Get clarity on your mortgage
See what your monthly payment could be
Find out what you could afford
Enter your loan amount, down payment, and interest rate to see your estimated monthly payment. This calculator helps you understand the numbers before you apply, so you know exactly what to expect.
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.
How mortgage payments work
What makes up your payment
Your monthly payment covers two main components. Principal is the amount you borrowed, paid back over time. Interest is what the lender charges you for borrowing that money. Together, these make up the largest part of your monthly obligation. The balance between principal and interest changes over the life of your loan, with more of each payment going toward principal as time goes on.
Additional costs in your payment
Most lenders require you to pay property taxes and homeowners insurance as part of your monthly mortgage payment. These are held in an escrow account and paid to the appropriate parties on your behalf. The amount depends on your home's location and value. PMI, or private mortgage insurance, may also be included if your down payment is less than 20 percent.
Understanding your loan length
A loan term is how long you have to repay your mortgage. Common terms are 15 and 30 years. A shorter term means higher monthly payments but less interest paid overall. A longer term spreads payments out, making them smaller each month but costing more in total interest. The right term depends on your budget and goals. Our calculator shows you the difference.
Use our calculator as many times as you need. Change the numbers, explore different scenarios, and get a real sense of what works for your situation. Once you're ready to move forward, you can apply directly through our site. We'll guide you through every step of the process.