Principal & Interest: $0
Property Taxes: $0
Insurance: $0
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Using our free mortgage calculator is simple and provides instant estimates of your potential monthly mortgage payments. Follow these steps to determine how much home you can afford or to explore refinance.
Enter the Home Price: Input the total purchase price of the property in dollars. This helps determine the required down payment and overall loan amount.
Add Your Down Payment: Enter your down payment amount in dollars or as a percentage. A down payment of 20% or more on a conventional loan helps avoid Private Mortgage Insurance (PMI).
Specify the Interest Rate: Enter the estimated annual interest rate you expect to pay. For your convenience, you can check our current local mortgage rates page for up-to-date figures.
Select the Loan Term: Choose the number of years for the loan repayment schedule (e.g., 15-year or 30-year term).
Include Property Tax, Insurance, and HOA Fees (Optional but Recommended): For a more accurate monthly payment estimate, input your estimated annual property taxes, homeowners insurance, and any applicable Home Owner's Association (HOA) dues.
Click "Calculate": The tool will instantly provide a breakdown of your estimated monthly payment, including principal and interest, taxes, and insurance.
Key Terminology
Understanding the inputs is crucial for accurate results. Use the tooltips next to each field in the calculator for quick definitions.
Principal & Interest: The core components of your mortgage payment, covering the amount borrowed and the interest charged by the lender.
PMI (Private Mortgage Insurance): Typically required if your down payment is less than 20% of the home's value.
Loan Term: The duration over which you plan to repay the loan, typically 15 or 30 years.
Property Tax: The local government tax based on the home's value.
Benefits of Using Our Calculator
Budgeting: Determine an affordable loan balance that fits your budget and lifestyle.
Strategic Planning: Use different scenarios to plan for refinancing or explore the impact of making extra payments.
Lead Capture: After viewing your results, you may have the option to receive a personalized quote or connect with a local loan officer.
CalcHub is built with accuracy, speed, and accessibility in mind—no sign-up required.