Mortgage payment calculator

This mortgage calculator will help you estimate the costs of your mortgage loan. Get a clear breakdown of your potential mortgage payments with taxes and insurance included.

Your monthly payment
$1,599
30 year fixed loan term
Monthly payment
Principal & interest

$1,163

Property taxes

Homeowners insurance

Homeowners association (HOA) fees

Compare common loan types

Total principal: $240,000

Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,011$1,437
Mortgage Rate4.125%2.273%*2.92%*
Total interest paid
$178,737
$43,459
$120,549
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,011$1,437
Mortgage Rate4.125%2.273%*2.92%*
Total interest paid
$178,737
$43,459
$120,549
Amortization

See how your payments change over time for your 30 year fixed loan term

At year 0

30 year fixed loan term

Remaining
$240,000
Principal Paid
$0
Interest Paid
$0
Year 0
drag me
1
30
Years

We’ll share an interesting insight here for key milestones in your payoff schedule.

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Get personalized mortgage rates from Cambridge, MA.
Principal & interest

$1,163

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What are my monthly costs for owning a home?

There are five key components in play when you calculate mortgage payments

  • Principal: The amount of money you borrowed for a loan. If you borrow $200,000 for a loan, your principal is $200,000.
  • Interest: The cost of borrowing money from a lender. Interest rates are expressed as a yearly percentage. Your loan payment is primarily interest in the early years of your mortgage.
  • Property taxes: The yearly tax assessed by the city or municipality on a home that is paid by the owner. Property taxes are considered part of the cost of owning a home and should be factored in when calculating monthly mortgage payments. However, lenders don’t control this cost and so it shouldn’t be a major factor when choosing a lender.
  • Mortgage insurance: An additional cost of taking out a mortgage, if your down payment is less than 20% of the home purchase price. This protects the lender in case a borrower defaults on a mortgage. Once the equity in your property increases to 20%, you can stop paying mortgage insurance, unless you have an FHA loan.
  • Homeowners association fee: This cost is common for condo owners and some single-family neighborhoods. It’s money that must be paid by owners to an organization that assists with upkeep, property improvements and shared amenities.

In addition to the monthly costs addressed in our mortgage payment calculator, keep in mind that there are other upfront costs in addition to your down payment. These costs include property and loan related fees, insurance and title fees. Find out more about mortgage closing costs

Can I lower my monthly payment?

There are a few ways to lower your monthly payment. Our mortgage payment calculator can help you understand if one of them will work for you:

  • Increase the term of the loan. The longer you take to pay off the loan, the smaller each monthly mortgage payment will be. The downside is that you’ll pay more interest over the life of the loan.
  • Decrease the size of the loan. If you have a smaller loan balance to begin with, you’ll need to fork over less each month to pay it off.
  • Get to the point where you can cancel your mortgage insurance. Many lenders require you to carry mortgage insurance (which protects the lender in case you default on the loan) if you put less than 20% down. This is another charge that gets added to your monthly mortgage payment. You can usually cancel mortgage insurance when your remaining balance is less than 80% of your home’s value. However, FHA loans can require mortgage insurance for the life of a loan.
  • Look for a lower interest rate. You can think about refinancing (if you already have a loan) or shop around for other loan offers to make sure you’re getting the lowest interest rate possible.

Can my monthly payment go up?

Your monthly payment can rise in a few cases:

  1. You have an adjustable-rate mortgage in which your payment stays the same for an initial term (such as five, seven or 10 years) and then readjusts annually.
  2. If you have an escrow account to pay for property taxes or homeowners insurance, because those taxes or insurance premiums may increase. Your monthly mortgage payment includes the amount paid into escrow, so the taxes and premiums affect the amount you pay each month.
  3. You may have been assessed fees. Check your mortgage statement or call your lender.