When you’re shopping for a home, your monthly mortgage payment is one of the most important numbers to pin down. If you’re like most buyers, you’re about to take out a 30-year mortgage loan. Your monthly payment will affect what you can afford today and your long-term financial comfort.
That’s why we created this simple Mortgage Payment Calculator. With a few quick entries, you can estimate your monthly payment and see how changes to the loan amount, interest rate, or term can impact your budget and buying plans.
How a Mortgage Payment Calculator Can Help You
A mortgage payment calculator gives you a convenient way to test different homebuying scenarios without pulling out a spreadsheet. By adjusting the home price, loan amount, interest rate, or down payment, you can:
- Get a ballpark idea of what your monthly payment might look like.
- See how changes in down payment or interest rate affect affordability.
- Compare loan terms, like 30-year vs. 15-year, to understand long-term costs.
- Plan your budget with greater confidence before you start touring homes.
While the calculator won’t replace a lender’s official estimate, it’s a helpful first step in setting realistic expectations for your home search.
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What Does a Monthly Mortgage Payment Include?
Your monthly mortgage payment is typically made up of four parts, often called PITI:
- Principal: The portion that goes toward paying down your loan balance.
- Interest: The cost of borrowing money from your lender.
- Taxes: Property taxes set by your local government.
- Insurance: Homeowner’s insurance, and sometimes mortgage insurance.
Our calculator uses national averages to give you a quick ballpark estimate. It does not include all possible fees, costs, or variations that may apply to your specific situation and location.
Insurance costs in high-risk areas: In disaster-prone regions like Florida, Louisiana, or California, homeowner’s insurance can significantly increase your total monthly housing costs. If you’re buying in a coastal or wildfire-prone area, be sure to factor in the added expense of coverage.
How Loan Term and Interest Rate Affect Your Payment
Two of the biggest factors that shape your mortgage payment are the loan term and the interest rate.
- Loan term: A 30-year fixed-rate mortgage spreads payments out over a longer period, keeping monthly payments lower. A 15-year loan usually means higher monthly payments but far less total interest over time.
- Interest rate: Even a small change in your rate can shift your payment by hundreds of dollars per month. That’s why it’s worth comparing lenders and locking in a competitive rate.
What Happens If You Put More Money Down?
Your down payment directly reduces the size of your loan. The more you put down upfront, the lower your monthly mortgage payments will be. For example, putting 20% down instead of 10% can lower both your loan balance and your overall interest costs.
Another big advantage of a larger down payment is avoiding private mortgage insurance (PMI). Lenders typically require PMI if your down payment is less than 20%. It’s an extra monthly cost that protects the lender, not you, and can add hundreds of dollars to your payment. Once you reach 20% equity in your home, you can often request to have PMI removed.
If you’d like to see how different down payment amounts change your budget, check out our House Down Payment Calculator.
Other Factors That Can Change Your Payment
Beyond loan term, interest rate, and down payment, several other expenses can affect your monthly mortgage costs:
- Property taxes: These vary widely by state and local government, and they’re typically collected as part of your monthly mortgage payment.
- Homeowner’s insurance: Lenders require you to maintain insurance, which is usually added to your payment.
- Private mortgage insurance (PMI): If your down payment is less than 20%, PMI will be included until you reach sufficient equity.
- HOA fees: If you buy in a community with a homeowners association, dues may be added to your monthly housing costs.
6 Free Homebuyer Tools to Help You Plan
Below are links to more free homebuyers tools from HomeLight:
- Home Affordability Calculator: Before you start shopping for homes, understand the costs associated with buying a house and determine a safe budgeting plan.
- Closing Costs Calculator: Use this tool to determine how much cash you need to bring to the closing table, including lender and third-party fees.
- Earnest Money Calculator: As you make plans to purchase a home, estimate how much earnest money you might need to put down.
- Homes For Sale Search Tool: Enter the location where you’d like to find a home and see an interactive map of homes for sale.
- Recently Sold Homes Map: View a map of recently sold homes in the U.S. to get an idea of real-time housing costs anywhere in the country.
- Buyer’s Agent Match Platform: This free tool lets you find trusted, top-rated real estate agents in your selected market.
Buyer Tips
As you plan for your future mortgage payment, keep these points in mind:
- Run different scenarios: Test how changes in down payment, interest rate, or loan term affect your monthly costs.
- Talk to a lender early: Pre-approval will give you a clearer picture of your actual payment range and options.
- Plan beyond the mortgage: Set aside room in your budget for utilities, maintenance, and unexpected repairs.
- Think long-term: A slightly higher payment on a shorter loan term may save you tens of thousands in interest over time.
A Mortgage Calculator Is a Good First Step
Your mortgage payment is one of the biggest factors in shaping your monthly budget and long-term financial comfort. While our Mortgage Payment Calculator gives you a quick estimate, the real numbers depend on your loan details, location, and personal financial situation.
Use the calculator to explore different scenarios, then take the next step: connect with a lender to see real offers or work with a top local agent through HomeLight. The right guidance can help you find a home — and a monthly payment — that truly fits your life.
If you’re trying to balance buying and selling a home at the same time, check out HomeLight’s Buy Before You Sell program. This innovative solution unlocks your current equity to streamline the process. Make a non-contingent offer on your new home and only move once. Watch this short video to learn more.