Mortgage Payments Calculator Learn How Much a Home Loan Will Cost You

Use this calculator to determine how much your monthly mortgage payments could be. Compare offers from competing lenders, and see how much even a small change in your interest rate affects what you pay over the life of your loan.

Remember you can click on the charts below to learn even more about your payments and loan costs!

Home Price
Enter the property's fair market value, or the price you expect to pay for the home.
Down Payment
Your down payment is the initial cash amount due from you that you pay at closing. It is expressed as a percentage of the purchase price or home value. The amount your lender may require as a down payment can vary dramatically, depending on the type of loan you have, the value of the home and your credit score. The default down payment percentage of 20% is the most common.

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Annual Interest Rate
Interest is the amount your lender charges for loaning you money. The interest is stated as a percentage of the total loan value. The default interest rate is based on today's rate for a 30-year fixed term loan, which is one of the most common types of mortgages.
Term of Loan
(Years)
The length of the loan repayment period, typically 30 or 15 years

 

Payments
Per Year
The number of payments you are making to pay off the loan, typically 12 (monthly payments) unless you are making extra payments

Enter the property state and county for an estimate of local tax rates, or if you know the local tax rate, select "Property Tax Rate" to enter it directly.
When you enter your state and county, we'll estimate the applicable property tax.

1Enter Your Information to See Your Monthly Payments

Pop a home price, your interest rate, and a couple other items into our calculator, and we'll show you how much your monthly payments may be. We even look up your property tax rate for you, so you have the most accurate estimate of what you'll pay. We don't ask for your personal information or e-mail address, so you won't receive any phone calls or spam.

2After you enter your information

Click on the charts below to learn even more about your payments and loan costs!

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Monthly Payment $1,900
Total Housing Payments $150,000
Breakdown of total housing payments
break-down-chart
Payment Breakdown by Year
Click or hover over the graph to see your payment breakdown for each year.
Cost_Breakdown
Buying a Home May Give You a Tax Break

We calculate that the total interest for this loan is $[XXXXX} for the first year. The amount we estimate will be paid in property tax is ${YYYYYYY}. Both amounts are important because the homeowner may be able to deduct these amounts on their federal and state income tax returns. Each person's tax situation is unique, and home-related deductions impact everyone differently.

Interest Payoff Timeline
This graph shows you a breakdown of how much of the interest and principal you would be paying off per payment. Click on the graph to see the specific payment breakdown and balance for each payment on the right.
Tap on graph for more details
int_payoff
Balance Payoff Timeline
This graph shows you how much of your mortgage you have left to pay off per payment. Click on the graph to see the specific balance and payment breakdown for each payment on the right.
Tap on graph for more details
balance_payoff
Month 1
Principal$287
Interest$244
Balance Remaining$143,749
Payment frequency comparison
Compare and contrast the common payment frequencies to see which option best fits your needs.
  MONTHLY semi-MONTHLY bi-weekly
payment $1,586 payment $796 payment $796 payment
PaY-off date Jun, 2046 PaY-off date may, 2042 PaY-off date April, 2042 PaY-off date
total interest payment $176,965 total interest payment $148,917 total interest payment $148,917 total interest payment
bi-weekly vs.
monthly
TOTAL INTEREST SAVINGS$28,048

Results do not include homeowners insurance, homeowners association dues or monthly mortgage insurance payments required by some types of loans. Tax rates may change during the loan term.

Inputs What to Input
Home Price If you’re buying a house, enter the purchase price, excluding any closing costs. Otherwise, enter your best guess as to the house’s fair market value.
Down Payment You have two options here: Enter the dollar amount you’re bringing to the final transaction, or enter the percentage you will pay at the time of purchase. Today, most home-purchase loans require down payments.
Interest Rate Lenders are required to advertise two rates: the rate they will use to calculate your payments and the annual percentage rate (APR). Enter the advertised rate into the calculator, not the APR. The APR is meant to show consumers the effective rate of the loan when all lender fees are included.
Length of Loan Usually 30 years. However, lenders may offer different terms, such as 15, 20 or, occasionally, 40 years.
Number of Payments per Year Usually 12 payments per year. However, if you plan to make more frequent payments than once a month, enter a number greater than 12 here.
Property Taxes Your real estate broker will probably know the tax rate for the property you’re interested in buying. Many counties publish tax rates on their websites. Some even post the amount charged for each parcel. The MoneyGeek calculator allows you to enter the rate, or, if you don’t know the rate, it gives an estimate based on the average rate for each county.
Outputs What the Outputs Mean to You
Monthly Payment MoneyGeek’s estimate of your monthly payment, based on the information you provided and our estimate of your property taxes. We assume your lender will collect a small amount each month for your property taxes into an escrow account and then make payments to your county.
Total Cost of Ownership Breaks down what percentage of your payments, including your down payment, is applied to principal, interest and property taxes. This enables you to see your lifetime costs for your home purchase and loan.
Payment Breakdown by Year As this chart illustrates, at the start of a mortgage’s life, most of each payment is applied to interest. As the years pass, more of each payment goes toward principal (the actual amount you borrowed) and less is applied to interest. This chart helps illustrate why making a 13th payment or adding little extra to your payment each month will reduce the term (number of payments) of your loan.
Interest Payoff Timeline This chart resembles the Payment Breakdown by Year. For most 30-year loans at roughly 10 years, the amount applied to interest is about the same as the amount applied to principal. This chart illustrates why it might make sense to refinance a mortgage that’s less than 10 years old and not if the 30-year loan is 15 or 20 years old.
Balance Payoff Timeline

  • How Much Mortgage Can You Afford?

    Standing between you and a new home is a lender who must be convinced of your creditworthiness. Trade the mortgage calculator for a standard calculator and take a hard look at your finances and spending habits. When you’re done, you will have a realistic appraisal of what you can afford — information you’ll need when you meet with your lender. See the MoneyGeek Buying Your First Home page for a step-by-step guide to buying your first house.

  • Debt-to-Income Ratio

    Lenders want to make sure you have the financial ability to repay your loan. One way to determine this is to look at your debt-to-income (DTI) ratio. The DTI gives you and the lender an overall look at how your total combined debt compares to your total income. See the MoneyGeek DTI Calculator to find your DTI. FHA loan guidelines are less strict when it comes to DTI requirements.

  • Do You Have a Household Budget?

    When planning to buy a house, it’s a smart idea to review your household budget for two reasons. First, you want to be confident in the amount you can afford to spend on your housing every month. Second, you will need to organize your bank and other financial statements that your lender will want to see. A good resource for help with starting a household budget is MoneyGeek’s Easy Guide to Budgeting.

  • Do You Have a Handle on Your Spending?

    A mortgage is a 15- to 30-year commitment and may at times require a whole new way of living. For serious budgeting – and to keep your home — you must be prepared and have a plan to “batten down the hatches” and radically reduce your expenses for a minimum of three months. See the MoneyGeek Financial Literacy Handbook for All Life Stages for help with prioritizing your spending.

  • Do You Have Enough Cash For a Down Payment?

    You should have, at minimum, 3.5 percent of the purchase price of your home as a down payment on an FHA-insured purchase. For non-FHA loans, the amount you will need is greater. See the MoneyGeek Low-Down-Payment Mortgages, Down Payment Assistance & Other Key Resources page to learn your options.

  • Should You Buy a Home?

    Despite the glowing television ads from real estate agents extolling the benefits of home ownership, not everyone’s situation is ideal for purchasing a home. If you plan a move soon, have a highly variable income or simply don’t want the responsibility of maintaining a home, home ownership may not be right for you. See MoneyGeek’s Should You Rent or Buy a Home? A Balanced Guide to learn more about the pros and cons of home ownership.

Updated: July 6, 2017