Real estate

US Mortgage Calculator

Estimate a fixed-rate U.S. mortgage payment from home price, down payment, interest rate, and term. Optionally add property tax, homeowners insurance, PMI, and HOA for a fuller monthly housing picture — using rates and costs you enter.

Calculate

$

Percent of the home price paid upfront. Loan amount = price − down payment.

%

Annual rate from your quote or scenario — not a live market feed.

%
years

Optional. Divided by 12 for the monthly estimate.

$

Optional homeowners insurance premium per year.

$

Optional monthly premium when required (often with lower down payments).

$/mo
$/mo

Optional — flood insurance, ground rent, or similar recurring costs.

$/mo

Updates as you type

Result

—

The formula

Loan amount is home price minus the down payment. A level-payment mortgage then uses the standard amortization formula so principal and interest stay constant while the balance declines. Optional annual costs are divided by 12 and added for a total housing estimate.

Loan = Price × (1 − Down%/100) · M = P × [r(1+r)^n] / [(1+r)^n − 1] · Housing ≈ M + tax/12 + insurance/12 + PMI + HOA

Worked example

  1. Home $400,000 with 20% down → loan P = $320,000
  2. Rate 6.5% for 30 years → r = 0.065/12; n = 360 → P&I ≈ $2,022.51
  3. Annual tax $4,800 and insurance $1,500 → +$400 and +$125 per month

Result: ≈ $2,022.51 P&I · ≈ $2,547.51 with tax & insurance

How this U.S. mortgage estimate is built

This tool models a fully amortizing fixed-rate loan — the structure of most U.S. 15- and 30-year fixed mortgages. You supply the interest rate and any local costs — nothing is pulled from live market feeds.

From price to loan

Enter the purchase price and a down-payment percent. The calculator derives the loan balance. A 20% down payment on a $400,000 home leaves $320,000 to finance.

Principal & interest

With monthly rate r and n = years × 12, the payment formula keeps the loan paid off by month n. Early payments are mostly interest; later ones retire more principal.

If the rate is 0%, payment is simply loan ÷ n.

Optional housing costs (PITI & more)

Property tax and homeowners insurance are often escrowed monthly (annual ÷ 12). PMI may apply with a smaller down payment until equity thresholds are met. HOA dues and other recurring costs can be added as monthly amounts you already know.

Leave optional fields at zero if you only want principal and interest.

What we do not model

No live rate quotes, discount points, closing costs, ARM resets, biweekly calendars, or extra principal schedules. Compare lender Loan Estimates for fees and APR; recalculate when your quoted rate changes.

Interesting facts

You choose the rate

U.S. mortgage rates move with markets and credit. This page never auto-fills today’s averages — enter the rate from your quote or a scenario you want to stress-test.

Down payment changes the loan

A larger down payment shrinks principal and usually the payment. Below typical equity thresholds, lenders may also require PMI until the balance falls.

PITI is more than the loan

Underwriters look at principal, interest, taxes, and insurance. Optional fields here let you approximate that full escrowed payment for U.S. shopping scenarios.

30-year fixed is common

Many U.S. buyers choose a 30-year fixed mortgage for predictable payments and long amortization. Shorter terms raise monthly P&I but usually cut lifetime interest.

Amortization front-loads interest

On a standard fixed loan, early payments are interest-heavy. Extra principal (when allowed) shortens the path; this page shows the scheduled level payment only.

Frequently asked questions

We take loan = price × (1 − down%/100), then apply M = P × [r(1+r)^n] / [(1+r)^n − 1] with monthly rate r and n = years × 12. That figure is principal and interest.

Only if you fill those optional fields. Annual tax and insurance are split into monthly amounts; PMI, HOA, and other costs are added as monthly dollars you enter.

Rates change constantly and depend on credit, loan type, and lock period. Enter the rate from your lender quote or a planning assumption so the math stays accurate for your scenario.

A single fixed rate for the full term you enter. For an ARM, use the rate that applies to the period you are studying and recalculate at reset.

Enter the real percent down. If your lender requires PMI, put the monthly premium in the PMI field until you expect it to drop off.

No. It is an educational estimate. Actual offers include fees, credit-based pricing, and escrow rules that this page does not price.

References

  1. Shopping for a mortgage — Consumer Financial Protection Bureau Independent consumer guidance on mortgage shopping and closing costs.
  2. Mortgage key terms — U.S. Federal Trade Commission Plain-language overview of mortgage basics and risks.
  3. What is a Loan Estimate? — Consumer Financial Protection Bureau How to read the official disclosure that lists rate, payment, and fees.