Mortgage Calculator
Estimate your monthly home loan payment, including property tax and insurance.
What is in a mortgage payment
The core of the payment is principal and interest, the amount that repays the loan and pays the lender. Many buyers also pay property tax and home insurance monthly, often through the lender, so this calculator adds them to give you a more realistic monthly figure.
Example
A 350,000 home with a 20% deposit means borrowing 280,000. At 6.5% over 30 years the principal and interest come to about 1,769.79 a month. With 1.1% yearly property tax (about 320.83 a month) and 100 a month for insurance, the total is roughly 2,190.
What this does not include
- Mortgage insurance, which many lenders require when the deposit is under 20%.
- Association or service charges, closing costs and maintenance.
- Rates that change if your loan is adjustable or has a fixed period that ends.
To see how extra payments shorten the loan, open the amortization calculator.
Frequently asked questions
How much deposit should I put down?
Rules vary by country and lender. A bigger deposit lowers the loan, the payment and often the rate, but keep enough cash for closing costs and an emergency fund.
Why is my lender's quote different?
Lenders add their own taxes, insurance estimates and fees, and rates change daily. Treat this as an estimate and ask for an official quote.
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