Mortgage Calculator | Calculate Your Mortgage Payments 2023

A home loan is one of the most important investments, but it can take time to estimate how much you can afford. A mortgage calculator to borrow can help you understand your monthly mortgage payments based on the purchase price, down payment, interest rate, and other homeowner costs.

How to Calculate Mortgage Payments Using Our Calculator

If you’re currently shopping around for a home or are showing your current mortgage, a mortgage calculator can offer insights into your monthly payments.

Loan CalculatorMortgage Calculator
Mortgage CalculatorLoan Calculator
$per year
$per year

Enter the home price

Begin by adding the total selection cost for your home that you would like to obtain at the bottom of the screen. If you don’t have a particular house in mind, try this number to see how much house you can afford. You may even intend to deliver an application to a home for purchase with this calculator, and it will give you a gauge to see how much you’re prepared to offer.

Input your down payment amount

The following amount you expect to bring for the down payment is added to either the price of your item or the amount specified.

Enter your interest rate

Examine the offers you’ve been given; if there are a variety of interest rates, enter the rate with the interest rate box. If you still need to pre-qual for an interest rate, you can generally use the mortgage rate list to help you enter something.

Choose a loan term

You can estimate your monthly mortgage payment by listing a maximum loan term of up to 30 years. If you haven’t applied for a loan term and interest rate, the rate you select here should approximate the average rate you entered above. For example, if you choose 15 years, use the rate for a 15-year mortgage. If, on the other hand, you prefer low monthly installments and a briefer loan term, use this portion of the calculator to find out the differences.

Private mortgage insurance
Private mortgage insurance

insurance and homeowners association (HOA) fees

The valuation generated by this part is not mandatory, but it is helpful to give you a more accurate idea of your payment plan. If you know how to figure out this data, click on the mortgage payment, private mortgage insurance (PMI), homeowner’s insurance (HOA), and property tax fields for information.

If you don’t have these numbers readily available, you can find contact info concerning local real estate through a real estate agent or assessor’s site.

Review your loan details

The calculator will set a payment breakdown as soon as you enter all the necessary information on the left side of the screen. The payment breakdown will detail how most of your payment goes toward interest and principal, and the filter will enable you to view the details about a specific month interactively.

Navigate to the amortization schedule tab to see a weekly breakdown of the sum of your annual payments toward interest and principal. You can also toggle between a yearly and monthly view of the financial plan to monitor each monthly bill.

Mortgage Fees and Costs

Mortgage Fees and Costs
Mortgage Fees and Costs

It can be challenging to select an appropriate mortgage, especially since the terms sound complicated. It cannot be easy to understand what you are paying for and why.


The principal is the amount you borrowed from the mortgage. A portion of each payment will go toward paying this off, so the principal will decline as you pay for the mortgage every month.

Interest rate

That is generally what the loan provider expects you to pay for the money borrowed. Interest rates are expressed as a percentage of the amount and may be fixed or variable.

HOA fees

Homeowners’ Association charges may be required if you buy a house in an apartment community like a condominium complex. HOAs are private companies established to manage and maintain such places. The charges might be nominal, but your monthly payments might be unaffordable.

Property taxes

Your local government imposes property tax reforms. These levies are often documented on your assessor’s website or home records retention permit.

Mortgage Insurance

Usually called private mortgage insurance or PMI, this service safeguards the lender in case you default on your mortgage. PMI generally ranges from 0.58% to 1.86% of the outstanding quantity within your mortgage loan, and it must be taken under consideration by your down payment being no less than 20 percent.

Homeowners Insurance

Household insurance coverage is needed to protect you and also your lender if something happens to your home. If you’re planning a home, ask the real estate representative if they have any info about existing insurance premiums. Otherwise, contact your independent insurance agent to get a quote.

Breaking Down the Mortgage Payment Formula

Mortgage Calculator Calculate Your Mortgage Payments

The number of factors that go into deciding how much to add to a mortgage bill means that it can take time to figure out the price accurately from the outset. Needing to pay off the mortgage can also have implications for your financial standing in the long run, which is why the formula can be helpful to homeowners and would-be homeowners.

Mortgage Payment Calculator By State

Mortgage Payment Calculator By State
Mortgage Payment Calculator By State
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Mortgage Payment Calculator By Home Price

Mortgage Payment Calculator By Home Price
Mortgage Payment Calculator By Home Price

$100,000 to $200,000 Homes

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$200,000 to $300,000 Homes

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$300,000 to $400,000 Homes

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$400,000 to $500,000 Homes

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$500,000 to $600,000 Homes

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$600,000 to $700,000 Homes

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$700,000 to $800,000 Homes

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$800,000 to $900,000 Homes

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$900,000 to $1,000,000 Homes

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$1,000,000 to $1,100,000 Homes

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Frequently Asked Questions

What Are Current Mortgage Rates

Pay particular attention to the rates and information on the Mortgage calculators. Remain up-to-date on current rate information related to mortgages and regularly check in on the page.

How Does a Mortgage Work?

A home mortgage is a collateralized loan that is secured by the particular home that is funding it. This means the loan provider has a security interest in the house until the mortgage is paid in full. Following closing, you’ll make monthly payments that comprise principal, interest, taxes, and insurance. If you breach the mortgage, the bank may take possession of the house.

What are the Types of Mortgages?

In addition to several mortgage terms, there are several common types of mortgages, including conventional and jumbo mortgages, which are issued by private lenders but often require more stringent qualification requirements to exceed lending caps established by the Federal Housing Finance Administration (FHFA). Homeowners can also access mortgages covered by the federal government, including the Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA), the U.S. Department of Veterans Affairs (VA), and 203(k) loans, depending on the criteria. Whether you’re buying a home for the first time or not, there are various loan options for low- to high-qualified homebuyers.

How Do You Apply for a Mortgage?

There are several loan possibilities, including direct, online, traditional, and loans from credit unions and banks. Before securing a mortgage, improve your credit rating to gain approval for a cheaper interest rate. Then, determine how much you can afford for a home, including how much you can put down on it.

What is a reverse mortgage?

A reverse mortgage is a home loan that enables older homeowners to access the equity that they built up in their house. Homeowners must be at least 62 and already have tens of thousands of dollars of equity to obtain this type of loan. If the borrower moves or dies of natural causes (natural death), the surplus sales proceeds from the sale of their home are used to pay off the loan. If the borrower dies or moves, the borrower’s (or the borrower’s heirs’) heirs receive whatever remains. Only the Home Equity Conversion Mortgage Guaranteed Reverse Mortgage (HEC-GM), a reverse mortgage the government insures, is available through FHA-approve lenders.

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Kiah Treece
By Kiah Treece

Kiah Treece is a licensed attorney and small business owner with experience in real estate and financing. Her focus is on demystifying debt to help individuals and business owners take control of their finances.

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Mortgage Calculator | Calculate Your Mortgage Payments 2023 By Home Price

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By Kiah Treece