Mortgage Calculator
Also known as a home loan calculator: enter your home price, down payment, rate, and term to estimate your full monthly payment - principal, interest, property tax, insurance, and PMI.
Last updated: September 22, 2026
Frequently asked questions
What's included in a mortgage payment estimate?
This calculator estimates your full monthly payment: principal, interest, property taxes, homeowners insurance, and PMI when your down payment is under 20%. It doesn't include HOA fees or other lender-specific costs, which vary by property and loan program.
How does down payment affect my monthly payment?
A larger down payment reduces your loan amount, which lowers both the principal & interest portion of your payment and your total interest paid over the loan term. Down payments of 20% or more also typically avoid PMI, cutting the payment further.
What is PMI and when does it go away?
Private mortgage insurance (PMI) is an extra monthly cost lenders typically require when your down payment is under 20%, protecting the lender if you default. It's not a fixed rate - actual PMI varies by lender, credit score, and loan program, generally landing between about 0.3% and 1.5% of the loan amount per year. This calculator estimates it at 0.55% under "Auto" mode. Once your loan balance drops to 80% of the original home value (through payments or appreciation), you can typically request PMI be removed, and it usually cancels automatically at 78%.
How accurate are the property tax and insurance estimates?
Only as accurate as the rates you enter. Property tax rates vary enormously by state and even by county or school district - some areas are under 0.5% annually, others exceed 2%. Homeowners insurance depends on your home's value, location, construction, and coverage level. Check your county assessor's site or a recent tax bill for the actual property tax rate, and get a real insurance quote rather than relying on the default - both figures meaningfully change your total monthly payment.
How does the loan term affect total interest paid?
A shorter term (like 15 years vs. 30) means higher monthly payments but far less total interest, since you're paying down principal faster and it has less time to accrue interest. A 30-year loan lowers the monthly payment but often costs more than double the total interest of the same loan at 15 years.
What's the difference between this and the mortgage payoff calculator?
This calculator estimates your regular monthly payment as originated - principal, interest, taxes, insurance, and PMI. The mortgage payoff calculator instead models what happens if you add extra payments on top of that schedule: how much interest you'd save and how much sooner you'd be debt-free. Use this tool to plan a new loan or check your current payment; use the payoff calculator once you're already in a mortgage and want to see the effect of paying extra.
What does 'mtg' mean in mtg calculator or mtg payment?
'Mtg' is a common shorthand for 'mortgage' used in real estate listings, loan documents, and search queries - an mtg calculator is the same thing as a mortgage calculator. This tool covers both: enter your home price, down payment, rate, and term to estimate your monthly mtg payment.
Is a home loan calculator the same as a mortgage calculator?
Yes - "home loan" and "mortgage" refer to the same type of loan used to buy a house, so a home loan calculator and a mortgage calculator do the same job. This tool estimates your full monthly payment (principal, interest, taxes, insurance, and PMI) whichever term you search for.