Mortgage Calculator
Work out your monthly payment, total interest, and payoff timeline.
Comment ça marche
A mortgage calculator helps you understand the true cost of buying a home. Enter the purchase price, down payment, interest rate, and loan term to see your monthly payment broken down into principal, interest, tax, and insurance.
La formule
M = monthly payment · P = principal · r = monthly rate (annual ÷ 12) · n = number of months
Exemple de calcul
- Subtract down payment: $450,000 − $90,000 = $360,000 principal (P)
- Convert annual rate to monthly: 6.75% ÷ 12 = 0.5625% → r = 0.005625
- Convert term to months: 30 years × 12 = 360 months (n)
- Apply formula → $2,334 principal & interest per month
- Add escrow: $5,400 tax ÷ 12 = $450 + $1,200 insurance ÷ 12 = $100
- Total monthly payment: $2,334 + $450 + $100 = $2,884
Questions fréquentes
schema.org/FAQPage ✓What's the difference between APR and interest rate?+
The interest rate is the annual cost of the loan expressed as a percentage. APR (Annual Percentage Rate) includes the interest rate plus any lender fees and points, giving you a fuller picture of the loan's true cost. Always compare APRs when shopping for mortgages.
Should I put 20% down?+
A 20% down payment lets you avoid Private Mortgage Insurance (PMI), which can add 0.5–1.5% to your annual loan cost. However, putting down less than 20% is often sensible if it keeps your emergency fund intact or allows you to invest the difference at a higher return than your mortgage rate.
How much house can I afford?+
A common rule of thumb is that your total housing costs (PITI: principal, interest, taxes, insurance) should not exceed 28% of your gross monthly income. Some lenders stretch this to 31%. Your debt-to-income ratio (all debt payments ÷ gross income) should generally stay below 43%.
Are property taxes included in my monthly payment?+
They can be. Most lenders require an escrow account where you pay 1/12th of your annual property tax and insurance each month alongside your mortgage payment. Our calculator includes optional fields for both so you can see the full monthly cost.