Use our free US home loan calculator to estimate your monthly mortgage payments. Include property tax, insurance, and get accurate results instantly.
A home loan calculator is a tool that helps you estimate your monthly mortgage payments based on factors like the home’s price, your down payment, the loan term, interest rate, property taxes, and home insurance. It’s a useful way to plan your budget and understand the financial commitment involved in buying a home.
The results from this calculator are estimates based on the information you provide. While it offers a good approximation, actual mortgage payments can vary due to factors like fluctuating interest rates, changes in property taxes, and insurance costs. For precise calculations, it’s advisable to consult with a mortgage professional.
To use the calculator, you’ll need to input the following details:
Home price
Down payment amount
Loan term (in years)
Interest rate
Annual property tax
Annual home insurance cost
Yes, this calculator can be used for different types of loans, including FHA, VA, and conventional loans. However, some loans may have specific terms or conditions, such as lower down payments for VA loans or mortgage insurance requirements for FHA loans, which can affect your monthly payments.
You can lower your monthly mortgage payments by:
Increasing your down payment to reduce the loan amount.
Choosing a longer loan term, which spreads payments over more years (though this may increase the total interest paid).
Shopping around for the lowest possible interest rate.
Reducing additional costs, such as property taxes and insurance, by considering homes in areas with lower tax rates or by finding cost-effective insurance options.
If you have a fixed-rate mortgage, your interest rate will stay the same for the life of the loan, so your monthly payments won’t change. However, if you have an adjustable-rate mortgage (ARM), your interest rate could change periodically based on market conditions, which would affect your monthly payments. You can use this calculator to see how changes in the interest rate might impact your payments.
No, the down payment is not included in your monthly mortgage payment calculation. The down payment reduces the total amount you need to borrow (the loan amount), which in turn lowers your monthly payments. The monthly payment includes the principal and interest on the loan, as well as property taxes and home insurance.
Yes, you can use this calculator to estimate the new monthly payments if you’re considering refinancing your home loan. Input the remaining loan balance as the home price, along with the new interest rate, loan term, and other relevant details. This will give you an idea of how much you could save each month by refinancing.
This basic version of the calculator does not include mortgage insurance (PMI), which may be required if your down payment is less than 20% for conventional loans. To factor in PMI, you would need to add the monthly PMI cost to your estimated monthly mortgage payment manually.
After calculating your home loan payments, you should:
Review your budget to ensure you can afford the payments.
Consider getting pre-approved for a mortgage to understand how much you can borrow.
Begin searching for homes within your calculated price range.
Consult with a mortgage professional to discuss your options and get personalized advice.