Free Mortgage Calculator

Thinking about buying or already have a mortgage? See your estimated monthly payment — including principal, interest, property tax, and insurance.

Educational Disclaimer: This is an estimate only. Get a formal quote from a lender for your exact rate and fees.

How to Use This Calculator

  1. 1Enter your estimated home price and down payment percentage
  2. 2Adjust the interest rate and loan term to match what you're considering
  3. 3Add your estimated property tax rate and annual insurance cost

What This Is Useful For

  • • Get a realistic sense of your monthly payment before house hunting
  • • Compare 15-year vs. 30-year terms
  • • See how a larger down payment changes your monthly cost
$350,000
10% ($35,000)
6.5%

Loan Term

1.1%
$1,400

Estimated Total Monthly Payment

$2,428.51

Principal & Interest

$1,991.01

Property Tax

$320.83

Insurance

$116.67

Disclaimer: This is an estimate for educational purposes only. It does not include private mortgage insurance, HOA dues, or your specific lender's exact rate and fees. Get a formal quote from a lender for accurate numbers.

Want to know more?

See our Buy a Home guide, or check your debt-to-income ratio to see how existing debt affects what you can afford.

Frequently Asked Questions

Does this include private mortgage insurance (PMI)?⌄

No, this calculator doesn't include PMI, which typically applies when your down payment is below 20%. Factor in an extra monthly cost if that applies to you.

How does existing debt affect what I can afford?⌄

Lenders weigh your other monthly debt payments against your income when determining how much mortgage you qualify for — this is your debt-to-income ratio. Use our DTI Calculator to see where you stand.

What property tax rate should I use?⌄

Property tax rates vary significantly by location, typically between 0.5% and 2.5% of a home's assessed value annually. Check your specific area's rate for a more accurate estimate.

Is a 15-year or 30-year term better?⌄

A 15-year term means a higher monthly payment but significantly less total interest paid. A 30-year term lowers your monthly payment but costs more in interest over the life of the loan.

Existing debt affecting what you can afford?

Our free assessment can help you understand your options before you apply.

Take the Free Assessment →