Mortgage Calculator

Calculate your monthly mortgage payment, total interest, and full 30-year amortization schedule. Includes taxes, insurance, and PMI.

Loan details Includes taxes & insurance
$
$
20% of home price
%
$
Avg ~1.1% of home value
$
Avg ~$1,400–$1,800/year
$
%
Auto-applies if <20% down
Current average mortgage rates Updated 2025

Average rates as of early 2025. Actual rates vary by credit score, lender, and loan type.

30-Year Fixed
6.75%
20-Year Fixed
6.50%
15-Year Fixed
6.10%
10-Year Fixed
5.95%
5/1 ARM
6.20%
FHA 30-Year
6.55%
Frequently asked questions
How is a mortgage payment calculated? ›
Your principal and interest (P&I) payment is calculated using the amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan amount, r is the monthly interest rate, and n is the number of payments. Your total payment also includes property taxes, homeowner's insurance, HOA fees, and PMI if applicable.
What is PMI and when can I remove it? ›
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home's purchase price. It protects the lender if you default. Once your loan balance reaches 80% of the original home value (20% equity), you can request PMI cancellation. Lenders are legally required to cancel PMI automatically when the balance reaches 78%.
Should I choose a 15-year or 30-year mortgage? ›
A 15-year mortgage has higher monthly payments but you pay far less total interest and build equity faster. A 30-year mortgage has lower payments, giving you more monthly cash flow flexibility. If you can comfortably afford the higher payment, a 15-year mortgage saves tens of thousands in interest. Many financial advisors suggest the 30-year with the intent of making extra payments when possible.
What credit score do I need for a mortgage? ›
Conventional loans typically require a minimum score of 620. FHA loans allow scores as low as 580 (with 3.5% down) or 500 (with 10% down). VA and USDA loans have no official minimum but most lenders require 620+. Higher credit scores (740+) qualify for the best interest rates, which can save hundreds of dollars per month.
How much house can I afford? ›
A common guideline is that your total housing costs (mortgage, taxes, insurance) should not exceed 28% of your gross monthly income, and total debt payments should stay under 36%. Lenders will also evaluate your debt-to-income ratio, credit score, and down payment. Use our Debt-to-Income Ratio calculator to check your qualification.

About this mortgage calculator

Our mortgage calculator uses the standard amortization formula to calculate your exact monthly principal and interest payment. It also factors in property taxes, homeowner's insurance, HOA fees, and PMI to give you your true total monthly housing cost — not just the P&I payment most calculators show.

Understanding mortgage amortization

In early mortgage payments, the majority of your payment goes toward interest rather than principal. Over time this shifts — by the halfway point of a 30-year mortgage, more of each payment is reducing your balance. This is why making extra principal payments early in the loan saves significantly more interest than making the same extra payment later.

Fixed vs. adjustable rate mortgages

A fixed-rate mortgage keeps the same interest rate for the entire loan term, giving you predictable payments. An adjustable-rate mortgage (ARM) starts with a lower rate that adjusts periodically after an initial fixed period (e.g., 5/1 ARM = fixed for 5 years, adjusts annually after). ARMs carry the risk of rising payments if rates increase.