widely by state and county. Use your local assessor's rate or your specific listing's tax estimate for a more accurate number.

Mortgage Calculator

Estimate your monthly mortgage payment from the home price, down payment, interest rate, and loan term, including optional property tax and homeowners insurance.

Principal & interest

Taxes & insurance (est.)

Loan amount

Total interest over loan term

How this calculator works

The principal and interest portion uses the same amortization formula as a standard loan, applied to the loan amount (home price minus down payment). Estimated monthly property tax and insurance are then added on top to approximate your total monthly housing payment (PITI: Principal, Interest, Taxes, Insurance).

This tool does not include private mortgage insurance (PMI) or HOA dues; add those manually if they apply to you.

Formula reference: CFPB: How to calculate your mortgage payment

Example

Example: a $400,000 home with a $80,000 (20%) down payment, a 30-year loan at 6.5% APR, $4,200/year property tax, and $1,400/year insurance comes out to roughly $2,022 in principal and interest, plus about $467 for taxes and insurance, for a total of about $2,489/month.

Frequently asked questions

What down payment should I use?: Putting down less than 20% usually triggers private mortgage insurance (PMI), which this calculator does not include. Add an estimated PMI amount manually if your down payment is below 20%.
Does a shorter loan term save money?: Yes. A 15-year loan has a higher monthly payment than a 30-year loan at the same rate, but you pay significantly less total interest because the balance is paid down faster.
Are property taxes the same everywhere?: No, property tax rates vary widely by state and county. Use your local assessor's rate or your specific listing's tax estimate for a more accurate number.

This calculator provides estimates for general informational purposes only and does not constitute financial, tax, or legal advice. Always confirm important numbers with a qualified professional or your lender/institution before making a decision.