Mortgage Calculator
Estimate your monthly mortgage payment, see a full amortization schedule, check how much house you can afford, compare a refinance, and weigh renting vs. buying — all free, instant, and with no signup.
Monthly Mortgage Payment Calculator
Loan details
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20% down
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Taxes, insurance & fees
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Auto: 1.2% of price / yr
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Editable default $150
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Added if down < 20%
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Estimated monthly payment
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Loan amount: $0
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How Much House Can I Afford?
Your finances
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Monthly debt payments
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Loan assumptions
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Estimates use the 28/36 rule: max 28% of gross income on housing, 36% on total debt.
Recommended home price
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Max budget: $0
Refinance Savings Calculator
Current loan
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New loan
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Monthly savings
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Break-even: — months
Amortization Schedule
Based on the loan in the Mortgage tab. The row where PMI drops off (20% equity) is highlighted.
Loan amount
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Total interest paid
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Total of payments
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Payoff date
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Rent vs. Buy Calculator
Compare over 10 years
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Buying uses the home price, down payment, rate, term, taxes and insurance from the Mortgage tab. The opportunity cost of your down payment is invested at the return rate above.
Buying breaks even in
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Net position after 10 years
Mortgage Calculator FAQ
How much house can I afford?
A common guideline is the 28/36 rule: spend no more than 28% of your gross monthly income on housing and no more than 36% on total debt. Your real budget also depends on your down payment, interest rate, and existing debts. Use the Affordability tab above to get a recommended and maximum home price from your own numbers.
What is the 28/36 rule for mortgages?
The 28/36 rule is a budgeting benchmark lenders use. The first number means your monthly housing payment (principal, interest, taxes, and insurance) should be at or below 28% of gross monthly income. The second means all your monthly debt payments combined — housing plus car loans, student loans, and credit cards — should be at or below 36%.
How does PMI work?
Private mortgage insurance (PMI) is usually required when your down payment is under 20%. It protects the lender (not you) if you default, and typically costs about 0.5%–1% of the loan amount per year, added to your monthly payment. Once you reach 20% equity — an 80% loan-to-value ratio — you can generally request to cancel it, which is the highlighted row in the amortization schedule.
What's the difference between a 15 and 30 year mortgage?
A 15-year mortgage has higher monthly payments but usually a lower interest rate and dramatically less total interest. A 30-year mortgage spreads payments out, so each month is more affordable, but you pay much more interest over time. Try both in the Mortgage tab and compare the "total interest paid" figure in the Amortization tab.
How much is a down payment on a $300,000 house?
On a $300,000 home, a 20% down payment is $60,000. At 10% it's $30,000, at 5% it's $15,000, and an FHA-style 3.5% down payment is $10,500. Putting down less than 20% generally means paying PMI until you build enough equity.
What credit score do I need for a mortgage?
Conventional loans typically require a score of 620 or higher. FHA loans can go as low as 580 (or 500 with a 10% down payment). The best interest rates usually go to borrowers with scores of 740+. Raising your score before applying can meaningfully lower your monthly payment.
How do I calculate my debt-to-income ratio?
Add up all your monthly debt payments, divide by your gross (pre-tax) monthly income, and multiply by 100. For example, $2,000 of debt payments on $6,000 of income is a 33% DTI. Most lenders look for a DTI of 43% or lower, and a lower ratio improves your approval odds and rate.
Should I refinance my mortgage?
Refinancing can pay off when a lower rate saves you enough each month to recover your closing costs within a reasonable break-even window — and you plan to stay in the home past that point. Use the Refinance tab to see your monthly savings, break-even in months, and total lifetime savings before deciding.