Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and full amortization schedule. Updated with current 2026 rates.
Select your location for accurate local rates
The total purchase price of the home
Select the year you plan to start the mortgage
How to Use This Mortgage Calculator
Our free mortgage calculator helps you estimate your monthly home loan payment in seconds. Whether you are buying your first home, refinancing, or comparing loan offers, this tool gives you accurate results based on current market rates.
How to calculate mortgage payments
Your monthly mortgage payment is determined by three main factors:
- Loan amount — The home price minus your down payment
- Interest rate — The annual interest rate charged by your lender
- Loan term — How many years you take to repay the loan (most common is 30 years)
The formula our calculator uses: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
Where: M = monthly payment, P = principal, i = monthly interest rate, n = number of payments
Understanding your total costs
Beyond your monthly payment, remember to budget for:
- Property taxes — Typically 0.5-2% of home value per year
- Homeowners insurance — Usually $1,000-$3,000 per year
- PMI (Private Mortgage Insurance) — Required if down payment is less than 20%
- HOA fees — Vary by community, $0-$1,000+ per month
- Closing costs — Typically 2-5% of the loan amount
30-Year vs 15-Year Mortgage
A 30-year mortgage offers lower monthly payments but you pay more total interest over the life of the loan. A 15-year mortgage has higher monthly payments but you become debt-free faster and pay significantly less total interest.
Frequently Asked Questions
How much house can I afford with a $4,000 monthly payment?
With a $4,000 monthly mortgage payment (including taxes and insurance) at a 6.5% interest rate on a 30-year loan, you could afford approximately a $500,000-$550,000 home with a 20% down payment. Use our calculator above to adjust the numbers for your specific situation.
What is a good mortgage interest rate in 2026?
As of 2026, a competitive 30-year fixed mortgage rate ranges from 6.3% to 6.8% depending on your credit score, down payment, and lender. Rates vary by state, with states like Oregon, Washington, and Colorado typically offering slightly lower rates. Check current rates using the state selector above.
Should I choose a 15-year or 30-year mortgage?
Choose a 15-year mortgage if you want to pay off your home faster and save on total interest (typically 50-60% less than a 30-year loan). Choose a 30-year mortgage if you need lower monthly payments and want flexibility in your budget. Both have pros and cons - use our calculator to compare the total costs.
How much down payment do I need?
While you can put down as little as 3-5% with some loan programs (like FHA loans), putting down 20% or more has significant advantages: you avoid Private Mortgage Insurance (PMI), get better interest rates, and own more of your home from day one.
What is PMI and when is it required?
PMI (Private Mortgage Insurance) is required when your down payment is less than 20%. It typically costs 0.3-1.5% of your loan amount annually. Once you reach 20% equity in your home (either through payments or appreciation), you can typically request to cancel PMI.
What's included in a monthly mortgage payment?
Your monthly payment (PITI) includes: Principal (paying down the loan), Interest (cost of borrowing), Taxes (property taxes collected by your lender), and Insurance (homeowners insurance). Some loans also include HOA fees.
How do I get the lowest mortgage rate?
To qualify for the lowest rates: improve your credit score (740+), save for a larger down payment (20%+), reduce your debt-to-income ratio, shop around with multiple lenders, and consider paying discount points upfront. Even a 0.5% difference in rate can save you $50,000+ over 30 years.
What are closing costs and how much are they?
Closing costs typically range from 2-5% of the loan amount and include lender fees, appraisal, title insurance, escrow fees, and prepaid items (property taxes, homeowners insurance). For a $320,000 loan, expect to pay $6,400-$16,000 in closing costs.