Estimate Your Monthly Mortgage Payment
Use our free mortgage calculator to estimate your monthly mortgage payment, including costs of property taxes, insurance, and PMI. Simply adjust the values below to get an accurate calculation tailored to your situation.
Understanding Your Mortgage Calculation
Our U.S. mortgage calculator provides a comprehensive breakdown of your potential monthly mortgage payment. Here's what each component means:
- Principal and Interest: The base monthly payment on your mortgage loan.
- Property Taxes: Monthly portion of annual property taxes assessed by your local government.
- Home Insurance: Monthly cost of your homeowner's insurance policy.
- PMI (Private Mortgage Insurance): Required for conventional loans when the down payment is less than 20% of the home's value.
Frequently Asked Questions
What is PMI?
PMI, or Private Mortgage Insurance, is a type of insurance that protects the lender if you stop making payments on your loan. It's typically required when you put down less than 20% on a conventional mortgage.
How can I lower my monthly mortgage payment?
You can lower your monthly payment by making a larger down payment, finding a lower interest rate, extending the loan term, or buying a less expensive home. Keep in mind that extending the loan term may result in paying more interest over time.
How accurate is this mortgage calculator?
This calculator provides a good estimate of your monthly mortgage payment. However, for the most accurate figures, consult with a mortgage professional who can take into account all the specifics of your situation and the current market conditions.