Mortgage Calculator

Use our free Mortgage Calculator to estimate your monthly payment including principal, interest, taxes, insurance, and PMI. Compare loan terms and plan your home purchase.

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0%50%
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0.1%15%
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0%5%
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Total Monthly Payment

$2,548

Principal + interest + tax + insurance

Principal & Interest

$2,023

Monthly Property Tax

$400

Monthly Insurance

$125

Loan Amount

$320,000

Down Payment

$80,000

Total Interest

$408,142

Total Cost

$808,142

How to Use the Mortgage Calculator

  1. 1. Home Price: Enter the purchase price of the home you're considering.
  2. 2. Down Payment: Adjust the percentage of the home price you plan to put down. Less than 20% triggers PMI.
  3. 3. Interest Rate: Enter the annual interest rate offered by your lender.
  4. 4. Loan Term: Choose your preferred loan term (10, 15, 20, 25, or 30 years).
  5. 5. Property Tax: Set the annual property tax rate for your area (default 1.2%).
  6. 6. Home Insurance: Enter your estimated annual homeowners insurance premium.
  7. 7. HOA Fee: If applicable, enter the monthly homeowners association fee.

Mortgage Calculator

The Numeraty Mortgage Calculator gives you a complete picture of your monthly housing cost. Unlike basic calculators that only show principal and interest, this tool includes property taxes, homeowners insurance, PMI, and HOA fees to show your true monthly payment.

What’s Included in Your Payment

Your total monthly mortgage payment is made up of several components:

  • Principal: The portion that pays down your loan balance each month.
  • Interest: The cost of borrowing, calculated on your remaining balance.
  • Property Tax: Annual taxes assessed by your local government, divided into monthly payments.
  • Homeowners Insurance: Protection for your home against damage and liability.
  • PMI: Private mortgage insurance, required if your down payment is less than 20%.
  • HOA Fees: Monthly homeowners association fees, if applicable.

How Monthly Payments Compare by Loan Term

Home PriceDown PaymentRateTermMonthly P&ITotal Interest
$400,00020% ($80K)6.5%30 yr$2,023$408,274
$400,00020% ($80K)6.5%20 yr$2,387$252,915
$400,00020% ($80K)6.5%15 yr$2,789$182,091
$400,00010% ($40K)6.5%30 yr$2,275$459,009
$400,0005% ($20K)6.5%30 yr$2,402$484,576

Tips for Getting the Best Mortgage

  1. Improve your credit score before applying. A higher score qualifies you for lower rates.
  2. Shop multiple lenders. Rates can vary significantly between banks, credit unions, and online lenders.
  3. Consider a 15-year term if you can afford the higher payments. You’ll save tens of thousands in interest.
  4. Put at least 20% down to avoid PMI and reduce your monthly payment.
  5. Factor in all costs. Your mortgage payment is just part of homeownership - budget for maintenance, repairs, and utilities too.

Frequently Asked Questions

What is included in a mortgage payment?
A typical mortgage payment includes four components known as PITI: Principal (paying down your loan balance), Interest (the cost of borrowing), Taxes (property taxes), and Insurance (homeowners insurance). If your down payment is less than 20%, private mortgage insurance (PMI) is also included.
How much should I put down on a house?
A 20% down payment is ideal because it eliminates the need for PMI and reduces your monthly payment. However, many loan programs allow as little as 3-5% down (conventional), 3.5% (FHA), or 0% (VA/USDA). A larger down payment means lower monthly costs and less total interest paid.
What is PMI and when can I remove it?
Private Mortgage Insurance (PMI) protects the lender if you default on your loan. It's required when your down payment is less than 20%. You can request PMI removal once you reach 20% equity in your home, and it's automatically removed at 22% equity.
How does the loan term affect my payment?
A shorter loan term (e.g., 15 years) results in higher monthly payments but significantly less total interest paid. A longer term (e.g., 30 years) gives you lower monthly payments but costs more in total interest. For example, a $300,000 loan at 6.5% costs about $1,896/mo over 30 years ($382,633 in interest) versus $2,613/mo over 15 years ($170,312 in interest).
Should I include property tax and insurance in my calculation?
Yes. Your actual monthly housing cost is more than just principal and interest. Property taxes, homeowners insurance, and PMI can add hundreds of dollars per month. Including these gives you a realistic picture of your total monthly obligation.

Explore More Mortgage Calculators

Mortgage Payment Calculator: Detailed payment calculation with interest-only option.

Mortgage Payoff Calculator: See how extra payments can help you pay off your mortgage faster.

Mortgage Refinance Calculator: Determine if refinancing will save you money.

FHA Loan Calculator: Calculate FHA loan payments with lower down payment requirements.

VA Loan Calculator: Estimate VA loan payments with zero down payment.

Amortization Calculator: View a detailed amortization schedule for your loan.

Rent vs Buy Calculator: Compare the financial impact of renting versus buying.

Home Equity Calculator: Track how much equity you have in your home.

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