How to use Mortgage Calculator
- Enter the home price and your down payment.
- Enter the interest rate and loan term.
- Add yearly property tax and insurance to see the full monthly cost.
About this tool
The loan amount is the price minus your down payment. Principal and interest are calculated with the standard fixed-rate formula, and property tax and insurance are added as one twelfth of the yearly amount. Lenders may also require mortgage insurance when the down payment is small, which is not included here.
Results are estimates for planning and education, not financial advice. Real offers can include fees, rounding and rules that are not modelled here.
Frequently Asked Questions
- How much down payment do I need?
- It varies by country and loan type. In the US, 20% avoids private mortgage insurance on conventional loans, but many programs accept less.
- What is included in the monthly payment?
- Principal, interest, property tax and homeowners insurance, often called PITI.
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