Calculate Your Monthly Mortgage Payment in Seconds
Figure out exactly what your monthly mortgage payment will be based on loan amount, interest rate, and loan term with our free calculator.
How to use: Mortgage Calculator - Calculate Your Monthly Payment
Our mortgage calculator breaks down your monthly payment into principal, interest, property taxes, and homeowners insurance. Here's the basic formula: your total loan amount gets divided across your payment months, but the interest gets calculated based on whatever's left on your balance each month. So on a 30-year mortgage, you're paying mostly interest early on—like 80% interest and 20% principal in year one. By year 25, that flips almost completely. The calculator factors in your local property tax rates and insurance estimates too, so you're seeing the real number you'll actually pay each month, not just the P&I portion.
Let's say you're buying a $350,000 house in Austin, Texas with 20% down ($70,000). You're financing $280,000 at 6.8% interest over 30 years. Your P&I payment alone is about $1,865 per month. Add in Austin's property taxes (roughly 0.6% annually) and homeowners insurance ($120/month), and you're looking at around $2,320 monthly. Now compare that to a similar $350,000 home in New Jersey: same loan terms but higher property taxes (0.9% annually) and insurance ($145/month) pushes your total to about $2,545. Even in lower-cost areas like rural Missouri, a $280,000 mortgage at the same rate costs roughly $2,110 total with local taxes and insurance factored in.
Don't forget to include property taxes and insurance in your calculations—these vary wildly by state and county. Texas homeowners pay less in state income tax but more in property tax, while New Jersey does the opposite. Get pre-approved before house hunting so you know your actual rate. Use this calculator to test different down payment amounts (10%, 15%, 20%) to see how each changes your monthly payment. And remember: a higher interest rate isn't always a deal-breaker if it means closing faster or avoiding PMI with a bigger down payment.