Mortgage Calculator
Estimate your monthly mortgage payment and understand the total cost of your home loan.
Total Monthly Payment
$1,916.96
Monthly Payment Breakdown
Loan Summary
Important Note
This calculator provides estimates only. Actual mortgage payments may vary based on lender requirements, PMI (if down payment is less than 20%), closing costs, and other factors. Consult with a qualified mortgage professional for accurate quotes.
Learn More About Mortgages and Home Buying
Interested in learning more about mortgages, refinancing, home loans, and the home-buying process? Visit MortgageWizardTools.com for additional beginner-friendly guides and educational resources.
Learn More
Understanding This Calculator
What this calculator does
This calculator estimates your monthly mortgage payment including principal, interest, property taxes, insurance, and HOA, plus the total interest and cost over the loan term.
How to use the results
- 1.Enter the home price and your down payment (try 20% to avoid PMI).
- 2.Set the interest rate and loan term (30 and 15 years are most common).
- 3.Add annual property tax, insurance, and any HOA fee for a full monthly payment.
Worked example
A $350,000 home with $70,000 down (20%) at 6.5% for 30 years: principal and interest ~$1,759/month. Add $300 tax and $100 insurance = ~$2,159/month total. Total interest over 30 years: ~$293,000.
Important assumptions & limitations
- •Does not include PMI if your down payment is under 20% — that adds ~0.5–1% of the loan per year.
- •Property tax and insurance are estimates; actual amounts vary by location and home value.
- •Does not include closing costs (typically 2–5% of the loan) or maintenance.
Frequently asked questions
Mike Starr
Founder, FinanceWizardTools · M.S. Organizational Management