Use our Mortgage Calculator to estimate your monthly mortgage payment, including principal and interest. Whether you're buying your first home, refinancing an existing mortgage, or comparing loan options, this mortgage payment calculator helps you understand what you can expect before applying for a home loan.
Enter your home price, down payment, loan term, and interest rate to instantly calculate your estimated monthly payment. You can also include property taxes, homeowners insurance, PMI, and HOA fees for a more accurate estimate.
How Our Mortgage Calculator Works
Our calculator estimates your monthly mortgage payment using the standard mortgage amortization calculator formula used by most lenders in the United States.
The calculation is based on:
- Home purchase price
- Down payment amount
- Loan amount
- Interest rate
- Loan term
- Property taxes (optional)
- Homeowners insurance (optional)
- Private Mortgage Insurance (PMI)
- HOA dues
The result provides an estimated monthly payment that reflects the most common costs associated with homeownership.
What Is a Mortgage Payment?
A mortgage payment is the monthly amount you pay to your lender for financing your home purchase. Depending on your loan, it may include more than just the loan repayment.
Most monthly payments include:
- Principal
- Interest
- Property taxes
- Homeowners insurance
- Private Mortgage Insurance (PMI), if applicable
- HOA fees, if applicable
How to Estimate Your Monthly Mortgage Payment
- Enter the home's purchase price.
- Choose your down payment amount.
- Select your mortgage interest rate.
- Choose your loan term (15, 20, or 30 years).
- Add property taxes, insurance, PMI, and HOA fees if applicable.
- Click Calculate to instantly estimate your monthly mortgage payment.
Understanding Your Results
Your estimated payment is divided into several categories:
Principal
The principal is the amount borrowed from the lender that you gradually repay throughout the life of your mortgage.
Interest
Interest is the cost of borrowing money. Higher interest rates generally result in larger monthly payments.
Property Taxes
Local governments assess annual property taxes based on your home's value. Many lenders collect these taxes through monthly escrow payments.
Homeowners Insurance
Homeowners insurance protects your property against covered losses and is often required by mortgage lenders.
Private Mortgage Insurance (PMI)
PMI is typically required when your down payment is less than 20% of the home's purchase price. Once sufficient equity is built, PMI may no longer be required.
Factors That Affect Mortgage Payments
- Home purchase price
- Down payment percentage
- Mortgage interest rate
- Loan term
- Property taxes
- Homeowners insurance premiums
- PMI requirements
- HOA dues
Why Use Our Mortgage Payment Calculator?
- Estimate monthly mortgage payments in seconds.
- Compare different loan amounts.
- Evaluate various interest rates.
- Test different down payment scenarios.
- Plan your home buying budget.
- Understand the total monthly cost of homeownership.
Mortgage Calculator vs. Bankrate Mortgage Calculator
Many home buyers search for a Bankrate mortgage calculator when estimating monthly payments. Our calculator provides the same essential calculations while offering a clean, fast, and mobile-friendly experience.
Whether you're comparing loan options or planning your budget, you can use this mortgage payment calculator to quickly estimate your monthly costs.
Related Mortgage Calculators
- Mortgage Amortization Calculator
- House Affordability Calculator
- Refinancing Calculator
- HELOC Calculator
- FHA Loan Calculator
- VA Loan Calculator
- USDA Loan Calculator
- Down Payment Calculator
- Biweekly Mortgage Calculator
- Extra Payment Mortgage Calculator
Frequently Asked Questions
A mortgage calculator is an online tool that estimates your monthly mortgage payment based on your home price, down payment, interest rate, and loan term.
This calculator provides an estimate using standard mortgage formulas. Your actual payment may vary depending on lender fees, taxes, insurance, PMI, and other costs.
Yes. Simply enter your estimated annual property taxes and homeowners insurance to receive a more complete monthly payment estimate.
Yes. You can include Private Mortgage Insurance if your lender requires it, typically when your down payment is below 20%.
Most borrowers compare 15-year, 20-year, and 30-year fixed-rate mortgages, but the calculator can work with other loan terms as well.
Absolutely. This tool functions as both a mortgage calculator and a home payment calculator by estimating your total monthly housing cost.
Yes. It's a useful way to estimate monthly mortgage payments before contacting a lender or getting pre-approved.
Yes. Simply enter your new loan amount, interest rate, and repayment term to estimate refinancing payments.