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See what your monthly payment will be
Build your numbers and see what fits your budget
Your monthly payment depends on your loan amount, interest rate, and loan term. Adjust these numbers to see how different scenarios affect your payment. This calculator estimates principal and interest only. Your actual payment may be higher if it includes property taxes, homeowners insurance, and mortgage insurance.
Calculator results are estimates provided for illustrative purposes only and may not reflect actual loan terms. This is not a commitment to lend, a preapproval, or an offer of credit. Actual rates, payments, and costs depend on credit approval, satisfactory appraisal, and underwriting guidelines. Consult a licensed loan officer for details.
Your monthly mortgage payment includes several components. Principal and interest are the core payment toward your loan. Property taxes vary by location and are often collected by your lender and paid to your county. Homeowners insurance protects your home and is required by your lender. Mortgage insurance may be required if your down payment is less than twenty percent. These costs combined make up your total monthly housing payment. Your lender will provide an exact breakdown in your Loan Estimate before you commit to anything.
What affects your monthly payment
Several factors determine how much you'll pay each month. Understanding each one helps you make informed decisions about your mortgage.
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Loan amount
A larger loan means a higher monthly payment. A smaller down payment increases your loan amount. Putting more money down reduces what you need to borrow and lowers your payment.
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Interest rate
Your interest rate is a percentage of the loan amount you pay annually. A lower rate means lower monthly payments. Your rate depends on current market conditions and your creditworthiness.
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Loan term
A thirty-year loan spreads payments over three decades, lowering the monthly amount. A fifteen-year loan requires higher monthly payments but you pay less interest overall.
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Questions about your payment
Your monthly payment covers more than just interest. Knowing what you're paying for helps you understand your total housing costs.
Does my payment include taxes and insurance?
Your lender typically collects property taxes and homeowners insurance along with your mortgage payment. This is called an escrow account. Your lender holds the money in escrow and pays these bills on your behalf when they're due. This ensures taxes and insurance stay current. Your monthly payment will show taxes and insurance as separate line items. Some loan programs allow you to pay taxes and insurance on your own, though most lenders require escrow collection.
What is mortgage insurance and when do I pay it?
Mortgage insurance protects your lender if you default on the loan. It's required when your down payment is less than twenty percent. The cost is added to your monthly payment. You can remove mortgage insurance once you've paid down the loan to eighty percent of the original property value. FHA loans include mortgage insurance regardless of down payment amount. Conventional loans with less than twenty percent down include private mortgage insurance, or PMI.
Can my payment change after closing?
Your principal and interest payment stays the same for the life of your loan if you have a fixed-rate mortgage. Property taxes and homeowners insurance can increase, which raises your monthly payment. Your lender adjusts your escrow account annually to account for tax and insurance changes. Adjustable-rate mortgages have interest rates that can change after the initial fixed period, which would change your payment. Fixed-rate mortgages provide payment stability for the entire loan term.