How to use this calculator
Use this mortgage calculator to estimate the monthly cost of buying a home. A mortgage payment is usually more than principal and interest, so this tool includes common ownership costs such as property tax, homeowners insurance, and private mortgage insurance. The result is an estimate you can use to compare homes, loan terms, and down payment choices before speaking with a lender.
Example estimates
A $400,000 home with 20% down, a 6.75% interest rate, and a 30-year term has an estimated principal and interest payment near $2,076 per month before taxes and insurance.
The same home with 10% down may require PMI, which can raise the monthly payment even though the buyer brings less cash to closing.
Frequently asked questions
Does this calculator include property tax and insurance?
Yes. You can enter annual property tax, annual homeowners insurance, and PMI so the estimate is closer to a full monthly housing cost.
Is the result the same as a lender quote?
No. A lender quote may include fees, escrow rules, rate locks, and local costs. This calculator is for planning and education.