ResourcesMortgage calculator
Mortgage calculator: what will your monthly payment be?
Enter a price, a down payment and a rate to see the full monthly cost of a home: principal and interest, taxes, insurance, and mortgage insurance when it applies. Every figure is an estimate you control, not a quote. When you are ready for real numbers, pre-approval is the next step.
Your numbers
Illustrative example. Edit any figure.Estimated monthly payment
$3,308.00per month
$405,000 borrowed at 6.5% over 30 years.
- Principal and interest$2,559.88
- Property tax1.1% of the price each year$412.50
- Home insurance$150.00
- Mortgage insuranceModeled for 9 yrs 1 mo, subject to the conditions below$185.63
- Loan amount$405,00090% of the price
- Cash at closing$54,000Down payment plus costs paid in cash
- Total interest$516,555Over 30 years
- Paid off in30 yrsElapsed time, not a promised closing or payoff date
Mortgage insurance applies with 10% down. This estimate assumes borrower-paid PMI on a covered conventional principal-residence loan, current payments, and an appraisal at least equal to the price. It models automatic termination at scheduled 78% of original value, or final termination in the month after the original term's midpoint, whichever comes first (after about 9 yrs 1 mo). You can request cancellation at 80% (after about 7 yrs 11 mos), subject to payment history, value and lien conditions. Actual servicer disclosures control. FHA loans follow different rules — see FHA vs. conventional.
Principal and interest are scheduled figures. Taxes, insurance and dues are the estimates you entered; a lender collects them through escrow and adjusts them yearly. Pre-approval is where a real payment starts.
Over the life of the loan
What the loan itself costs, and what the home costs to carry across 30 years.
| Principal repaid | $405,000 |
| Interest | $516,555 |
| Mortgage insurance, until it ends | $20,233 |
| Cost of the loan | $941,788 |
| Taxes, insurance and dues over 30 years | $202,500 |
| Loan payments and ownership costs over 30 years | $1,144,288 |
Excludes your down payment and closing costs paid in cash, shown separately above. Ownership costs are held constant across the original term, even if the loan is paid off early.
Same loan, other terms
A shorter term costs more each month and far less overall. Without extra payments or an interest-only period.
| Term | Principal and interest | All-in monthly | Total interest |
|---|---|---|---|
| 10 years | $4,598.69 | $5,346.82 | $146,843 |
| 15 years | $3,527.98 | $4,276.11 | $230,037 |
| 20 years | $3,019.57 | $3,767.70 | $319,697 |
| 30 years (selected) | $2,559.88 | $3,308.00 | $516,555 |
Year by year
Interest, principal and balance for each year of the loan.
How to use this calculator
Start with the price of a home you are looking at, or a price you have in mind, and the down payment you plan to bring. Enter an interest rate: the example rate is an illustration, and the national average shown under the field is a weekly survey figure, not a rate available to any one borrower. Pick a term, then fill in the property tax rate and the annual insurance premium for the area. The payment updates as you type, and the rows under it show where each dollar goes.
- Down payment. Enter it as a percentage or a dollar amount; the two stay in step. Under 20% down, a conventional loan carries mortgage insurance.
- Property tax. Use the county's estimate for the property, including applicable local assessments. The example percentage is illustrative, not a statewide tax quote.
- Home insurance. Use a quote if you have one. Wildfire and coastal areas can run well above a statewide average.
- Extra toward principal. Even a modest amount each month shortens the loan; the statement shows by how much.
How the payment is calculated
Principal and interest come from the standard amortization formula: a level payment that repays the loan amount, with interest charged monthly at one-twelfth of the annual rate, over the number of months in the term. Early payments are mostly interest; later ones are mostly principal. The year-by-year schedule under the statement shows that shift.
Property tax is the rate you enter applied to the price and divided into twelve. Insurance and HOA dues are the amounts you enter, divided into monthly figures. Lenders usually collect taxes and insurance through an escrow account and adjust the amount each year, so the real monthly payment moves even on a fixed-rate loan.
This calculator models the Homeowners Protection Act's borrower-paid PMI rules for a covered conventional principal-residence loan with less than 20% down, assuming current payments. It includes scheduled 78% termination and final termination in the month after the original term's midpoint. An 80% cancellation request is conditional, not assumed granted. Original purchase value is generally the lower of price and appraisal; this estimate assumes the appraisal is at least the price. Premiums are modeled monthly through the earlier milestone or payoff; actual billing and cancellation follow the servicer's disclosures. See the CFPB's PMI explanation. FHA loans charge mortgage insurance differently, with an upfront premium and annual premiums that often last the life of the loan; the FHA loan guide and the FHA vs. conventional comparison cover that.
What this estimate leaves out
A Loan Estimate from a lender will include items this page does not model: origination and third-party closing costs, discount points or lender credits, prepaid interest, the initial escrow deposit, and any flood or supplemental insurance the property needs. The rate itself depends on your credit, the loan program, the property type and occupancy, points, and the market on the day you lock. On an adjustable-rate loan the payment changes after the fixed period; this calculator assumes a fixed rate for the whole term.
The interest-only option models a fixed interest-only period followed by full repayment of the balance over the years that remain. Interest-only loans are a specialized product with their own qualification rules; the step-up in payment is shown so it is never a surprise.
Reading the result
Compare scenarios by changing one input at a time. Moving the price, the rate and the term together makes it hard to see which choice moved the payment. Treat the result as a planning figure: it cannot determine eligibility, approve a loan, or reproduce a lender's complete pricing and disclosures. After you apply for a specific property, the written Loan Estimate is the document to compare, line by line, against any other offer.
Questions people ask
Is the interest rate shown a Lendwise rate?
No. The example rate is an illustration, and the national average is the Freddie Mac weekly survey published through FRED. Lendwise rates depend on a complete application; the rate trends page explains what moves them.
Why is my payment higher than the principal and interest?
Because taxes, insurance and dues are real monthly costs of owning the home, and most lenders collect the first two with the mortgage payment. A quoted principal-and-interest figure alone understates what leaves your account each month.
Does paying extra always make sense?
It reduces interest and shortens the loan, but money paid into the house is not easy to take back out. Keep an emergency fund first, check for a prepayment penalty, and weigh the loan's rate against what the same dollars could earn elsewhere.
How much house does this payment mean I can afford?
That is the reverse question: start from a monthly budget, or from income and debts, and solve for the price. The affordability calculator does exactly that with the same cost assumptions.
What if I already own and want a lower payment?
Compare your current loan with a proposed one, costs included, in the refinance calculator, then read the refinance guide for the trade-offs a payment figure alone cannot show.
How accurate are the tax and insurance figures?
As accurate as the rate and premium you enter. Counties publish effective tax rates and an insurer will quote a premium; both change over time, and a lender re-sets the escrow amount each year.
Every figure on this page is an educational estimate from the assumptions you enter. It is not a loan quote, offer, approval, rate lock, or commitment to lend, and it does not include every cost a real loan carries. Rates shown as examples or as market averages are not rates available from Lendwise Mortgage. Written loan disclosures control the terms of any actual loan. Lendwise Mortgage, NMLS #2702455.