Mortgage Calculator
Estimate monthly mortgage payments with taxes and insurance. Enter your home price, down payment, loan term, and interest rate to get an instant breakdown.
Frequently Asked Questions
How is a monthly mortgage payment calculated?
Your monthly payment uses the formula M = P[r(1+r)ⁿ]/[(1+r)ⁿ−1], where P is the loan principal (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments. For a $240,000 loan at 6.5% for 30 years, the monthly P&I payment is approximately $1,517.
What is a good mortgage interest rate?
A competitive rate is within 0.25–0.5% of the national average for your loan type. Borrowers with a 740+ credit score and 20% down payment typically qualify for the best rates. Even a 0.5% difference on a $300,000 30-year mortgage saves over $30,000 in total interest.
How much house can I afford?
Most lenders follow the 28/36 rule: your monthly mortgage (PITI) should not exceed 28% of gross monthly income, and total debt payments should stay below 36%. On a $6,000/month gross income, that means a maximum mortgage payment of roughly $1,680. Use this calculator to find the payment for any price, then compare it to your budget.