Mortgage Calculator
Calculate your monthly mortgage payment, total interest paid, and view full amortization schedule.
Monthly Payment
$0
Principal & Interest + Tax + Insurance
Quick Answer
For a $300,000 home with a $60,000 down payment (20%), a 30-year mortgage at 7.5% interest, the estimated monthly payment is approximately $2,028 including principal, interest, property tax, and home insurance. The loan amount is $240,000, and total interest paid over 30 years is approximately $364,000. Adjust the calculator above with your own numbers for a personalized estimate.
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|
What is a Mortgage Calculator?
A mortgage calculator — sometimes called an mtg calculator is a financial tool that estimates your monthly home loan payment based on the home price, down payment, interest rate, and loan term. Also commonly searched as an mtg calculator or simply mortgage mortgage calculator, this tool serves the same purpose regardless of how you search for it - giving you an accurate monthly payment estimate based on your specific loan details. If you're researching "mortgage rates today," "current mortgage rates," or general "home loan interest rates," the table below reflects national averages as of 2026 - always confirm with your lender for rates specific to your credit profile and location.
A mortgage calculator is a financial tool that estimates your monthly home loan payment based on the home price, down payment, interest rate, and loan term. It helps homebuyers understand the true cost of homeownership before committing to a purchase, including principal, interest, property tax, home insurance, and HOA fees — commonly known as PITI.
How to Use the Mortgage Calculator Step by Step
- Enter your home price — the total purchase price of the property.
- Enter your down payment — either as a dollar amount or percentage (20% avoids PMI on conventional loans).
- Select your loan term — 30-year, 20-year, 15-year, or 10-year options.
- Enter your interest rate — use current market rates or your pre-approval rate.
- Add property tax and home insurance — check your local county tax rate and insurance quote.
- Review your results — see your total monthly payment, amortization schedule, and total interest over the life of the loan.
Current Mortgage Rates in USA 2026
As of July 2026, the average 30-year fixed mortgage rate in the USA is approximately 6.5% to 7.5%, while the 15-year fixed rate typically runs 0.5% to 1% lower, around 5.75% to 6.75%. Rates fluctuate based on Federal Reserve policy, inflation data, and bond market conditions.
| Loan Type | Average Rate (2026) | Min. Credit Score |
|---|---|---|
| 30-Year Fixed | 6.5% – 7.5% | 620+ |
| 15-Year Fixed | 5.75% – 6.75% | 620+ |
| FHA Loan | 6.75% – 7.5% | 580+ |
| VA Loan | 6.25% – 7.0% | 580+ (varies) |
Rates are illustrative averages based on national market conditions and may vary by lender, credit profile, and location. Always confirm current rates with your lender.
What is Included in a Monthly Mortgage Payment?
- Principal: The portion of your payment that reduces your loan balance.
- Interest: The cost of borrowing, calculated on your remaining balance.
- Property Tax: Typically 1% to 2% of your home's assessed value annually, divided into monthly payments.
- Home Insurance: Usually $800 to $2,000 per year depending on home value and location.
- PMI (Private Mortgage Insurance): Required if your down payment is below 20% on a conventional loan, typically 0.5% to 1.5% of loan amount annually.
- HOA Fees: Monthly community fees, if applicable to your property.
Mortgage Calculator FAQs
How much down payment do I need for a mortgage?
Down payment requirements vary by loan type: conventional loans require 3% to 20%, FHA loans require 3.5% with a 580+ credit score, and VA loans require 0% for eligible veterans. A 20% down payment eliminates the need for PMI on conventional loans.
How is my monthly mortgage payment calculated?
Your payment is calculated using the loan amount, interest rate, and loan term through the standard amortization formula. For a $300,000 loan at 7% for 30 years, the principal and interest payment is approximately $1,996 per month, before taxes and insurance.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves significantly on total interest and builds equity faster. A 30-year mortgage offers lower monthly payments, making it more affordable month-to-month but costs more in total interest over the life of the loan.
Can I pay off my mortgage early without a penalty?
Most mortgages in the USA do not have prepayment penalties, especially for conventional, FHA, and VA loans originated after 2014. Always check your loan documents to confirm, as some jumbo loans or older loans may include restrictions.
Do mortgage calculators include taxes and insurance?
Basic calculators only show principal and interest. Ours includes property tax, homeowners insurance, and PMI (if applicable) so you see your real monthly payment (PITI — Principal, Interest, Taxes, Insurance).
Do mortgage calculators include PMI and escrow?
Yes. If your down payment is under 20%, PMI is automatically factored into the estimate. Escrow amounts are calculated based on your estimated tax and insurance costs.
How much mortgage can I afford?
Lenders generally recommend your total monthly housing cost stay under 28% of your gross monthly income. An affordability calculator factors in your income, existing debts, and down payment to estimate what you can afford.
Why do mortgage calculators give different results?
Different calculators make different assumptions — some include taxes and insurance, others don't, and interest rate rounding can vary slightly. That's why you'll see small differences between tools.
Should I refinance my mortgage?
Refinancing typically makes sense when the new rate is meaningfully lower than your current one (usually 0.5–1% or more) and you plan to stay in the home long enough to recoup the closing costs.
How much mortgage can I get based on my income?
Lenders generally allow a debt-to-income ratio of 36–43%. A rough rule of thumb: you may qualify for 3–5x your annual income, depending on existing debts and down payment.
Tips to Get the Best Mortgage Rate
- Improve your credit score: A score above 740 typically qualifies for the best available rates.
- Increase your down payment: A larger down payment reduces lender risk and can lower your rate.
- Shop multiple lenders: Rates can vary by 0.25% to 0.5% between lenders — always compare at least 3 quotes.
- Consider rate buydowns: Paying discount points upfront can lower your interest rate for the life of the loan.
- Lock your rate: Once you find a good rate, ask your lender about a rate lock to protect against market increases.
FHA vs Conventional Mortgage — Which is Right for You?
| FHA Loan | Conventional Loan | |
|---|---|---|
| Min. Down Payment | 3.5% | 3% – 5% |
| Min. Credit Score | 580 | 620+ |
| Mortgage Insurance | Life of loan (if <10% down) | Cancels at 20% equity |
| Best For | First-time buyers, lower credit | Strong credit, 20%+ down payment |
Disclaimer: This calculator provides estimates only and does not constitute financial or lending advice. Rates and terms shown are illustrative and based on general USA market conditions as of 2026. Contact a licensed mortgage professional for exact rates and personalized guidance.