Calculate monthly mortgage payments, including property tax and insurance estimates.
Enter values and click Calculate to see results.
Calculate monthly mortgage payments, including property tax and insurance estimates.
Learn how much home equity you can borrow in 2026. Use our free home equity loan calculator to estimate available equity, maximum borrowing, monthly payments, and LTV ratio.
Read full articleThe Mortgage Calculator uses the following formula:
The calculation is performed automatically when you click the Calculate button, ensuring error-free results every time. Understanding the formula helps you interpret the results more effectively and see exactly how each input affects the final outcome.
Follow these steps to use the Mortgage Calculator:
Enter the home price in the provided input field (e.g., 350000).
Enter the down payment in the provided input field (e.g., 70000).
Enter the interest rate (% p.a.) in the provided input field (e.g., 6.5).
Enter the loan term (years) in the provided input field (e.g., 30).
Enter the annual property tax in the provided input field (e.g., 3600).
Enter the annual insurance in the provided input field (e.g., 1200).
Click the "Calculate" button to compute your results.
Review the detailed results, including charts and breakdowns.
Use the "Reset" button to clear all fields and start a new calculation.
Try the "Load Example" button to see a sample calculation with predefined values.
Here is a practical example to help you understand how the Mortgage Calculator works.
Enter these values into the calculator (or click “Load Example Values”) to see how the formula produces accurate results.
When using the Mortgage Calculator, be aware of these common mistakes:
Taking a moment to verify your inputs will ensure the most accurate results.
For the best results when using the Mortgage Calculator, follow these expert tips:
Private Mortgage Insurance (PMI) is typically required when the down payment is less than 20% of the home price.
A larger down payment reduces your loan amount and monthly payment, and helps avoid PMI.
Closing costs are fees paid at the end of a real estate transaction, typically 2-5% of the home price, including appraisal, title insurance, and origination fees.
Fixed-rate mortgages have a constant interest rate for the entire term. Adjustable-rate mortgages (ARMs) have rates that change periodically based on market conditions.
Property tax is typically escrowed by the lender and paid on your behalf. It adds to your monthly payment and varies by location.
Lenders typically prefer a debt-to-income ratio below 43%. Keep your total monthly debts including the mortgage under this threshold.
Yes, refinancing replaces your existing mortgage with a new one at a lower rate, potentially reducing monthly payments or shortening the term.
Lenders require homeowners insurance to protect their investment. It covers damage from fire, storms, theft, and liability, and is typically paid monthly through escrow.