Mortgage Loan Calculator
Estimate your monthly mortgage payments with our free Mortgage Loan Calculator. Enter your home price, down payment, interest rate, and loan term to calculate principal, interest, taxes, and insurance, helping you plan your home-buying budget with confidence.
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Free Mortgage Loan Calculator 2026
Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, taxes, and insurance.
Results
How to Use the Mortgage Loan Calculator
Step 1: Enter the home price
Enter the purchase price of the property you want to buy. Use a realistic price based on the homes you are considering.
Step 2: Add your down payment
Enter the amount you plan to pay upfront. Your mortgage loan amount is generally the home price minus the down payment, before any financed fees or other adjustments.
Step 3: Choose the loan term
Select the repayment period, such as 15, 20, or 30 years, if these options are available in your calculator.
Step 4: Enter the annual interest rate
Use an estimated rate based on a mortgage offer or a reliable rate quote. Your actual rate may differ depending on the lender, loan type, credit profile, and other factors.
Step 5: Add taxes, insurance, and PMI
Enter estimated annual property taxes and homeowners insurance. If your loan requires private mortgage insurance (PMI), enter the applicable annual rate using the method supported by this calculator.
Step 6: Calculate and review your results
Select Calculate and review the estimated monthly payment. Compare alternative down payments, rates, and loan terms to understand how your choices may affect your budget.
The results are estimates, not a loan offer or a guarantee of the amount a lender will approve.
What Is Included in a Monthly Mortgage Payment?
Your monthly housing payment can include several different costs. Understanding each component helps you avoid underestimating the cost of buying a home.
Principal
Principal is the amount you borrow to purchase the property. The principal portion of each payment reduces your outstanding loan balance.
Interest
Interest is the cost of borrowing money from the lender. The amount depends on the loan balance, interest rate, repayment term, and payment schedule.
Property taxes
Property taxes are assessed by the relevant local authority. They vary by location and property value. If you enter an annual tax estimate, the calculator may divide it by 12 to estimate a monthly amount.
Homeowners insurance
Homeowners insurance helps cover specified property-related risks under the policy terms. Premiums depend on the property, location, coverage, and insurer.
Private mortgage insurance (PMI)
PMI may be required for some conventional mortgages with a smaller down payment. Requirements vary by loan type and lender. Enter a realistic estimate if your mortgage requires it.
Other housing costs
Your actual housing budget may also include homeowners association (HOA) fees, utilities, maintenance, closing costs, and other expenses. These costs are not necessarily included in this calculator’s results.
Before relying on the total, check which expenses the calculator includes and which you must budget for separately.
Frequently Asked Questions
What is a mortgage loan calculator?
A mortgage loan calculator estimates your monthly home loan payment based on your loan amount, interest rate, and repayment term. Depending on the calculator’s features, it may also include property taxes, homeowners insurance, and private mortgage insurance (PMI).
How do I calculate my monthly mortgage payment?
Enter your home price, down payment, annual interest rate, and loan term. Add estimated property taxes and insurance if these fields are available. Select Calculate to view your estimated monthly payment.
Does my mortgage payment include taxes and insurance?
Not every mortgage payment estimate includes these expenses. If your calculator has fields for property taxes and homeowners insurance, enter your estimates to get a more complete monthly payment estimate. HOA fees, utilities, and maintenance may need to be budgeted separately.
How does a down payment affect my mortgage?
A larger down payment generally reduces the amount you need to borrow, which can lower your monthly principal and interest payment. Depending on the loan type and lender requirements, it may also reduce or eliminate the need for private mortgage insurance.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage typically has higher monthly principal and interest payments but may cost less in total interest over the life of the loan. A 30-year mortgage usually offers lower monthly payments but may result in more interest paid over time. The right option depends on your budget and financial goals.
What is the difference between principal and interest?
Principal is the amount you borrow to purchase a home. Interest is the cost of borrowing that money. With a standard amortizing mortgage, each payment covers interest and pays down some principal, with the proportions changing over time.
Can this calculator tell me how much mortgage I can afford?
The calculator estimates payments for the loan details you enter, but it cannot determine your exact borrowing eligibility. Consider your income, existing debts, property expenses, savings, and other financial commitments. A mortgage lender can assess your circumstances more accurately.
Are the mortgage calculator results exact?
No. The results are estimates based on the information and assumptions entered. Your actual payment may differ because of lender fees, taxes, insurance, mortgage terms, rate changes, or other costs. Review your lender’s Loan Estimate before making a borrowing decision.