Mortgage Calculator
Estimate monthly principal and interest before you compare lenders or decide how much home fits your budget.
Estimate excludes property taxes, homeowners insurance, mortgage insurance, HOA fees and closing costs.
What this result tells you
The monthly figure isolates principal and interest so you can compare the financing itself. Your true housing cost can be materially higher once taxes, insurance, HOA dues and mortgage insurance are included.
Use it as a range, not a promise
Try multiple rates and down payments. Small changes in borrowing cost can create large differences over a long mortgage term.
Read the inputs as a financing scenario
Home price less down payment is the loan principal. The calculator spreads that principal and fixed-rate interest over equal monthly payments for the selected term. A larger down payment reduces the modeled balance. A longer term can lower the payment while increasing total interest if other inputs stay unchanged.
Add the costs this model leaves out
The result is principal and interest, not a complete housing budget. Add your actual property tax, homeowners insurance, association dues and any mortgage insurance separately. Maintenance and utilities also affect what you can afford, even when they are not collected with the mortgage payment. The CFPB Loan Estimate explainer distinguishes principal and interest from the estimated total monthly payment.
Use a consistent comparison
When comparing two lenders, keep the home price, down payment and term the same, then change the rate. Compare points, lender credits and other upfront costs separately. A smaller payment is not the complete answer if it requires substantially more cash at closing or a different repayment term.
What the result cannot predict
This fixed-rate model does not predict an adjustable-rate reset, an extra-payment schedule or a lender’s approval decision. It also does not calculate a refinance break-even date. Save the assumptions beside the result and compare them with a written quote before relying on the estimate. Use the home affordability calculator as another planning view, then check the outcome against your own monthly expenses.