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What will your monthly payment be?

When you’re shopping for a new home, you may have lots of numbers thrown at you — like interest rates, loan terms, closing costs, homeowners insurance, and property taxes. All of these will affect your monthly mortgage payment. So how can you figure out what your payment will be? That’s where our Mortgage Calculator comes in.

Our Mortgage Calculator lets you consider numerous scenarios, showing what your payment will be in each case. For example, you can plug in different property sale prices, annual property taxes, and private mortgage insurance (PMI) costs. Let’s say you want to pay off your mortgage in 15 years, but a shorter loan term is going to mean higher monthly payments. Want to know exactly how much higher? Change your loan term from 15 to 30 years in the calculator, and you’ll see. You can even compare current market rates with where they may go in the future, either higher or lower.

The graph on our Mortgage Calculator shows how your equity, principal, and interest will change over time. The interest is cumulative interest paid. The orange line represents principal remaining, and the blue line shows how quickly the equity in your home will increase.

Remember, your credit score and the type of loan you choose will also impact your overall mortgage costs. You might be eligible for an FHA, VA, or USDA loan, each of which has different qualifications and could be favorable for your situation.

Mortgage Calculator

Calculators are provided for illustrative purposes only. Not a commitment to lend. Other fees may apply.
Total Monthly Paymen
Monthly P&I
Home Insurance
Monthly PMI
Monthly Property Tax
Total Interest
Total Monthly Payment

30-Year Fixed-Rate Purchase Mortgage Example:
The payment on a $225,000 30-year fixed-rate purchase loan at 3.250% with a 70% loan-to-value (LTV) is $929.22 with 0 points due at closing. The Annual Percentage Rate (APR) is 3.333%. This assumes a FICO score of at least 701. Payment does not include taxes and insurance premiums, which will result in a higher monthly payment. Interest rates and annual percentage rates (APRs) are based on current market rates and are subject to change without notice. Rates offered may be subject to pricing add-ons related to property type, loan amount, LTV, credit score, and other variables. Mortgage insurance may be required for LTV >80%. If mortgage insurance is required, the mortgage insurance may increase the APR and the monthly payment. Stated rate may change or not be available at the time of loan commitment or lock-in.

15-Year Fixed-Rate Conforming Purchase Mortgage Example:
The payment on a $225,000 15-year fixed-rate conforming purchase loan at 2.750% with a 70% loan-to-value (LTV) is $1526.90 with 0 points due at closing. The Annual Percentage Rate (APR) is 2.899%. This assumes a FICO score of at least 701. Payment does not include taxes and insurance premiums, which will result in a higher monthly payment. Interest rates and annual percentage rates (APRs) are based on current market rates and are subject to change without notice. Rates offered may be subject to pricing add-ons related to property type, loan amount, LTV, credit score, and other variables. Mortgage insurance may be required for LTV >80%. If mortgage insurance is required, the mortgage insurance may increase the APR and the monthly payment. Stated rate may change or not be available at the time of loan commitment or lock-in.

30-Year Fixed-Rate Refinance Mortgage Example:
The payment on a $225,000 30-year fixed-rate refinance loan at 2.875% with a 70% loan-to-value (LTV) is $933.51 with 2 points due at closing. The Annual Percentage Rate (APR) is 3.13%. This assumes a FICO score of at least 701. Payment does not include taxes and insurance premiums, which will result in a higher monthly payment. Interest rates and annual percentage rates (APRs) are based on current market rates and are subject to change without notice. Rates offered may be subject to pricing add-ons related to property type, loan amount, LTV, credit score, and other variables. Mortgage insurance may be required for LTV >80%. If mortgage insurance is required, the mortgage insurance may increase the APR and the monthly payment. Stated rate may change or not be available at the time of loan commitment or lock-in.

15-Year Fixed-Rate Refinance Mortgage Example:
The payment on a $225,000 15-year fixed-rate cash-out loan at 2.625% with a 70% loan-to-value (LTV) is $1513.55 with 2 points due at closing. The Annual Percentage Rate (APR) is 3.070%. This assumes a FICO score of at least 701. Payment does not include taxes and insurance premiums, which will result in a higher monthly payment. Interest rates and annual percentage rates (APRs) are based on current market rates and are subject to change without notice. Rates offered may be subject to pricing add-ons related to property type, loan amount, LTV, credit score, and other variables. Mortgage insurance may be required for LTV >80%. If mortgage insurance is required, the mortgage insurance may increase the APR and the monthly payment. Stated rate may change or not be available at the time of loan commitment or lock-in.