Mortgage Payment Calculator

How the calculator works

Enter the home price or loan amount, the interest rate you want to test, and the loan term. Add your estimated property taxes, homeowners insurance, HOA dues, and mortgage insurance if they apply. The calculator shows your estimated monthly payment and how it breaks down.

The rate is yours to choose. This calculator doesn't show our rates. For a rate based on your situation, get a personalized rate quote.

What's in a monthly mortgage payment

Most payments have up to five parts. People often call the first four PITI:

• Principal. The part that pays down your loan.
• Interest. The cost of borrowing. Early in a loan, most of your payment goes here.
• Property taxes. Often collected monthly and paid by your lender from an escrow account.
• Homeowners insurance. Also often paid through escrow.
• Mortgage insurance and HOA dues, if your loan or property has them.

Two people with the same loan amount can have very different payments once taxes, insurance, and HOA dues are added in. That's why it's worth entering your real numbers.

Ways a payment can change

• A shorter term usually means a higher payment but much less interest over the life of the loan. See 15-Year Fixed-Rate Mortgage and 30-Year Fixed-Rate Mortgage.
• An adjustable rate can change after the fixed period ends. See Adjustable-Rate Mortgage.
• A bigger down payment lowers the loan amount and may remove mortgage insurance on some loans.
• Taxes and insurance can change each year, even on a fixed-rate loan.

Want a real number?

A calculator is a starting point. For a payment based on your credit, your down payment, and today's pricing, get a rate quote, see your buying power, or find a loan officer.

Age 62 or older and want to lower your monthly outlay? A reverse mortgage has no required monthly mortgage payments. You must continue to pay property taxes and homeowners insurance, maintain the home, and meet the other loan terms. See Reverse Mortgages.