Mortgage Calculator
Calculate your monthly mortgage payments with our free mortgage calculator. Estimate your home loan payments including principal and interest.
About Mortgage Payments
This calculator helps you estimate your monthly mortgage payment based on the loan amount, interest rate, and loan term. The calculation includes only principal and interest (P&I).
Your actual monthly payment may be higher when including property taxes, homeowners insurance, HOA fees, and PMI (if applicable). Contact a lender for a complete payment estimate.
Frequently Asked Questions
How is mortgage payment calculated?
Monthly mortgage payment is calculated using the formula: M = P[r(1+r)^n]/[(1+r)^n-1], where M is monthly payment, P is principal, r is monthly interest rate, and n is number of payments.
What is included in a mortgage payment?
A typical mortgage payment includes principal (loan amount), interest, property taxes, homeowners insurance, and possibly PMI (Private Mortgage Insurance) if down payment is less than 20%.
What is a good mortgage interest rate?
A good mortgage rate depends on market conditions, your credit score, down payment, and loan type. Generally, rates between 3-7% are considered reasonable, but this varies over time.
How much house can I afford?
A general rule is that your monthly housing payment should not exceed 28% of your gross monthly income. Use this calculator to see what monthly payment fits your budget.