Free Mortgage Calculator
Estimate Your Monthly Payment
Adjust the sliders or type values to calculate your mortgage in real time.
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Loan Amount
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years
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PMI is not applied at 20%+ down
$0.00
Estimated Monthly Payment*
Total of All Payments
Total Interest
*Disclaimer: This calculator is for informational and educational purposes only and provides an estimate based on the data you entered. It does not constitute financial advice or a commitment to lend. Actual monthly payments, interest rates, and other costs may vary. For a precise quote, please request an official loan estimate from a qualified mortgage lender.
How to Use the Free Mortgage Calculator
To estimate your monthly payment, fill in the calculator fields with your loan details. (Use the sliders or fill in the fields manually):
- Home Price: Enter the total purchase price of the property.
- Down Payment: Enter the amount you plan to pay upfront. You can input this as a specific dollar amount or a percentage of the home price. Note: Enter 20% or higher to avoid PMI (see below).
- Interest Rate: Enter the estimated annual interest rate for the loan. Current interest rate trends can be found here: https://www.freddiemac.com/pmms Note: actual rates will be affected by your credit score, down payment, debt-to-income ratio, market conditions, and other important factors. It is recommended to talk to a licensed home loan lender who can provide personalized advice and explain options specific to your situation.
- Loan Term: Select the number of years you will take to pay off the mortgage (e.g., 15 or 30 years).
- Annual Property Tax: Enter the total yearly tax amount for the home. If you have a specific home in mind, check the current annual tax rate for the county here: Zillow or check the local county assessor’s website.
- Annual Homeowners Insurance: Enter the yearly cost of your insurance policy. To estimate, you can use a common shortcut known as the Replacement Cost Rule: Estimate $400–$500 in annual premiums for every $100,000 of home value. (Example: $2500 per year for $500,000 home value). Also consider risk factors: Rates will be higher for older homes or those in areas prone to natural disasters like wildfires or hurricanes. It is best to talk to a licensed insurance agent who can explain the difference between replacement cost and actual cash value and can provide an estimate tailored for your specific property.
- PMI Rate: Enter the annual rate for Private Mortgage Insurance (PMI), which is typically 46% to 1.5%of the original loan amount. PMI is required if your down payment is less than 20% of the home price. If you entered 20% or more in the down payment field, the PMI does not apply and will not be included in the calculations. As with the home loan interest rate, the actual PMI % rate will be affected by your credit score, down payment, debt-to-income ratio, and other important factors.