🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 148 (from laksa087)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa148.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.bankrate.com/mortgages/mortgage-calculator/\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.bankrate.com/mortgages/mortgage-calculator/\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.bankrate.com\/mortgages\/mortgage-calculator\/","crawl_time":1776590162,"first_indexed_time":1647026947,"http_code":200,"src_unparsed":"com,bankrate!www,\/mortgages\/mortgage-calculator\/ s443","src_root_hash":"16841441868536461148","history_drop_reason":null,"meta_title":"Mortgage Calculator | Bankrate","meta_descriptions":["Use our free mortgage calculator to estimate your monthly mortgage payments. Account for interest rates and break down payments in an easy to use amortization schedule.","Use our free mortgage calculator to estimate your monthly mortgage payments. Account for interest rates and break down payments in an easy to use amortization schedule."],"attrs_boilerpipe_text":"Mortgages\nMortgage Calculator\nHome price\nDown payment\nLoan term\nInterest rate\nZIP code\nMonthly payment breakdown\nBased on national average rates\n$\n2,171\n\/mo\nPrincipal & interest\n$1,825.19\nProperty tax\n+\nHomeowner's insurance\n+\nHow to use this calculator\nHere’s how to use our mortgage calculator to estimate your potential monthly payments on a fixed-rate mortgage:\nEnter your home price.\nInput the price of the home you’re buying (or the current value of your home if you’re refinancing).\nEnter your down payment.\nInput the\namount of your down payment\n. You can enter either a dollar amount or a percentage.\nEnter your loan term.\nSelect the length of your loan — it's usually 30 years, but it could also be 20, 15 or 10.\nEnter your interest rate.\nInput the mortgage rate you expect to pay. If you’ve already gotten preapproved, that rate may be the most accurate way to estimate your payments. Otherwise, you can use the current average mortgage rate: 6.33%.\nClick “Update.”\nBankrate's calculator also includes rough estimates of\nproperty taxes\n,\nhomeowners insurance\nand homeowners association fees, but keep in mind that these figures vary widely by location. You can edit these amounts, or even edit them to zero, as you're shopping for a loan.\nCompare current mortgage rates for today\nReady to compare mortgage rates? Review customized rates from Bankrate’s national marketplace of lenders.\nCompare rates\nFactors that affect your mortgage payment\nUnderstanding what drives your total monthly mortgage payment is the first step toward confident homeownership. Our calculator simplifies complex financial variables to help you visualize your future budget, but those results depend on a few critical levers:\nHome price & down payment:\nThese two figures determine your total loan principal. A larger down payment not only lowers your monthly obligation but can also help you avoid the added cost of\nprivate mortgage insurance\n(PMI), which is required for most loans if your down payment is less than 20%.\nInterest rate:\nThis is the cost of borrowing money. Even a minor fluctuation in your rate can result in tens of thousands of dollars in interest savings (or costs) over the life of the loan.\nLoan term:\nThe duration of your loan (typically 15 or 30 years) dictates your repayment pace. A shorter term means higher monthly payments but significantly less interest paid overall.\nHow we calculate your results\nTo provide a transparent estimate, our calculator uses a standard amortization formula. This logic ensures your principal and interest are spread evenly across the duration of the loan so your base payment remains predictable.\nBeyond the loan itself, our tool incorporates other regular costs to produce a \"real-world\" number.\nProperty taxes:\n Local governments charge an annual tax based on your home’s assessed value to fund public services like schools and infrastructure. Our calculator estimates the monthly cost based on national averages, though your actual rate will depend on your specific municipality and any available exemptions.\nHomeowners insurance: \nLenders typically require you to carry a policy that protects your home and belongings against fire, theft and natural disasters. Including this cost in your calculation provides a more accurate picture of your \"PITI\" (principal, interest, taxes, and insurance) payment, which lenders use to determine your eligibility.\nHOA fees:\nIf you’re considering a condo or planned community, these optional inputs help ensure your housing debt-to-income ratio remains accurate. (HOA dues don’t factor into your overall DTI, but lenders often consider the percentage of your income that would go to housing-related expenses, including HOA fees.)\nPMI:\nIf you make a down payment of less than 20%, your lender is likely to require that you pay for private mortgage insurance. The amount you pay depends on your loan type, credit score and whether you have a fixed- or adjustable-rate loan, but generally, PMI costs an average of 0.46% to 1.50% of your loan amount annually. (Divide that figure by 12 to estimate your monthly cost.)\nMortgage calculator formula\nFor the mathematically inclined, here's a formula to help you calculate mortgage payments manually:\nM = P · [ r(1 + r)ⁿ \/ ((1 + r)ⁿ − 1) ]\nSymbol\n \nM\nTotal monthly mortgage payment\nP\nPrincipal loan amount\nr\nMonthly interest rate: Lenders provide you with an annual rate, so you’ll need to divide that figure by 12 (the number of months in a year) to get the monthly rate. If your interest rate is 5%, your monthly rate would be 0.004167 (0.05\/12=0.004167).\nn\nNumber of payments over the loan’s lifetime: Multiply the number of years in your loan term by 12 (the number of months in a year) to get the number of payments for your loan. For example, a 30-year fixed mortgage would have 360 payments (30x12=360).\nUnderstanding your results\nOnce you hit \"Update,\" the numbers on the screen represent more than just a monthly bill — they are a snapshot of your future financial flexibility. Interpreting these results correctly helps you move from \"Can I afford this?\" to \"Is this the right move for me?\"\nYour results are typically divided into three core areas:\nPrincipal and interest:\nThis is your base cost. In the early years of your mortgage, a large percentage of this payment goes toward interest. Over time, the balance shifts, and more of your payment goes toward reducing the principal and building your home equity.\nTotal cost of the loan:\nFound in the Amortization tab of the output, this figure is perhaps the most eye-opening. It represents the sum of all payments over the life of the mortgage and reveals the true price of the house, after decades of interest are factored in.\nPayoff date:\nThis provides a concrete timeline for when you will own your home free and clear.\nTo get the most out of this tool, run a few \"what-if\" scenarios to understand the immediate implications:\nRate hikes:\nSee how a 0.5% increase in interest rates affects your purchasing power. You might find that a small rate change forces you to look at homes $20,000 cheaper to keep the same monthly payment that fits your budget.\nExtra payments:\nIf your results show a total interest cost that feels too high, try adding a small amount to the \"Additional amount to monthly payment\" field. Even an extra $100 a month can shave years off your payoff date and save you a small fortune in interest.\nTiming the market:\nWaiting for lower interest rates can be counterproductive if home prices continue to climb in the interim, potentially offsetting any monthly savings with a higher total loan balance. Experts generally recommend that buyers “date the rate and marry the house,\" suggesting that you should prioritize finding the right property at a price you can afford today. If rates drop later, you maintain the flexibility to refinance, but you can’t retroactively change the purchase price of your home.\nBy analyzing these results through the lens of your personal budget, you can determine whether a specific home price is a comfortable fit or a financial stretch.\nHow much house can you afford? \nIf you're not sure\nhow much of your income should go toward housing\n, it might help to start with the\n28\/36 rule\n, which dictates you spend no more than 28% of your gross income on housing costs and no more than 36% of your gross income on overall debt, including housing costs. \nLet’s say that Joe makes $60,000 a year. That's a gross monthly income of $5,000, and 28% of that equals $1,400. If Joe were to abide by the 28\/36 rule, he’d spend no more than $1,400 on a mortgage payment each month, including homeowners and mortgage insurance premiums.\nBeing conservative and cautious with a home purchase is advisable. The transaction needs to co-exist with our many other financial goals.\nBankrate logo\nMark Hamrick,  Bankrate senior economic analyst\nBut meeting the 28\/36 rule isn’t always doable or desirable, especially if your budget can’t comfortably accommodate that payment.\n“Many prospective homeowners are tempted to stretch when buying a home, since it can literally be the culmination of a dream,” says Mark Hamrick, Bankrate senior economic analyst. \"At the same time, given that this is one of the most expensive and consequential purchases of a lifetime, the transaction needs to co-exist with our many other financial goals, including saving for retirement, saving for emergencies and paying down debt. If it turns out that income rises down the road, that presents an opportunity to sock money away to pay for repairs, maintenance and renovations later.”\nWhat to consider next\nOnce the numbers are in front of you, the transition from calculating to closing depends on how those results align with your broader financial life. Your next steps should be dictated by which zone your results fall into. If the payment feels comfortable, your next move is to verify your\ndebt-to-income (DTI) ratio\n. Even if a payment fits your monthly budget, a lender may reject your application if your total monthly debt obligations exceed 36% to 43% of your pre-tax income.\nIf the payment feels like a stretch, consider taking it for a financial test drive. For three months, put the difference between your current rent and this projected mortgage payment into a savings account. If you can live comfortably without that cash, the house is likely a feasible long-term commitment; if not, you may want to adjust your target home price or wait to build a larger down payment.\nBefore you reach out to a lender, reflect on these three key factors:\nHow long you plan to live in the home:\nIf you plan to move in five years, a lower-rate adjustable-rate mortgage (ARM) might be more strategic than a 30-year fixed-rate loan because the introductory rate on an ARM is often lower than what you can receive on a fixed-rate loan.\nYour total housing budget:\nRemember that your mortgage payment isn’t the only cost associated with owning a home. Be sure that you’ve accounted for the hidden costs of homeownership, like maintenance, utilities, insurance and savings for unexpected repairs.\nYour credit readiness:\nCould a few months of credit repair or debt payoff drop your interest rate enough to save you a significant amount? Start by\nchecking your credit scores\nand assessing your total amount of debt.\nRelated calculators and resources\nDebt-to-income (DTI) ratio calculator\n:\nAdd up your monthly debt expenses and compare them to your monthly gross income. Ideally, you’ll want a DTI of 36% or below.\nRefinance calculator\n:\nIf you’re not buying and just need to run the numbers to determine whether refinancing makes sense, this tool can help.\nGet a\nmortgage prequalification or preapproval\n:\nBefore shopping for a home, you’ll need to get preapproved.\nCompare mortgage offers\n:\nCheck out what rates top mortgage lenders are offering today.","attrs_markdown":"[Skip to Main Content](https:\/\/www.bankrate.com\/mortgages\/mortgage-calculator\/#main-content)\n\n- [Banking](https:\/\/www.bankrate.com\/banking\/)\n  All\n  \n  Banking\n  \n  Checking & savings\n  \n  CDs\n  \n  Money market\n  \n  Banks\n  \n  [Explore all banking resources](https:\/\/www.bankrate.com\/banking\/)\n  \n  Banking\n  \n  Compare accounts\n  \n  - [Best high-yield savings accounts](https:\/\/www.bankrate.com\/banking\/savings\/best-high-yield-interests-savings-accounts\/)\n  - [Best checking accounts](https:\/\/www.bankrate.com\/banking\/checking\/best-checking-accounts\/)\n  - [Best free checking accounts](https:\/\/www.bankrate.com\/banking\/checking\/best-free-checking-accounts\/)\n  \n  Get guidance\n  \n  - [Savings calculator](https:\/\/www.bankrate.com\/banking\/savings\/simple-savings-calculator\/)\n  - [All savings calculators](https:\/\/www.bankrate.com\/banking\/calculators\/)\n  - [Savings rate trends](https:\/\/www.bankrate.com\/banking\/savings\/average-savings-interest-rates\/)\n  - [Savings resources](https:\/\/www.bankrate.com\/banking\/savings\/)\n  \n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/6efbd0a01f\/savings-basics.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Savings basics 5 min read](https:\/\/www.bankrate.com\/banking\/savings\/how-to-open-a-savings-account\/)\n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/4c26764452\/how-to-start-saving.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) How to start saving 4 min read](https:\/\/www.bankrate.com\/banking\/savings\/start-saving-from-scratch\/)\n  \n  Compare accounts\n  \n  - [Best CD rates](https:\/\/www.bankrate.com\/banking\/cds\/cd-rates\/)\n  - [Best 6-month CD rates](https:\/\/www.bankrate.com\/banking\/cds\/best-6-month-cd-rates\/)\n  - [Best 1-year CD rates](https:\/\/www.bankrate.com\/banking\/cds\/best-1-year-cd-rates\/)\n  - [Best 5-year CD rates](https:\/\/www.bankrate.com\/banking\/cds\/best-5-year-cd-rates\/)\n  \n  Get guidance\n  \n  - [CD calculator](https:\/\/www.bankrate.com\/banking\/cds\/cd-calculator\/)\n  - [CD ladder calculator](https:\/\/www.bankrate.com\/banking\/cds\/cd-ladder-calculator\/)\n  - [CD resources](https:\/\/www.bankrate.com\/banking\/cds\/)\n  \n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/a7b9c5207a\/cd-basics.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) CD basics 7 min read](https:\/\/www.bankrate.com\/banking\/cds\/what-is-a-cd\/)\n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/4b0ced533f\/how-to-invest-with-cds.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) How to invest with CDs 6 min read](https:\/\/www.bankrate.com\/banking\/cds\/how-to-invest-in-cds\/)\n  \n  Money market accounts\n  \n  Money market accounts are similar to savings accounts, but offer some checking features as well.\n  \n  [View MMA rates](https:\/\/www.bankrate.com\/banking\/money-market\/rates\/)\n  \n  Get guidance\n  \n  - 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[![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/d121fa8bad\/marcus-review.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Marcus review Our take on Marcus by Goldman Sachs](https:\/\/www.bankrate.com\/banking\/reviews\/marcus\/)\n  \n  [Explore all banking resources](https:\/\/www.bankrate.com\/banking\/)\n- [Mortgages](https:\/\/www.bankrate.com\/mortgages\/)\n  All\n  \n  Mortgages\n  \n  Purchase\n  \n  Refinance\n  \n  Real estate\n  \n  [Explore all mortgages resources](https:\/\/www.bankrate.com\/mortgages\/)\n  \n  Mortgages\n  \n  Compare rates\n  \n  - [Mortgage rates](https:\/\/www.bankrate.com\/mortgages\/mortgage-rates\/)\n  - [30-year mortgage rates](https:\/\/www.bankrate.com\/mortgages\/30-year-mortgage-rates\/?disablePre=1)\n  - [15-year mortgage rates](https:\/\/www.bankrate.com\/mortgages\/15-year-mortgage-rates\/?disablePre=1)\n  - [VA loan rates](https:\/\/www.bankrate.com\/mortgages\/va-loan-rates\/)\n  \n  Get guidance\n  \n  - [Mortgage calculator](https:\/\/www.bankrate.com\/mortgages\/mortgage-calculator\/)\n  - [Amortization calculator](https:\/\/www.bankrate.com\/mortgages\/amortization-calculator\/)\n  - [Mortgage rate news](https:\/\/www.bankrate.com\/mortgages\/analysis\/)\n  - [Daily mortgage rates archive](https:\/\/www.bankrate.com\/mortgages\/todays-rates\/)\n  - [Read lender reviews](https:\/\/www.bankrate.com\/mortgages\/reviews\/)\n  \n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/4037e1299d\/how-to-get-a-mortgage.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) How to get a mortgage 11 min read](https:\/\/www.bankrate.com\/mortgages\/how-to-get-a-mortgage\/)\n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/8889d553d1\/best-mortgage-lenders-nav-imagery.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) First-time homebuyer programs 11 min read](https:\/\/www.bankrate.com\/mortgages\/first-time-homebuyer-loans-and-programs\/)\n  \n  Compare rates\n  \n  - [Refinance rates](https:\/\/www.bankrate.com\/mortgages\/refinance-rates\/)\n  - [Cash-out refinance rates](https:\/\/www.bankrate.com\/mortgages\/cash-out-refinance-rates\/)\n  - [30-year refinance rates](https:\/\/www.bankrate.com\/mortgages\/30-year-refinance-rates\/?disablePre=1)\n  - [15-year refinance rates](https:\/\/www.bankrate.com\/mortgages\/15-year-refinance-rates\/?disablePre=1)\n  \n  Get guidance\n  \n  - [Mortgage refinance calculator](https:\/\/www.bankrate.com\/mortgages\/refinance-calculator\/)\n  - [Best refinance lenders](https:\/\/www.bankrate.com\/mortgages\/best-lenders\/refinance-mortgage-lenders\/)\n  - [Best cash-out refinance lenders](https:\/\/www.bankrate.com\/mortgages\/best-lenders\/cash-out-refinance-lenders\/)\n  - [Mortgage refinance resources](https:\/\/www.bankrate.com\/mortgages\/refinancing\/)\n  \n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1442x1440\/d475e14a0e\/home-equity-lender-reviews-nav-imagery.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) How to refinance your mortgage 12 min read](https:\/\/www.bankrate.com\/mortgages\/how-does-refinancing-a-mortgage-work\/)\n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/e9e92b7729\/home-equity-heloc-guide-nav-imagery.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Cash-out refinancing guide 9 min read](https:\/\/www.bankrate.com\/mortgages\/cash-out-refinancing\/)\n  \n  Buying & selling\n  \n  Knowing what to look for in a real estate agent is critical. Here's how to choose the best fit for your needs.\n  \n  [Choosing an agent](https:\/\/www.bankrate.com\/mortgages\/finding-best-real-estate-agent\/)\n  \n  Get guidance\n  \n  - [Home affordability calculator](https:\/\/www.bankrate.com\/mortgages\/home-affordability-calculator\/)\n  - [Cost of living calculator](https:\/\/www.bankrate.com\/personal-finance\/cost-of-living-calculator\/)\n  \n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/08fb8be334\/buying-a-home.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Buying a home 12 min read](https:\/\/www.bankrate.com\/mortgages\/how-to-buy-a-house\/)\n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/3b255b330e\/selling-a-home-nav-imagery.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Selling a home 10 min read](https:\/\/www.bankrate.com\/mortgages\/how-to-sell-your-house\/)\n  \n  [Explore all mortgages resources](https:\/\/www.bankrate.com\/mortgages\/)\n- [Investing](https:\/\/www.bankrate.com\/investing\/)\n  All\n  \n  Investing\n  \n  Investing\n  \n  Retirement\n  \n  Financial advising\n  \n  [Explore all investing resources](https:\/\/www.bankrate.com\/investing\/)\n  \n  Investing\n  \n  Compare investments\n  \n  - [Best investments](https:\/\/www.bankrate.com\/investing\/best-investments\/)\n  - [Best index funds](https:\/\/www.bankrate.com\/investing\/best-index-funds\/)\n  - [Best long-term investments](https:\/\/www.bankrate.com\/investing\/best-long-term-investments\/)\n  - [Best short-term investments](https:\/\/www.bankrate.com\/investing\/best-short-term-investments\/)\n  \n  Get guidance\n  \n  - [All investing calculators](https:\/\/www.bankrate.com\/investing\/calculators\/)\n  - [Brokerage reviews](https:\/\/www.bankrate.com\/investing\/brokerage-reviews\/)\n  - [Robo-advisor reviews](https:\/\/www.bankrate.com\/investing\/roboadvisor-reviews\/)\n  - [Low risk investments](https:\/\/www.bankrate.com\/investing\/low-risk-investments\/)\n  \n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/3cfd293f15\/passive-income-ideas-nav-imagery.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Passive income ideas 26 min read](https:\/\/www.bankrate.com\/investing\/passive-income-ideas\/)\n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/3d6f458d84\/how-to-start-investing-nav-imagery.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) How to start investing 7 min read](https:\/\/www.bankrate.com\/investing\/how-to-start-investing\/)\n  \n  Compare plans\n  \n  - [Best retirement plans](https:\/\/www.bankrate.com\/retirement\/best-retirement-plans\/)\n  - [Best IRA accounts](https:\/\/www.bankrate.com\/retirement\/best-ira-accounts\/)\n  - [Best Roth IRA accounts](https:\/\/www.bankrate.com\/investing\/best-roth-ira\/)\n  - [Best 401(k) rollover options](https:\/\/www.bankrate.com\/retirement\/best-places-to-rollover-401k\/)\n  \n  Get guidance\n  \n  - [401(k) calculator](https:\/\/www.bankrate.com\/retirement\/401-k-calculator\/)\n  - [Retirement plan calculator](https:\/\/www.bankrate.com\/retirement\/retirement-plan-calculator\/)\n  - [Roth IRA calculator](https:\/\/www.bankrate.com\/retirement\/roth-ira-plan-calculator\/)\n  - [All retirement calculators](https:\/\/www.bankrate.com\/retirement\/calculators\/)\n  - [Retirement resources](https:\/\/www.bankrate.com\/retirement\/)\n  \n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/59a3f533a8\/best-worst-states-for-retirement-nav-imagery.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Best & worst states for retirement 6 min read](https:\/\/www.bankrate.com\/retirement\/best-and-worst-states-for-retirement\/)\n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/a6b1dc15ca\/how-to-save-for-retirement-nav-imagery.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) How to save for retirement 15 min read](https:\/\/www.bankrate.com\/retirement\/how-to-save-for-retirement\/)\n  \n  Finding an advisor\n  \n  - [Find a financial advisor](https:\/\/www.bankrate.com\/investing\/financial-advisors\/financial-advisor-matching\/)\n  - [Best financial advisors](https:\/\/www.bankrate.com\/investing\/financial-advisors\/best-financial-advisors\/)\n  - [How to choose a financial advisor](https:\/\/www.bankrate.com\/investing\/financial-advisors\/how-to-choose-a-financial-advisor\/)\n  - [Financial planner vs advisor](https:\/\/www.bankrate.com\/investing\/financial-advisors\/financial-advisor-vs-financial-planner\/)\n  \n  Get guidance\n  \n  - [What is financial planning?](https:\/\/www.bankrate.com\/investing\/financial-advisors\/what-is-financial-planning\/)\n  - [What is a fiduciary?](https:\/\/www.bankrate.com\/investing\/financial-advisors\/what-is-a-fiduciary\/)\n  - [What is a CFP?](https:\/\/www.bankrate.com\/investing\/financial-advisors\/what-is-a-certified-financial-planner\/)\n  - [What is wealth management?](https:\/\/www.bankrate.com\/investing\/financial-advisors\/what-is-wealth-management\/)\n  - [Financial advisor resources](https:\/\/www.bankrate.com\/investing\/financial-advisors\/)\n  \n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/1cdbf65950\/what-is-wealth-management-s.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) When to get an advisor 4 min read](https:\/\/www.bankrate.com\/investing\/financial-advisors\/when-to-get-a-financial-advisor\/)\n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/38750a2d5a\/what-is-a-certified-financial-planner-s.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Pros & cons of financial advising 7 min read](https:\/\/www.bankrate.com\/investing\/financial-advisors\/pros-cons-financial-advisor\/)\n  \n  [Explore all investing resources](https:\/\/www.bankrate.com\/investing\/)\n- [Credit cards](https:\/\/www.bankrate.com\/credit-cards\/)\n  All\n  \n  Credit cards\n  \n  Cards by category\n  \n  Cards by credit\n  \n  Tools & reviews\n  \n  Guides & resources\n  \n  [Explore all credit cards resources](https:\/\/www.bankrate.com\/credit-cards\/)\n  \n  Credit cards\n  \n  Compare cards\n  \n  - [Best cards of 2026](https:\/\/www.bankrate.com\/credit-cards\/best-credit-cards\/)\n  - [Best cash back cards](https:\/\/www.bankrate.com\/credit-cards\/cash-back\/best-cash-back-cards\/)\n  - [Best balance transfer cards](https:\/\/www.bankrate.com\/credit-cards\/balance-transfer\/best-balance-transfer-cards\/)\n  - 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[Excellent credit](https:\/\/www.bankrate.com\/credit-cards\/rewards\/best-for-excellent-credit\/)\n  - [Good credit](https:\/\/www.bankrate.com\/credit-cards\/building-credit\/best-for-good-credit\/)\n  - [Fair credit](https:\/\/www.bankrate.com\/credit-cards\/building-credit\/best-for-fair-credit\/)\n  - [Bad credit](https:\/\/www.bankrate.com\/credit-cards\/bad-credit\/best-for-bad-credit\/)\n  \n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/2e8651b174\/how-to-build-credit-nav-imagery.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) How to build credit 7 min read](https:\/\/www.bankrate.com\/personal-finance\/credit\/how-to-build-credit-fast\/)\n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/5a53191033\/best-cards-for-building-credit-nav-imagery.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Best cards for building credit Find out which credit cards could help](https:\/\/www.bankrate.com\/credit-cards\/building-credit\/best-for-no-credit-history\/)\n  \n  See what the experts say\n  \n  Read in-depth credit card reviews to find out which cards have the best perks and more.\n  \n  [Read card reviews](https:\/\/www.bankrate.com\/credit-cards\/reviews\/)\n  \n  Get guidance\n  \n  - [Credit card payoff calculator](https:\/\/www.bankrate.com\/credit-cards\/tools\/credit-card-payoff-calculator\/)\n  - [Balance transfer calculator](https:\/\/www.bankrate.com\/credit-cards\/tools\/credit-card-balance-transfer-calculator\/)\n  - [Credit utilization calculator](https:\/\/www.bankrate.com\/credit-cards\/tools\/credit-utilization-calculator\/)\n  - [Points and miles calculator](https:\/\/www.bankrate.com\/credit-cards\/tools\/points-and-miles-calculator\/)\n  - [All credit card calculators](https:\/\/www.bankrate.com\/credit-cards\/tools\/)\n  \n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/43548bf9cd\/spender-type-tool-nav-imagery.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Spender type tool Find cards that fit your needs](https:\/\/www.bankrate.com\/credit-cards\/tools\/spender-type-tool\/)\n  \n  Get advice\n  \n  - [Credit cards 101](https:\/\/www.bankrate.com\/credit-cards\/advice\/)\n  - [Balance transfer advice](https:\/\/www.bankrate.com\/credit-cards\/balance-transfer\/)\n  - 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[Best personal loans](https:\/\/www.bankrate.com\/loans\/personal-loans\/rates\/)\n  - [Best personal loans for bad credit](https:\/\/www.bankrate.com\/loans\/personal-loans\/bad-credit-loans\/)\n  - [Best debt consolidation loans](https:\/\/www.bankrate.com\/loans\/personal-loans\/debt-consolidation-loans\/)\n  - [Best home improvement loans](https:\/\/www.bankrate.com\/loans\/home-improvement\/rates\/)\n  \n  Get guidance\n  \n  - [Personal loan resources](https:\/\/www.bankrate.com\/loans\/personal-loans\/)\n  - [Personal loan lender reviews](https:\/\/www.bankrate.com\/loans\/personal-loans\/reviews\/)\n  - [Personal loans calculator](https:\/\/www.bankrate.com\/loans\/personal-loans\/personal-loan-calculator\/)\n  - [Average personal loan interest rates](https:\/\/www.bankrate.com\/loans\/personal-loans\/average-personal-loan-rates\/)\n  \n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/38750a2d5a\/what-is-a-certified-financial-planner-s.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Personal loan basics 9 min read](https:\/\/www.bankrate.com\/loans\/personal-loans\/what-is-a-personal-loan\/)\n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/4c26764452\/how-to-start-saving.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) How to get a personal loan 11 min read](https:\/\/www.bankrate.com\/loans\/personal-loans\/how-to-get-personal-loan\/)\n  \n  Compare lenders\n  \n  - [Best auto loans](https:\/\/www.bankrate.com\/loans\/auto-loans\/rates\/)\n  - [Best auto loan refinance rates](https:\/\/www.bankrate.com\/loans\/auto-loans\/refinance-rates\/)\n  - [Best car loans for bad credit](https:\/\/www.bankrate.com\/loans\/auto-loans\/bad-credit-loans\/)\n  \n  Get guidance\n  \n  - [Auto loan resources](https:\/\/www.bankrate.com\/loans\/auto-loans\/)\n  - [Auto loan lender reviews](https:\/\/www.bankrate.com\/loans\/auto-loans\/reviews\/)\n  - [Auto loan calculator](https:\/\/www.bankrate.com\/loans\/auto-loans\/auto-loan-calculator\/)\n  - [Auto loan refinancing guide](https:\/\/www.bankrate.com\/loans\/auto-loans\/how-to-refinance-car-loan\/)\n  \n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/d1a328a134\/auto-loan-refinancing-guide-nav.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) How to get the best auto loan rate 10 min read](https:\/\/www.bankrate.com\/loans\/auto-loans\/how-to-get-the-best-auto-loan-rate\/)\n  - [![](https:\/\/www.bankrate.com\/f\/102997\/720x720\/c481afa0d2\/auto-loan-refinancing-guide-s.jpg\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Auto loan basics 5 min read](https:\/\/www.bankrate.com\/loans\/auto-loans\/what-is-an-auto-loan\/)\n  \n  Compare lenders\n  \n  - [Student loan rates](https:\/\/www.bankrate.com\/loans\/student-loans\/rates\/)\n  - [Student loan refinancing rates](https:\/\/www.bankrate.com\/loans\/student-loans\/refinance-rates\/)\n  - [Best bad credit student loans](https:\/\/www.bankrate.com\/loans\/student-loans\/bad-credit-loans\/)\n  \n  Get guidance\n  \n  - [Student loan resources](https:\/\/www.bankrate.com\/loans\/student-loans\/)\n  - [Student loan lender reviews](https:\/\/www.bankrate.com\/loans\/student-loans\/reviews\/)\n  - [Student loan calculator](https:\/\/www.bankrate.com\/loans\/student-loans\/student-loan-calculator\/)\n  - [Student loan refinance calculator](https:\/\/www.bankrate.com\/loans\/student-loans\/student-loan-refinance-calculator\/)\n  \n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/3d6f458d84\/how-to-start-investing-nav-imagery.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Private student loan basics 10 min read](https:\/\/www.bankrate.com\/loans\/student-loans\/private-student-loans-guide\/)\n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/4c26764452\/how-to-start-saving.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) How to get a student loan 11 min read](https:\/\/www.bankrate.com\/loans\/student-loans\/how-to-get-student-loan\/)\n  \n  Compare lenders\n  \n  - [Best small business loans](https:\/\/www.bankrate.com\/loans\/small-business\/best-small-business-loans\/)\n  - [Bad credit small business loans](https:\/\/www.bankrate.com\/loans\/small-business\/bad-credit-business-loans\/)\n  - [Business lines of credit](https:\/\/www.bankrate.com\/loans\/small-business\/business-line-of-credit\/)\n  - [Small business loan banks](https:\/\/www.bankrate.com\/loans\/small-business\/best-banks-for-small-business-loans\/)\n  \n  Get guidance\n  \n  - [Small business loans resources](https:\/\/www.bankrate.com\/loans\/small-business\/)\n  - [Small business loan reviews](https:\/\/www.bankrate.com\/loans\/small-business\/reviews\/)\n  - [Small business loan calculator](https:\/\/www.bankrate.com\/loans\/small-business\/business-loan-calculator\/)\n  \n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/4c26764452\/how-to-start-saving.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) How small business loans work 9 min read](https:\/\/www.bankrate.com\/loans\/small-business\/how-do-small-business-loans-work\/)\n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/38750a2d5a\/what-is-a-certified-financial-planner-s.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) How to get a business loan 9 min read](https:\/\/www.bankrate.com\/loans\/small-business\/how-to-get-a-business-loan\/)\n  \n  [Explore all loans resources](https:\/\/www.bankrate.com\/loans\/)\n- [Home equity](https:\/\/www.bankrate.com\/home-equity\/)\n  All\n  \n  Home equity\n  \n  HELOC\n  \n  Home equity loans\n  \n  [Explore all home equity resources](https:\/\/www.bankrate.com\/home-equity\/)\n  \n  Home equity\n  \n  HELOC\n  \n  A HELOC is a variable-rate line of credit that lets you borrow funds for a set period and repay them later.\n  \n  [HELOC Rates](https:\/\/www.bankrate.com\/home-equity\/heloc-rates\/)\n  \n  Home equity basics\n  \n  - [Best HELOC lenders](https:\/\/www.bankrate.com\/home-equity\/heloc-lenders\/)\n  - [HELOC calculator](https:\/\/www.bankrate.com\/home-equity\/heloc-calculator\/)\n  - [What is a HELOC?](https:\/\/www.bankrate.com\/home-equity\/what-is-heloc\/)\n  - [Pros and cons of HELOCs](https:\/\/www.bankrate.com\/home-equity\/pros-cons-of-home-equity-lines\/)\n  - [Home equity lender reviews](https:\/\/www.bankrate.com\/home-equity\/reviews\/)\n  \n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/e9e92b7729\/home-equity-heloc-guide-nav-imagery.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) What is home equity? 8 min read](https:\/\/www.bankrate.com\/home-equity\/what-is-home-equity\/)\n  - [![Home purchase](https:\/\/www.bankrate.com\/f\/102997\/1280x720\/98576f9f53\/home-purchase.jpeg\/m\/50x50\/filters:quality\$90\$:format\$webp\$) How to calculate home equity 6 min read](https:\/\/www.bankrate.com\/home-equity\/how-to-calculate-equity-in-your-home\/)\n  \n  Home equity loans\n  \n  Home equity loans let you borrow a lump sum at a fixed rate, based on how much of the home you own outright.\n  \n  [Home equity loan rates](https:\/\/www.bankrate.com\/home-equity\/home-equity-loan-rates\/)\n  \n  Get guidance\n  \n  - [What is a home equity loan?](https:\/\/www.bankrate.com\/home-equity\/what-is-home-equity-loan\/)\n  - [Home equity loan pros and cons](https:\/\/www.bankrate.com\/home-equity\/pros-cons-home-equity-loan\/)\n  - [Home equity loan requirements](https:\/\/www.bankrate.com\/home-equity\/requirements-to-borrow-from-home-equity\/)\n  - [HELOC vs home equity loan](https:\/\/www.bankrate.com\/home-equity\/home-equity-loan-vs-line-of-credit\/)\n  - [How to build home equity](https:\/\/www.bankrate.com\/home-equity\/how-to-build-equity-in-your-home\/)\n  \n  - [![](https:\/\/www.bankrate.com\/f\/102997\/721x720\/bad3fd8f56\/heloc-lender-reviews-s.jpg\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Best home equity loan lenders Compare top home equity lenders](https:\/\/www.bankrate.com\/home-equity\/home-equity-loan-lenders\/)\n  - [![CD Rates](https:\/\/www.bankrate.com\/f\/102997\/1920x1080\/2654611691\/cd-rates.jpeg\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Home equity calculator Calculate how much you can borrow](https:\/\/www.bankrate.com\/home-equity\/home-equity-calculator\/)\n  \n  [Explore all home equity resources](https:\/\/www.bankrate.com\/home-equity\/)\n- [Insurance](https:\/\/www.bankrate.com\/insurance\/)\n  All\n  \n  Insurance\n  \n  Auto insurance\n  \n  Home insurance\n  \n  Tools & reviews\n  \n  [Explore all insurance resources](https:\/\/www.bankrate.com\/insurance\/)\n  \n  Insurance\n  \n  Compare rates\n  \n  - [Car insurance quotes](https:\/\/www.bankrate.com\/insurance\/car\/car-insurance-quotes\/)\n  - [Best car insurance companies](https:\/\/www.bankrate.com\/insurance\/car\/best-car-insurance-companies\/)\n  - [Cheapest car insurance companies](https:\/\/www.bankrate.com\/insurance\/car\/cheap-car-insurance-companies\/)\n  - [Compare car insurance rates](https:\/\/www.bankrate.com\/insurance\/car\/average-cost-of-car-insurance\/)\n  \n  Popular states\n  \n  - [California](https:\/\/www.bankrate.com\/insurance\/car\/california\/)\n  - [Florida](https:\/\/www.bankrate.com\/insurance\/car\/florida\/)\n  - [Texas](https:\/\/www.bankrate.com\/insurance\/car\/texas\/)\n  - [Ohio](https:\/\/www.bankrate.com\/insurance\/car\/ohio\/)\n  - [Auto insurance by state](https:\/\/www.bankrate.com\/insurance\/car\/states\/)\n  \n  - [![Person smiling while sitting in car](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/5bfb00cc0b\/auto-insurance-by-state.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) How much is car insurance? Average cost of car insurance](https:\/\/www.bankrate.com\/insurance\/car\/average-cost-of-car-insurance\/)\n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/20e5cbc3e7\/how-much-is-car-insurance-nav.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Car insurance resources Learn more about car insurance](https:\/\/www.bankrate.com\/insurance\/car\/)\n  \n  Compare rates\n  \n  - [Home insurance quotes](https:\/\/www.bankrate.com\/insurance\/homeowners-insurance\/home-insurance-quotes\/)\n  - [Best home insurance companies](https:\/\/www.bankrate.com\/insurance\/homeowners-insurance\/best-home-insurance-companies\/)\n  - [Cheapest home insurance companies](https:\/\/www.bankrate.com\/insurance\/homeowners-insurance\/cheap-homeowners-insurance\/)\n  - [Best home and auto bundles](https:\/\/www.bankrate.com\/insurance\/car-and-home-insurance-bundle\/)\n  \n  Popular states\n  \n  - [California](https:\/\/www.bankrate.com\/insurance\/homeowners-insurance\/california\/)\n  - [Florida](https:\/\/www.bankrate.com\/insurance\/homeowners-insurance\/florida\/)\n  - [Texas](https:\/\/www.bankrate.com\/insurance\/homeowners-insurance\/texas\/)\n  - [New Jersey](https:\/\/www.bankrate.com\/insurance\/homeowners-insurance\/new-jersey\/)\n  - [Home insurance by state](https:\/\/www.bankrate.com\/insurance\/homeowners-insurance\/states\/)\n  \n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/8af9dfc8a2\/home-insurance-by-state-nav-imagery.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Home insurance cost Average cost of home insurance](https:\/\/www.bankrate.com\/insurance\/homeowners-insurance\/homeowners-insurance-cost\/)\n  - [![](https:\/\/www.bankrate.com\/f\/102997\/1440x1440\/e85a91b40b\/how-much-is-home-insurance-nav-imagery.png\/m\/50x50\/filters:quality\$90\$:format\$webp\$) Home insurance resources Learn more about home insurance](https:\/\/www.bankrate.com\/insurance\/homeowners-insurance\/)\n  \n  Calculators\n  \n  - [Car insurance calculator](https:\/\/www.bankrate.com\/insurance\/car\/car-insurance-calculator\/)\n  - [Home insurance calculator](https:\/\/www.bankrate.com\/insurance\/homeowners-insurance\/home-insurance-calculator\/)\n  \n  Get guidance\n  \n  - [Allstate insurance review](https:\/\/www.bankrate.com\/insurance\/reviews\/allstate\/)\n  - [Progressive insurance review](https:\/\/www.bankrate.com\/insurance\/reviews\/progressive\/)\n  - [State Farm insurance review](https:\/\/www.bankrate.com\/insurance\/reviews\/state-farm\/)\n  - [Travelers insurance review](https:\/\/www.bankrate.com\/insurance\/reviews\/travelers\/)\n  - [Lemonade insurance review](https:\/\/www.bankrate.com\/insurance\/reviews\/lemonade\/)\n  \n  - [![Design element two people looking at a car](https:\/\/www.bankrate.com\/f\/102997\/475x270\/8e81cf93f6\/insurance_best_car_insurance_companies.webp\/m\/50x50\/filters:quality\$90\$:format\$webp\$) All insurance company reviews Browse insurance carrier reviews](https:\/\/www.bankrate.com\/insurance\/reviews\/)\n  \n  [Explore all insurance resources](https:\/\/www.bankrate.com\/insurance\/)\n\n[Log in Log in or sign up](https:\/\/www.bankrate.com\/member\/auth\/login?returnTo=https%3A%2F%2Fwww.bankrate.com%2Fauth%2Freturn%3Fpath%3D%252Fmortgages%252Fmortgage-calculator%252F)\n\n**Popular searches**\n\n- [Mortgage rates](https:\/\/www.bankrate.com\/mortgages\/mortgage-rates\/)\n- [Balance transfer credit cards](https:\/\/www.bankrate.com\/credit-cards\/balance-transfer\/best-balance-transfer-cards\/)\n- [Car insurance quotes](https:\/\/www.bankrate.com\/insurance\/car\/car-insurance-quotes\/)\n\n**Tools**\n\n- [Mortgage calculator](https:\/\/www.bankrate.com\/mortgages\/mortgage-calculator\/)\n- [Loan calculator](https:\/\/www.bankrate.com\/loans\/loan-calculator\/)\n- [CD calculator](https:\/\/www.bankrate.com\/banking\/cds\/cd-calculator\/)\n\n1. [Mortgages](https:\/\/www.bankrate.com\/mortgages\/)\n2. Mortgage Calculator\n\n# Mortgage Calculator\n#### Monthly payment: \\$2171\\.19\nHome price\n\nHover here to learn more.\n\nDown payment\n\nHover here to learn more.\n\nLoan term\n\nHover here to learn more.\n\nInterest rate\n\nZIP code\n\nTaxes, insurance, HOA fees\n\nCredit score\n\nHover here to learn more.\n\nProperty tax per month\n\nHover here to learn more.\n\nHomeowner's insurance per month\n\nHover here to learn more.\n\nPMI per month\n\nHover here to learn more.\n\nHOA fees per month\n\nUpdate\n\n- Payment breakdown\n- Amortization\n\n## Monthly payment breakdown\nBased on national average rates\n\n\\$2,171  \/mo\n\n|   |   |\n|---|---|\n| Principal & interest | \\$1,825.19 |\n| Property tax | \\+ |\n| Homeowner's insurance | \\+ |\n\nAdditional filters\n\n|   |   |\n|---|---|\n| PMI | \\+ |\n| HOA fees | \\+ |\n\nAdvertiser Disclosure\n\nOn This Page\n\n- [How to use this calculator](https:\/\/www.bankrate.com\/mortgages\/mortgage-calculator\/#how-to-use-this-calculator)\n- [Factors that affect your mortgage payment](https:\/\/www.bankrate.com\/mortgages\/mortgage-calculator\/#factors-that-affect-your-mortgage-payment)\n- [Understanding your results](https:\/\/www.bankrate.com\/mortgages\/mortgage-calculator\/#understanding-your-results)\n- [What to consider next](https:\/\/www.bankrate.com\/mortgages\/mortgage-calculator\/#what-to-consider-next)\n\nOn This Page\n\nJump to\n\n## How to use this calculator\nHere’s how to use our mortgage calculator to estimate your potential monthly payments on a fixed-rate mortgage:\n\n1. **Enter your home price.** Input the price of the home you’re buying (or the current value of your home if you’re refinancing).\n2. **Enter your down payment.** Input the [amount of your down payment](https:\/\/www.bankrate.com\/mortgages\/down-payment-calculator\/). You can enter either a dollar amount or a percentage.\n3. **Enter your loan term.** Select the length of your loan — it's usually 30 years, but it could also be 20, 15 or 10.\n4. **Enter your interest rate.**Input the mortgage rate you expect to pay. If you’ve already gotten preapproved, that rate may be the most accurate way to estimate your payments. Otherwise, you can use the current average mortgage rate: 6.33%.\n5. **Click “Update.”**\n\nBankrate's calculator also includes rough estimates of [property taxes](https:\/\/www.bankrate.com\/mortgages\/property-taxes\/), [homeowners insurance](https:\/\/www.bankrate.com\/insurance\/homeowners-insurance\/) and homeowners association fees, but keep in mind that these figures vary widely by location. You can edit these amounts, or even edit them to zero, as you're shopping for a loan.\n\n![](https:\/\/www.bankrate.com\/f\/102997\/912x513\/1d1186b5f3\/homes_how-to-get-a-mortgage.jpg?auto=webp&optimize=high&fit=cover&enable=upscale&crop=1:1,smart)\n\n### Compare current mortgage rates for today\nReady to compare mortgage rates? Review customized rates from Bankrate’s national marketplace of lenders.\n\n[Compare rates](https:\/\/www.bankrate.com\/mortgages\/mortgage-rates\/)\n\n## Factors that affect your mortgage payment\nUnderstanding what drives your total monthly mortgage payment is the first step toward confident homeownership. Our calculator simplifies complex financial variables to help you visualize your future budget, but those results depend on a few critical levers:\n\n- **Home price & down payment:** These two figures determine your total loan principal. A larger down payment not only lowers your monthly obligation but can also help you avoid the added cost of [private mortgage insurance](https:\/\/www.bankrate.com\/mortgages\/basics-of-private-mortgage-insurance-pmi\/) (PMI), which is required for most loans if your down payment is less than 20%.\n- **Interest rate:** This is the cost of borrowing money. Even a minor fluctuation in your rate can result in tens of thousands of dollars in interest savings (or costs) over the life of the loan.\n- **Loan term:** The duration of your loan (typically 15 or 30 years) dictates your repayment pace. A shorter term means higher monthly payments but significantly less interest paid overall.\n### How we calculate your results\nTo provide a transparent estimate, our calculator uses a standard amortization formula. This logic ensures your principal and interest are spread evenly across the duration of the loan so your base payment remains predictable.\n\nBeyond the loan itself, our tool incorporates other regular costs to produce a \"real-world\" number.\n\n- **Property taxes:** Local governments charge an annual tax based on your home’s assessed value to fund public services like schools and infrastructure. Our calculator estimates the monthly cost based on national averages, though your actual rate will depend on your specific municipality and any available exemptions.\n- **Homeowners insurance:** Lenders typically require you to carry a policy that protects your home and belongings against fire, theft and natural disasters. Including this cost in your calculation provides a more accurate picture of your \"PITI\" (principal, interest, taxes, and insurance) payment, which lenders use to determine your eligibility.\n- **HOA fees:** If you’re considering a condo or planned community, these optional inputs help ensure your housing debt-to-income ratio remains accurate. (HOA dues don’t factor into your overall DTI, but lenders often consider the percentage of your income that would go to housing-related expenses, including HOA fees.)\n- **PMI:** If you make a down payment of less than 20%, your lender is likely to require that you pay for private mortgage insurance. The amount you pay depends on your loan type, credit score and whether you have a fixed- or adjustable-rate loan, but generally, PMI costs an average of 0.46% to 1.50% of your loan amount annually. (Divide that figure by 12 to estimate your monthly cost.)\n### Mortgage calculator formula\nFor the mathematically inclined, here's a formula to help you calculate mortgage payments manually:\n\n#### M = P · \\[ r(1 + r)ⁿ \/ ((1 + r)ⁿ − 1) \\]\n| Symbol |   |\n|---|---|\n| **M** | Total monthly mortgage payment |\n| **P** | Principal loan amount |\n| **r** | Monthly interest rate: Lenders provide you with an annual rate, so you’ll need to divide that figure by 12 (the number of months in a year) to get the monthly rate. If your interest rate is 5%, your monthly rate would be 0.004167 (0.05\/12=0.004167). |\n| **n** | Number of payments over the loan’s lifetime: Multiply the number of years in your loan term by 12 (the number of months in a year) to get the number of payments for your loan. For example, a 30-year fixed mortgage would have 360 payments (30x12=360). |\n\n![](https:\/\/navi.cohesionapps.com\/display?write_key=wk_2M3TlVcWbz8i1RTZjLkSmbWfyQC&adId=undefined&req=https%3A%2F%2Fwww.bankrate.com%2Fmortgages%2Fmortgage-calculator%2F&ref=)\n\n## Understanding your results\nOnce you hit \"Update,\" the numbers on the screen represent more than just a monthly bill — they are a snapshot of your future financial flexibility. Interpreting these results correctly helps you move from \"Can I afford this?\" to \"Is this the right move for me?\"\n\nYour results are typically divided into three core areas:\n\n- **Principal and interest:** This is your base cost. In the early years of your mortgage, a large percentage of this payment goes toward interest. Over time, the balance shifts, and more of your payment goes toward reducing the principal and building your home equity.\n- **Total cost of the loan:** Found in the Amortization tab of the output, this figure is perhaps the most eye-opening. It represents the sum of all payments over the life of the mortgage and reveals the true price of the house, after decades of interest are factored in.\n- **Payoff date:** This provides a concrete timeline for when you will own your home free and clear.\n\nTo get the most out of this tool, run a few \"what-if\" scenarios to understand the immediate implications:\n\n- **Rate hikes:** See how a 0.5% increase in interest rates affects your purchasing power. You might find that a small rate change forces you to look at homes \\$20,000 cheaper to keep the same monthly payment that fits your budget.\n- **Extra payments:** If your results show a total interest cost that feels too high, try adding a small amount to the \"Additional amount to monthly payment\" field. Even an extra \\$100 a month can shave years off your payoff date and save you a small fortune in interest.\n- **Timing the market:** Waiting for lower interest rates can be counterproductive if home prices continue to climb in the interim, potentially offsetting any monthly savings with a higher total loan balance. Experts generally recommend that buyers “date the rate and marry the house,\" suggesting that you should prioritize finding the right property at a price you can afford today. If rates drop later, you maintain the flexibility to refinance, but you can’t retroactively change the purchase price of your home.\n\nBy analyzing these results through the lens of your personal budget, you can determine whether a specific home price is a comfortable fit or a financial stretch.\n\n### How much house can you afford?\nIf you're not sure [how much of your income should go toward housing](https:\/\/www.bankrate.com\/mortgages\/what-percent-of-income-should-go-to-mortgage\/), it might help to start with the [28\/36 rule](https:\/\/www.bankrate.com\/mortgages\/what-is-the-28-36-rule\/), which dictates you spend no more than 28% of your gross income on housing costs and no more than 36% of your gross income on overall debt, including housing costs.\n\nLet’s say that Joe makes \\$60,000 a year. That's a gross monthly income of \\$5,000, and 28% of that equals \\$1,400. If Joe were to abide by the 28\/36 rule, he’d spend no more than \\$1,400 on a mortgage payment each month, including homeowners and mortgage insurance premiums.\n\n> \"Being conservative and cautious with a home purchase is advisable. The transaction needs to co-exist with our many other financial goals.\"\n> \n> Mark Hamrick, Bankrate senior economic analyst\n\nBut meeting the 28\/36 rule isn’t always doable or desirable, especially if your budget can’t comfortably accommodate that payment.\n\n“Many prospective homeowners are tempted to stretch when buying a home, since it can literally be the culmination of a dream,” says Mark Hamrick, Bankrate senior economic analyst. \"At the same time, given that this is one of the most expensive and consequential purchases of a lifetime, the transaction needs to co-exist with our many other financial goals, including saving for retirement, saving for emergencies and paying down debt. If it turns out that income rises down the road, that presents an opportunity to sock money away to pay for repairs, maintenance and renovations later.”\n\n## What to consider next\nOnce the numbers are in front of you, the transition from calculating to closing depends on how those results align with your broader financial life. Your next steps should be dictated by which zone your results fall into. If the payment feels comfortable, your next move is to verify your [debt-to-income (DTI) ratio](https:\/\/www.bankrate.com\/mortgages\/why-debt-to-income-matters-in-mortgages\/). Even if a payment fits your monthly budget, a lender may reject your application if your total monthly debt obligations exceed 36% to 43% of your pre-tax income.\n\nIf the payment feels like a stretch, consider taking it for a financial test drive. For three months, put the difference between your current rent and this projected mortgage payment into a savings account. If you can live comfortably without that cash, the house is likely a feasible long-term commitment; if not, you may want to adjust your target home price or wait to build a larger down payment.\n\nBefore you reach out to a lender, reflect on these three key factors:\n\n1. **How long you plan to live in the home:** If you plan to move in five years, a lower-rate adjustable-rate mortgage (ARM) might be more strategic than a 30-year fixed-rate loan because the introductory rate on an ARM is often lower than what you can receive on a fixed-rate loan.\n2. **Your total housing budget:** Remember that your mortgage payment isn’t the only cost associated with owning a home. Be sure that you’ve accounted for the hidden costs of homeownership, like maintenance, utilities, insurance and savings for unexpected repairs.\n3. **Your credit readiness:** Could a few months of credit repair or debt payoff drop your interest rate enough to save you a significant amount? Start by [checking your credit scores](https:\/\/www.bankrate.com\/personal-finance\/credit\/how-to-check-my-credit-score\/) and assessing your total amount of debt.\n### Related calculators and resources\n- [**Debt-to-income (DTI) ratio calculator**](https:\/\/www.bankrate.com\/mortgages\/ratio-debt-calculator\/)**:** Add up your monthly debt expenses and compare them to your monthly gross income. Ideally, you’ll want a DTI of 36% or below.\n- [**Refinance calculator**](https:\/\/www.bankrate.com\/mortgages\/refinance-calculator\/)**:** If you’re not buying and just need to run the numbers to determine whether refinancing makes sense, this tool can help.\n- **Get a** [**mortgage prequalification or preapproval**](https:\/\/www.bankrate.com\/mortgages\/preapproved-vs-prequalified\/)**:** Before shopping for a home, you’ll need to get preapproved.\n- [**Compare mortgage offers**](https:\/\/www.bankrate.com\/mortgages\/mortgage-rates\/)**:** Check out what rates top mortgage lenders are offering today.\n\n## [Bankrate logo](https:\/\/www.bankrate.com\/)\n### About\n- [About us](https:\/\/www.bankrate.com\/about\/)\n- [Leadership](https:\/\/www.bankrate.com\/leadership\/)\n- [Press room](https:\/\/www.bankrate.com\/press-releases\/)\n- [Bankrate Data Center](https:\/\/www.bankrate.com\/data-center\/)\n- [Careers](https:\/\/www.bankrate.com\/careers\/)\n- [Site map](https:\/\/www.bankrate.com\/corporate\/site-map\/)\n\n### Help\n- [Compare rates](https:\/\/www.bankrate.com\/compare-rates\/)\n- [Latest news](https:\/\/www.bankrate.com\/news\/)\n- [Popular topics](https:\/\/www.bankrate.com\/popular-finance-topics\/)\n- [Advertise with us](https:\/\/www.bankrate.com\/media-kit\/)\n\n### Legal\n- [Privacy policy](https:\/\/www.bankrate.com\/privacy\/)\n- Cookie settings\n- [Do Not Sell or Share My Personal Information](https:\/\/www.bankrate.com\/do-not-sell-or-share-my-personal-information\/)\n- [Consumer Health Information Privacy Policy](https:\/\/www.bankrate.com\/consumer-health-information-privacy-policy\/)\n- [Understanding Bankrate’s averages](https:\/\/www.bankrate.com\/understanding-bankrates-rate-averages\/)\n- [Terms of use](https:\/\/www.bankrate.com\/terms\/)\n- [GLBA annual notice](https:\/\/www.bankrate.com\/glba-notice\/)\n- [California Consumer Financial Privacy Notice](https:\/\/www.bankrate.com\/2022\/02\/15094901\/california-notice.pdf)\n- [Licenses](https:\/\/www.bankrate.com\/licenses\/)\n\n### How we make money\nBankrate.com is an independent, advertising-supported publisher and comparison service. Our websites may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened. Therefore, this compensation may impact what products appear and how, where, and in what order they appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.\n\nBankrate, LLC NMLS ID\\# 1427381 \\| [NMLS Consumer Access](http:\/\/www.nmlsconsumeraccess.org\/EntityDetails.aspx\/COMPANY\/1427381)  \n BR Tech Services, Inc. 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All Rights Reserved.\n\nSaving your calculation is coming soon\n\nWe're building a new way to keep you ahead of rate changes and make the most of our financial calculators.\n\nSave calculator inputs and results for later\n\nGet notified when rates change for your scenario\n\nCompare multiple mortgage scenarios side by side\n\nClose\n\nSaving your calculation is coming soon\n\nWe're building a new way to keep you ahead of rate changes and make the most of our financial calculators.\n\nSave calculator inputs and results for later\n\nGet notified when rates change for your scenario\n\nCompare multiple mortgage scenarios side by side\n\n[Log in or create a free account](https:\/\/www.bankrate.com\/member\/auth\/login?returnTo=https%3A%2F%2Fwww.bankrate.com%2Fauth%2Freturn%3Fpath%3D%252Fmortgages%252Fmortgage-calculator%252F)\n\nMaybe later\n\nOn This Page\n\n- [How to use this calculator](https:\/\/www.bankrate.com\/mortgages\/mortgage-calculator\/#how-to-use-this-calculator)\n- [Factors that affect your mortgage payment](https:\/\/www.bankrate.com\/mortgages\/mortgage-calculator\/#factors-that-affect-your-mortgage-payment)\n- [Understanding your results](https:\/\/www.bankrate.com\/mortgages\/mortgage-calculator\/#understanding-your-results)\n- [What to consider next](https:\/\/www.bankrate.com\/mortgages\/mortgage-calculator\/#what-to-consider-next)\n\nPrev\n\nNext\n\n![](https:\/\/www.facebook.com\/tr?id=1805085980359671&ev=PageView&noscript=1)\n\n![](https:\/\/www.facebook.com\/tr?id=1564326531369118&ev=PageView&noscript=1)","attrs_readable_markdown":"1. [Mortgages](https:\/\/www.bankrate.com\/mortgages\/)\n2. Mortgage Calculator\n\nHome price\n\nDown payment\n\nLoan term\n\nInterest rate\n\nZIP code\n\n## Monthly payment breakdown\nBased on national average rates\n\n\\$2,171  \/mo\n\n|   |   |\n|---|---|\n| Principal & interest | \\$1,825.19 |\n| Property tax | \\+ |\n| Homeowner's insurance | \\+ |\n\n## How to use this calculator\nHere’s how to use our mortgage calculator to estimate your potential monthly payments on a fixed-rate mortgage:\n\n1. **Enter your home price.** Input the price of the home you’re buying (or the current value of your home if you’re refinancing).\n2. **Enter your down payment.** Input the [amount of your down payment](https:\/\/www.bankrate.com\/mortgages\/down-payment-calculator\/). You can enter either a dollar amount or a percentage.\n3. **Enter your loan term.** Select the length of your loan — it's usually 30 years, but it could also be 20, 15 or 10.\n4. **Enter your interest rate.**Input the mortgage rate you expect to pay. If you’ve already gotten preapproved, that rate may be the most accurate way to estimate your payments. Otherwise, you can use the current average mortgage rate: 6.33%.\n5. **Click “Update.”**\n\nBankrate's calculator also includes rough estimates of [property taxes](https:\/\/www.bankrate.com\/mortgages\/property-taxes\/), [homeowners insurance](https:\/\/www.bankrate.com\/insurance\/homeowners-insurance\/) and homeowners association fees, but keep in mind that these figures vary widely by location. You can edit these amounts, or even edit them to zero, as you're shopping for a loan.\n\n![](https:\/\/www.bankrate.com\/f\/102997\/912x513\/1d1186b5f3\/homes_how-to-get-a-mortgage.jpg?auto=webp&optimize=high&fit=cover&enable=upscale&crop=1:1,smart)\n\n### Compare current mortgage rates for today\nReady to compare mortgage rates? Review customized rates from Bankrate’s national marketplace of lenders.\n\n[Compare rates](https:\/\/www.bankrate.com\/mortgages\/mortgage-rates\/)\n\n## Factors that affect your mortgage payment\nUnderstanding what drives your total monthly mortgage payment is the first step toward confident homeownership. Our calculator simplifies complex financial variables to help you visualize your future budget, but those results depend on a few critical levers:\n\n- **Home price & down payment:** These two figures determine your total loan principal. A larger down payment not only lowers your monthly obligation but can also help you avoid the added cost of [private mortgage insurance](https:\/\/www.bankrate.com\/mortgages\/basics-of-private-mortgage-insurance-pmi\/) (PMI), which is required for most loans if your down payment is less than 20%.\n- **Interest rate:** This is the cost of borrowing money. Even a minor fluctuation in your rate can result in tens of thousands of dollars in interest savings (or costs) over the life of the loan.\n- **Loan term:** The duration of your loan (typically 15 or 30 years) dictates your repayment pace. A shorter term means higher monthly payments but significantly less interest paid overall.\n### How we calculate your results\nTo provide a transparent estimate, our calculator uses a standard amortization formula. This logic ensures your principal and interest are spread evenly across the duration of the loan so your base payment remains predictable.\n\nBeyond the loan itself, our tool incorporates other regular costs to produce a \"real-world\" number.\n\n- **Property taxes:** Local governments charge an annual tax based on your home’s assessed value to fund public services like schools and infrastructure. Our calculator estimates the monthly cost based on national averages, though your actual rate will depend on your specific municipality and any available exemptions.\n- **Homeowners insurance:** Lenders typically require you to carry a policy that protects your home and belongings against fire, theft and natural disasters. Including this cost in your calculation provides a more accurate picture of your \"PITI\" (principal, interest, taxes, and insurance) payment, which lenders use to determine your eligibility.\n- **HOA fees:** If you’re considering a condo or planned community, these optional inputs help ensure your housing debt-to-income ratio remains accurate. (HOA dues don’t factor into your overall DTI, but lenders often consider the percentage of your income that would go to housing-related expenses, including HOA fees.)\n- **PMI:** If you make a down payment of less than 20%, your lender is likely to require that you pay for private mortgage insurance. The amount you pay depends on your loan type, credit score and whether you have a fixed- or adjustable-rate loan, but generally, PMI costs an average of 0.46% to 1.50% of your loan amount annually. (Divide that figure by 12 to estimate your monthly cost.)\n### Mortgage calculator formula\nFor the mathematically inclined, here's a formula to help you calculate mortgage payments manually:\n\n#### M = P · \\[ r(1 + r)ⁿ \/ ((1 + r)ⁿ − 1) \\]\n| Symbol |   |\n|---|---|\n| **M** | Total monthly mortgage payment |\n| **P** | Principal loan amount |\n| **r** | Monthly interest rate: Lenders provide you with an annual rate, so you’ll need to divide that figure by 12 (the number of months in a year) to get the monthly rate. If your interest rate is 5%, your monthly rate would be 0.004167 (0.05\/12=0.004167). |\n| **n** | Number of payments over the loan’s lifetime: Multiply the number of years in your loan term by 12 (the number of months in a year) to get the number of payments for your loan. For example, a 30-year fixed mortgage would have 360 payments (30x12=360). |\n\n## Understanding your results\nOnce you hit \"Update,\" the numbers on the screen represent more than just a monthly bill — they are a snapshot of your future financial flexibility. Interpreting these results correctly helps you move from \"Can I afford this?\" to \"Is this the right move for me?\"\n\nYour results are typically divided into three core areas:\n\n- **Principal and interest:** This is your base cost. In the early years of your mortgage, a large percentage of this payment goes toward interest. Over time, the balance shifts, and more of your payment goes toward reducing the principal and building your home equity.\n- **Total cost of the loan:** Found in the Amortization tab of the output, this figure is perhaps the most eye-opening. It represents the sum of all payments over the life of the mortgage and reveals the true price of the house, after decades of interest are factored in.\n- **Payoff date:** This provides a concrete timeline for when you will own your home free and clear.\n\nTo get the most out of this tool, run a few \"what-if\" scenarios to understand the immediate implications:\n\n- **Rate hikes:** See how a 0.5% increase in interest rates affects your purchasing power. You might find that a small rate change forces you to look at homes \\$20,000 cheaper to keep the same monthly payment that fits your budget.\n- **Extra payments:** If your results show a total interest cost that feels too high, try adding a small amount to the \"Additional amount to monthly payment\" field. Even an extra \\$100 a month can shave years off your payoff date and save you a small fortune in interest.\n- **Timing the market:** Waiting for lower interest rates can be counterproductive if home prices continue to climb in the interim, potentially offsetting any monthly savings with a higher total loan balance. Experts generally recommend that buyers “date the rate and marry the house,\" suggesting that you should prioritize finding the right property at a price you can afford today. If rates drop later, you maintain the flexibility to refinance, but you can’t retroactively change the purchase price of your home.\n\nBy analyzing these results through the lens of your personal budget, you can determine whether a specific home price is a comfortable fit or a financial stretch.\n\n### How much house can you afford?\nIf you're not sure [how much of your income should go toward housing](https:\/\/www.bankrate.com\/mortgages\/what-percent-of-income-should-go-to-mortgage\/), it might help to start with the [28\/36 rule](https:\/\/www.bankrate.com\/mortgages\/what-is-the-28-36-rule\/), which dictates you spend no more than 28% of your gross income on housing costs and no more than 36% of your gross income on overall debt, including housing costs.\n\nLet’s say that Joe makes \\$60,000 a year. That's a gross monthly income of \\$5,000, and 28% of that equals \\$1,400. If Joe were to abide by the 28\/36 rule, he’d spend no more than \\$1,400 on a mortgage payment each month, including homeowners and mortgage insurance premiums.\n\n> \"Being conservative and cautious with a home purchase is advisable. The transaction needs to co-exist with our many other financial goals.\"\n> \n> Mark Hamrick, Bankrate senior economic analyst\n\nBut meeting the 28\/36 rule isn’t always doable or desirable, especially if your budget can’t comfortably accommodate that payment.\n\n“Many prospective homeowners are tempted to stretch when buying a home, since it can literally be the culmination of a dream,” says Mark Hamrick, Bankrate senior economic analyst. \"At the same time, given that this is one of the most expensive and consequential purchases of a lifetime, the transaction needs to co-exist with our many other financial goals, including saving for retirement, saving for emergencies and paying down debt. If it turns out that income rises down the road, that presents an opportunity to sock money away to pay for repairs, maintenance and renovations later.”\n\n## What to consider next\nOnce the numbers are in front of you, the transition from calculating to closing depends on how those results align with your broader financial life. Your next steps should be dictated by which zone your results fall into. If the payment feels comfortable, your next move is to verify your [debt-to-income (DTI) ratio](https:\/\/www.bankrate.com\/mortgages\/why-debt-to-income-matters-in-mortgages\/). Even if a payment fits your monthly budget, a lender may reject your application if your total monthly debt obligations exceed 36% to 43% of your pre-tax income.\n\nIf the payment feels like a stretch, consider taking it for a financial test drive. For three months, put the difference between your current rent and this projected mortgage payment into a savings account. If you can live comfortably without that cash, the house is likely a feasible long-term commitment; if not, you may want to adjust your target home price or wait to build a larger down payment.\n\nBefore you reach out to a lender, reflect on these three key factors:\n\n1. **How long you plan to live in the home:** If you plan to move in five years, a lower-rate adjustable-rate mortgage (ARM) might be more strategic than a 30-year fixed-rate loan because the introductory rate on an ARM is often lower than what you can receive on a fixed-rate loan.\n2. **Your total housing budget:** Remember that your mortgage payment isn’t the only cost associated with owning a home. Be sure that you’ve accounted for the hidden costs of homeownership, like maintenance, utilities, insurance and savings for unexpected repairs.\n3. **Your credit readiness:** Could a few months of credit repair or debt payoff drop your interest rate enough to save you a significant amount? Start by [checking your credit scores](https:\/\/www.bankrate.com\/personal-finance\/credit\/how-to-check-my-credit-score\/) and assessing your total amount of debt.\n### Related calculators and resources\n- [**Debt-to-income (DTI) ratio calculator**](https:\/\/www.bankrate.com\/mortgages\/ratio-debt-calculator\/)**:** Add up your monthly debt expenses and compare them to your monthly gross income. Ideally, you’ll want a DTI of 36% or below.\n- [**Refinance calculator**](https:\/\/www.bankrate.com\/mortgages\/refinance-calculator\/)**:** If you’re not buying and just need to run the numbers to determine whether refinancing makes sense, this tool can help.\n- **Get a** [**mortgage prequalification or preapproval**](https:\/\/www.bankrate.com\/mortgages\/preapproved-vs-prequalified\/)**:** Before shopping for a home, you’ll need to get preapproved.\n- [**Compare mortgage offers**](https:\/\/www.bankrate.com\/mortgages\/mortgage-rates\/)**:** Check out what rates top mortgage lenders are offering today.","meta_canonical":null}

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Meta Description	Use our free mortgage calculator to estimate your monthly mortgage payments. Account for interest rates and break down payments in an easy to use amortization schedule., Use our free mortgage calculator to estimate your monthly mortgage payments. Account for interest rates and break down payments in an easy to use amortization schedule.
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Boilerpipe Text	Mortgages Mortgage Calculator Home price Down payment Loan term Interest rate ZIP code Monthly payment breakdown Based on national average rates $ 2,171 /mo Principal & interest $1,825.19 Property tax + Homeowner's insurance + How to use this calculator Here’s how to use our mortgage calculator to estimate your potential monthly payments on a fixed-rate mortgage: Enter your home price. Input the price of the home you’re buying (or the current value of your home if you’re refinancing). Enter your down payment. Input the amount of your down payment . You can enter either a dollar amount or a percentage. Enter your loan term. Select the length of your loan — it's usually 30 years, but it could also be 20, 15 or 10. Enter your interest rate. Input the mortgage rate you expect to pay. If you’ve already gotten preapproved, that rate may be the most accurate way to estimate your payments. Otherwise, you can use the current average mortgage rate: 6.33%. Click “Update.” Bankrate's calculator also includes rough estimates of property taxes , homeowners insurance and homeowners association fees, but keep in mind that these figures vary widely by location. You can edit these amounts, or even edit them to zero, as you're shopping for a loan. Compare current mortgage rates for today Ready to compare mortgage rates? Review customized rates from Bankrate’s national marketplace of lenders. Compare rates Factors that affect your mortgage payment Understanding what drives your total monthly mortgage payment is the first step toward confident homeownership. Our calculator simplifies complex financial variables to help you visualize your future budget, but those results depend on a few critical levers: Home price & down payment: These two figures determine your total loan principal. A larger down payment not only lowers your monthly obligation but can also help you avoid the added cost of private mortgage insurance (PMI), which is required for most loans if your down payment is less than 20%. Interest rate: This is the cost of borrowing money. Even a minor fluctuation in your rate can result in tens of thousands of dollars in interest savings (or costs) over the life of the loan. Loan term: The duration of your loan (typically 15 or 30 years) dictates your repayment pace. A shorter term means higher monthly payments but significantly less interest paid overall. How we calculate your results To provide a transparent estimate, our calculator uses a standard amortization formula. This logic ensures your principal and interest are spread evenly across the duration of the loan so your base payment remains predictable. Beyond the loan itself, our tool incorporates other regular costs to produce a "real-world" number. Property taxes: Local governments charge an annual tax based on your home’s assessed value to fund public services like schools and infrastructure. Our calculator estimates the monthly cost based on national averages, though your actual rate will depend on your specific municipality and any available exemptions. Homeowners insurance: Lenders typically require you to carry a policy that protects your home and belongings against fire, theft and natural disasters. Including this cost in your calculation provides a more accurate picture of your "PITI" (principal, interest, taxes, and insurance) payment, which lenders use to determine your eligibility. HOA fees: If you’re considering a condo or planned community, these optional inputs help ensure your housing debt-to-income ratio remains accurate. (HOA dues don’t factor into your overall DTI, but lenders often consider the percentage of your income that would go to housing-related expenses, including HOA fees.) PMI: If you make a down payment of less than 20%, your lender is likely to require that you pay for private mortgage insurance. The amount you pay depends on your loan type, credit score and whether you have a fixed- or adjustable-rate loan, but generally, PMI costs an average of 0.46% to 1.50% of your loan amount annually. (Divide that figure by 12 to estimate your monthly cost.) Mortgage calculator formula For the mathematically inclined, here's a formula to help you calculate mortgage payments manually: M = P · [ r(1 + r)ⁿ / ((1 + r)ⁿ − 1) ] Symbol M Total monthly mortgage payment P Principal loan amount r Monthly interest rate: Lenders provide you with an annual rate, so you’ll need to divide that figure by 12 (the number of months in a year) to get the monthly rate. If your interest rate is 5%, your monthly rate would be 0.004167 (0.05/12=0.004167). n Number of payments over the loan’s lifetime: Multiply the number of years in your loan term by 12 (the number of months in a year) to get the number of payments for your loan. For example, a 30-year fixed mortgage would have 360 payments (30x12=360). Understanding your results Once you hit "Update," the numbers on the screen represent more than just a monthly bill — they are a snapshot of your future financial flexibility. Interpreting these results correctly helps you move from "Can I afford this?" to "Is this the right move for me?" Your results are typically divided into three core areas: Principal and interest: This is your base cost. In the early years of your mortgage, a large percentage of this payment goes toward interest. Over time, the balance shifts, and more of your payment goes toward reducing the principal and building your home equity. Total cost of the loan: Found in the Amortization tab of the output, this figure is perhaps the most eye-opening. It represents the sum of all payments over the life of the mortgage and reveals the true price of the house, after decades of interest are factored in. Payoff date: This provides a concrete timeline for when you will own your home free and clear. To get the most out of this tool, run a few "what-if" scenarios to understand the immediate implications: Rate hikes: See how a 0.5% increase in interest rates affects your purchasing power. You might find that a small rate change forces you to look at homes $20,000 cheaper to keep the same monthly payment that fits your budget. Extra payments: If your results show a total interest cost that feels too high, try adding a small amount to the "Additional amount to monthly payment" field. Even an extra $100 a month can shave years off your payoff date and save you a small fortune in interest. Timing the market: Waiting for lower interest rates can be counterproductive if home prices continue to climb in the interim, potentially offsetting any monthly savings with a higher total loan balance. Experts generally recommend that buyers “date the rate and marry the house," suggesting that you should prioritize finding the right property at a price you can afford today. If rates drop later, you maintain the flexibility to refinance, but you can’t retroactively change the purchase price of your home. By analyzing these results through the lens of your personal budget, you can determine whether a specific home price is a comfortable fit or a financial stretch. How much house can you afford? If you're not sure how much of your income should go toward housing , it might help to start with the 28/36 rule , which dictates you spend no more than 28% of your gross income on housing costs and no more than 36% of your gross income on overall debt, including housing costs. Let’s say that Joe makes $60,000 a year. That's a gross monthly income of $5,000, and 28% of that equals $1,400. If Joe were to abide by the 28/36 rule, he’d spend no more than $1,400 on a mortgage payment each month, including homeowners and mortgage insurance premiums. Being conservative and cautious with a home purchase is advisable. The transaction needs to co-exist with our many other financial goals. Bankrate logo Mark Hamrick, Bankrate senior economic analyst But meeting the 28/36 rule isn’t always doable or desirable, especially if your budget can’t comfortably accommodate that payment. “Many prospective homeowners are tempted to stretch when buying a home, since it can literally be the culmination of a dream,” says Mark Hamrick, Bankrate senior economic analyst. "At the same time, given that this is one of the most expensive and consequential purchases of a lifetime, the transaction needs to co-exist with our many other financial goals, including saving for retirement, saving for emergencies and paying down debt. If it turns out that income rises down the road, that presents an opportunity to sock money away to pay for repairs, maintenance and renovations later.” What to consider next Once the numbers are in front of you, the transition from calculating to closing depends on how those results align with your broader financial life. Your next steps should be dictated by which zone your results fall into. If the payment feels comfortable, your next move is to verify your debt-to-income (DTI) ratio . Even if a payment fits your monthly budget, a lender may reject your application if your total monthly debt obligations exceed 36% to 43% of your pre-tax income. If the payment feels like a stretch, consider taking it for a financial test drive. For three months, put the difference between your current rent and this projected mortgage payment into a savings account. If you can live comfortably without that cash, the house is likely a feasible long-term commitment; if not, you may want to adjust your target home price or wait to build a larger down payment. Before you reach out to a lender, reflect on these three key factors: How long you plan to live in the home: If you plan to move in five years, a lower-rate adjustable-rate mortgage (ARM) might be more strategic than a 30-year fixed-rate loan because the introductory rate on an ARM is often lower than what you can receive on a fixed-rate loan. Your total housing budget: Remember that your mortgage payment isn’t the only cost associated with owning a home. Be sure that you’ve accounted for the hidden costs of homeownership, like maintenance, utilities, insurance and savings for unexpected repairs. Your credit readiness: Could a few months of credit repair or debt payoff drop your interest rate enough to save you a significant amount? Start by checking your credit scores and assessing your total amount of debt. Related calculators and resources Debt-to-income (DTI) ratio calculator : Add up your monthly debt expenses and compare them to your monthly gross income. Ideally, you’ll want a DTI of 36% or below. Refinance calculator : If you’re not buying and just need to run the numbers to determine whether refinancing makes sense, this tool can help. Get a mortgage prequalification or preapproval : Before shopping for a home, you’ll need to get preapproved. Compare mortgage offers : Check out what rates top mortgage lenders are offering today.
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[Mortgages](https://www.bankrate.com/mortgages/) 2. Mortgage Calculator # Mortgage Calculator #### Monthly payment: \$2171\.19 Home price Hover here to learn more. Down payment Hover here to learn more. Loan term Hover here to learn more. Interest rate ZIP code Taxes, insurance, HOA fees Credit score Hover here to learn more. Property tax per month Hover here to learn more. Homeowner's insurance per month Hover here to learn more. PMI per month Hover here to learn more. HOA fees per month Update - Payment breakdown - Amortization ## Monthly payment breakdown Based on national average rates \$2,171 /mo \| \| \| \|---\|---\| \| Principal & interest \| \$1,825.19 \| \| Property tax \| \+ \| \| Homeowner's insurance \| \+ \| Additional filters \| \| \| \|---\|---\| \| PMI \| \+ \| \| HOA fees \| \+ \| Advertiser Disclosure On This Page - [How to use this calculator](https://www.bankrate.com/mortgages/mortgage-calculator/#how-to-use-this-calculator) - [Factors that affect your mortgage payment](https://www.bankrate.com/mortgages/mortgage-calculator/#factors-that-affect-your-mortgage-payment) - [Understanding your results](https://www.bankrate.com/mortgages/mortgage-calculator/#understanding-your-results) - [What to consider next](https://www.bankrate.com/mortgages/mortgage-calculator/#what-to-consider-next) On This Page Jump to ## How to use this calculator Here’s how to use our mortgage calculator to estimate your potential monthly payments on a fixed-rate mortgage: 1. Enter your home price. Input the price of the home you’re buying (or the current value of your home if you’re refinancing). 2. Enter your down payment. Input the [amount of your down payment](https://www.bankrate.com/mortgages/down-payment-calculator/). You can enter either a dollar amount or a percentage. 3. Enter your loan term. Select the length of your loan — it's usually 30 years, but it could also be 20, 15 or 10. 4. Enter your interest rate.Input the mortgage rate you expect to pay. If you’ve already gotten preapproved, that rate may be the most accurate way to estimate your payments. Otherwise, you can use the current average mortgage rate: 6.33%. 5. Click “Update.” Bankrate's calculator also includes rough estimates of [property taxes](https://www.bankrate.com/mortgages/property-taxes/), [homeowners insurance](https://www.bankrate.com/insurance/homeowners-insurance/) and homeowners association fees, but keep in mind that these figures vary widely by location. You can edit these amounts, or even edit them to zero, as you're shopping for a loan. ![](https://www.bankrate.com/f/102997/912x513/1d1186b5f3/homes_how-to-get-a-mortgage.jpg?auto=webp&optimize=high&fit=cover&enable=upscale&crop=1:1,smart) ### Compare current mortgage rates for today Ready to compare mortgage rates? Review customized rates from Bankrate’s national marketplace of lenders. [Compare rates](https://www.bankrate.com/mortgages/mortgage-rates/) ## Factors that affect your mortgage payment Understanding what drives your total monthly mortgage payment is the first step toward confident homeownership. Our calculator simplifies complex financial variables to help you visualize your future budget, but those results depend on a few critical levers: - Home price & down payment: These two figures determine your total loan principal. A larger down payment not only lowers your monthly obligation but can also help you avoid the added cost of [private mortgage insurance](https://www.bankrate.com/mortgages/basics-of-private-mortgage-insurance-pmi/) (PMI), which is required for most loans if your down payment is less than 20%. - Interest rate: This is the cost of borrowing money. Even a minor fluctuation in your rate can result in tens of thousands of dollars in interest savings (or costs) over the life of the loan. - Loan term: The duration of your loan (typically 15 or 30 years) dictates your repayment pace. A shorter term means higher monthly payments but significantly less interest paid overall. ### How we calculate your results To provide a transparent estimate, our calculator uses a standard amortization formula. This logic ensures your principal and interest are spread evenly across the duration of the loan so your base payment remains predictable. Beyond the loan itself, our tool incorporates other regular costs to produce a "real-world" number. - Property taxes: Local governments charge an annual tax based on your home’s assessed value to fund public services like schools and infrastructure. Our calculator estimates the monthly cost based on national averages, though your actual rate will depend on your specific municipality and any available exemptions. - Homeowners insurance: Lenders typically require you to carry a policy that protects your home and belongings against fire, theft and natural disasters. Including this cost in your calculation provides a more accurate picture of your "PITI" (principal, interest, taxes, and insurance) payment, which lenders use to determine your eligibility. - HOA fees: If you’re considering a condo or planned community, these optional inputs help ensure your housing debt-to-income ratio remains accurate. (HOA dues don’t factor into your overall DTI, but lenders often consider the percentage of your income that would go to housing-related expenses, including HOA fees.) - PMI: If you make a down payment of less than 20%, your lender is likely to require that you pay for private mortgage insurance. The amount you pay depends on your loan type, credit score and whether you have a fixed- or adjustable-rate loan, but generally, PMI costs an average of 0.46% to 1.50% of your loan amount annually. (Divide that figure by 12 to estimate your monthly cost.) ### Mortgage calculator formula For the mathematically inclined, here's a formula to help you calculate mortgage payments manually: #### M = P · \[ r(1 + r)ⁿ / ((1 + r)ⁿ − 1) \] \| Symbol \| \| \|---\|---\| \| M \| Total monthly mortgage payment \| \| P \| Principal loan amount \| \| r \| Monthly interest rate: Lenders provide you with an annual rate, so you’ll need to divide that figure by 12 (the number of months in a year) to get the monthly rate. If your interest rate is 5%, your monthly rate would be 0.004167 (0.05/12=0.004167). \| \| n \| Number of payments over the loan’s lifetime: Multiply the number of years in your loan term by 12 (the number of months in a year) to get the number of payments for your loan. For example, a 30-year fixed mortgage would have 360 payments (30x12=360). \| ![](https://navi.cohesionapps.com/display?write_key=wk_2M3TlVcWbz8i1RTZjLkSmbWfyQC&adId=undefined&req=https%3A%2F%2Fwww.bankrate.com%2Fmortgages%2Fmortgage-calculator%2F&ref=) ## Understanding your results Once you hit "Update," the numbers on the screen represent more than just a monthly bill — they are a snapshot of your future financial flexibility. Interpreting these results correctly helps you move from "Can I afford this?" to "Is this the right move for me?" Your results are typically divided into three core areas: - Principal and interest: This is your base cost. In the early years of your mortgage, a large percentage of this payment goes toward interest. Over time, the balance shifts, and more of your payment goes toward reducing the principal and building your home equity. - Total cost of the loan: Found in the Amortization tab of the output, this figure is perhaps the most eye-opening. It represents the sum of all payments over the life of the mortgage and reveals the true price of the house, after decades of interest are factored in. - Payoff date: This provides a concrete timeline for when you will own your home free and clear. To get the most out of this tool, run a few "what-if" scenarios to understand the immediate implications: - Rate hikes: See how a 0.5% increase in interest rates affects your purchasing power. You might find that a small rate change forces you to look at homes \$20,000 cheaper to keep the same monthly payment that fits your budget. - Extra payments: If your results show a total interest cost that feels too high, try adding a small amount to the "Additional amount to monthly payment" field. Even an extra \$100 a month can shave years off your payoff date and save you a small fortune in interest. - Timing the market: Waiting for lower interest rates can be counterproductive if home prices continue to climb in the interim, potentially offsetting any monthly savings with a higher total loan balance. Experts generally recommend that buyers “date the rate and marry the house," suggesting that you should prioritize finding the right property at a price you can afford today. If rates drop later, you maintain the flexibility to refinance, but you can’t retroactively change the purchase price of your home. By analyzing these results through the lens of your personal budget, you can determine whether a specific home price is a comfortable fit or a financial stretch. ### How much house can you afford? If you're not sure [how much of your income should go toward housing](https://www.bankrate.com/mortgages/what-percent-of-income-should-go-to-mortgage/), it might help to start with the [28/36 rule](https://www.bankrate.com/mortgages/what-is-the-28-36-rule/), which dictates you spend no more than 28% of your gross income on housing costs and no more than 36% of your gross income on overall debt, including housing costs. Let’s say that Joe makes \$60,000 a year. That's a gross monthly income of \$5,000, and 28% of that equals \$1,400. If Joe were to abide by the 28/36 rule, he’d spend no more than \$1,400 on a mortgage payment each month, including homeowners and mortgage insurance premiums. > "Being conservative and cautious with a home purchase is advisable. The transaction needs to co-exist with our many other financial goals." > > Mark Hamrick, Bankrate senior economic analyst But meeting the 28/36 rule isn’t always doable or desirable, especially if your budget can’t comfortably accommodate that payment. “Many prospective homeowners are tempted to stretch when buying a home, since it can literally be the culmination of a dream,” says Mark Hamrick, Bankrate senior economic analyst. "At the same time, given that this is one of the most expensive and consequential purchases of a lifetime, the transaction needs to co-exist with our many other financial goals, including saving for retirement, saving for emergencies and paying down debt. If it turns out that income rises down the road, that presents an opportunity to sock money away to pay for repairs, maintenance and renovations later.” ## What to consider next Once the numbers are in front of you, the transition from calculating to closing depends on how those results align with your broader financial life. Your next steps should be dictated by which zone your results fall into. If the payment feels comfortable, your next move is to verify your [debt-to-income (DTI) ratio](https://www.bankrate.com/mortgages/why-debt-to-income-matters-in-mortgages/). Even if a payment fits your monthly budget, a lender may reject your application if your total monthly debt obligations exceed 36% to 43% of your pre-tax income. If the payment feels like a stretch, consider taking it for a financial test drive. For three months, put the difference between your current rent and this projected mortgage payment into a savings account. If you can live comfortably without that cash, the house is likely a feasible long-term commitment; if not, you may want to adjust your target home price or wait to build a larger down payment. Before you reach out to a lender, reflect on these three key factors: 1. How long you plan to live in the home: If you plan to move in five years, a lower-rate adjustable-rate mortgage (ARM) might be more strategic than a 30-year fixed-rate loan because the introductory rate on an ARM is often lower than what you can receive on a fixed-rate loan. 2. Your total housing budget: Remember that your mortgage payment isn’t the only cost associated with owning a home. Be sure that you’ve accounted for the hidden costs of homeownership, like maintenance, utilities, insurance and savings for unexpected repairs. 3. Your credit readiness: Could a few months of credit repair or debt payoff drop your interest rate enough to save you a significant amount? Start by [checking your credit scores](https://www.bankrate.com/personal-finance/credit/how-to-check-my-credit-score/) and assessing your total amount of debt. ### Related calculators and resources - [Debt-to-income (DTI) ratio calculator](https://www.bankrate.com/mortgages/ratio-debt-calculator/): Add up your monthly debt expenses and compare them to your monthly gross income. Ideally, you’ll want a DTI of 36% or below. - [Refinance calculator](https://www.bankrate.com/mortgages/refinance-calculator/): If you’re not buying and just need to run the numbers to determine whether refinancing makes sense, this tool can help. - Get a [mortgage prequalification or preapproval](https://www.bankrate.com/mortgages/preapproved-vs-prequalified/): Before shopping for a home, you’ll need to get preapproved. - [Compare mortgage offers](https://www.bankrate.com/mortgages/mortgage-rates/): Check out what rates top mortgage lenders are offering today. ## [Bankrate logo](https://www.bankrate.com/) ### About - [About us](https://www.bankrate.com/about/) - [Leadership](https://www.bankrate.com/leadership/) - [Press room](https://www.bankrate.com/press-releases/) - [Bankrate Data Center](https://www.bankrate.com/data-center/) - [Careers](https://www.bankrate.com/careers/) - [Site map](https://www.bankrate.com/corporate/site-map/) ### Help - [Compare rates](https://www.bankrate.com/compare-rates/) - [Latest news](https://www.bankrate.com/news/) - [Popular topics](https://www.bankrate.com/popular-finance-topics/) - [Advertise with us](https://www.bankrate.com/media-kit/) ### Legal - [Privacy policy](https://www.bankrate.com/privacy/) - Cookie settings - [Do Not Sell or Share My Personal Information](https://www.bankrate.com/do-not-sell-or-share-my-personal-information/) - [Consumer Health Information Privacy Policy](https://www.bankrate.com/consumer-health-information-privacy-policy/) - [Understanding Bankrate’s averages](https://www.bankrate.com/understanding-bankrates-rate-averages/) - [Terms of use](https://www.bankrate.com/terms/) - [GLBA annual notice](https://www.bankrate.com/glba-notice/) - [California Consumer Financial Privacy Notice](https://www.bankrate.com/2022/02/15094901/california-notice.pdf) - [Licenses](https://www.bankrate.com/licenses/) ### How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. Our websites may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened. Therefore, this compensation may impact what products appear and how, where, and in what order they appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. Bankrate, LLC NMLS ID\# 1427381 \\| [NMLS Consumer Access](http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1427381) BR Tech Services, Inc. NMLS ID \#1743443 \\| [NMLS Consumer Access](http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1743443) © 2026 Bankrate, LLC. A Red Ventures company. All Rights Reserved. Saving your calculation is coming soon We're building a new way to keep you ahead of rate changes and make the most of our financial calculators. Save calculator inputs and results for later Get notified when rates change for your scenario Compare multiple mortgage scenarios side by side Close Saving your calculation is coming soon We're building a new way to keep you ahead of rate changes and make the most of our financial calculators. Save calculator inputs and results for later Get notified when rates change for your scenario Compare multiple mortgage scenarios side by side [Log in or create a free account](https://www.bankrate.com/member/auth/login?returnTo=https%3A%2F%2Fwww.bankrate.com%2Fauth%2Freturn%3Fpath%3D%252Fmortgages%252Fmortgage-calculator%252F) Maybe later On This Page - [How to use this calculator](https://www.bankrate.com/mortgages/mortgage-calculator/#how-to-use-this-calculator) - [Factors that affect your mortgage payment](https://www.bankrate.com/mortgages/mortgage-calculator/#factors-that-affect-your-mortgage-payment) - [Understanding your results](https://www.bankrate.com/mortgages/mortgage-calculator/#understanding-your-results) - [What to consider next](https://www.bankrate.com/mortgages/mortgage-calculator/#what-to-consider-next) Prev Next ![](https://www.facebook.com/tr?id=1805085980359671&ev=PageView&noscript=1) ![](https://www.facebook.com/tr?id=1564326531369118&ev=PageView&noscript=1)
Readable Markdown	1. [Mortgages](https://www.bankrate.com/mortgages/) 2. Mortgage Calculator Home price Down payment Loan term Interest rate ZIP code ## Monthly payment breakdown Based on national average rates \$2,171 /mo \| \| \| \|---\|---\| \| Principal & interest \| \$1,825.19 \| \| Property tax \| \+ \| \| Homeowner's insurance \| \+ \| ## How to use this calculator Here’s how to use our mortgage calculator to estimate your potential monthly payments on a fixed-rate mortgage: 1. Enter your home price. Input the price of the home you’re buying (or the current value of your home if you’re refinancing). 2. Enter your down payment. Input the [amount of your down payment](https://www.bankrate.com/mortgages/down-payment-calculator/). You can enter either a dollar amount or a percentage. 3. Enter your loan term. Select the length of your loan — it's usually 30 years, but it could also be 20, 15 or 10. 4. Enter your interest rate.Input the mortgage rate you expect to pay. If you’ve already gotten preapproved, that rate may be the most accurate way to estimate your payments. Otherwise, you can use the current average mortgage rate: 6.33%. 5. Click “Update.” Bankrate's calculator also includes rough estimates of [property taxes](https://www.bankrate.com/mortgages/property-taxes/), [homeowners insurance](https://www.bankrate.com/insurance/homeowners-insurance/) and homeowners association fees, but keep in mind that these figures vary widely by location. You can edit these amounts, or even edit them to zero, as you're shopping for a loan. ![](https://www.bankrate.com/f/102997/912x513/1d1186b5f3/homes_how-to-get-a-mortgage.jpg?auto=webp&optimize=high&fit=cover&enable=upscale&crop=1:1,smart) ### Compare current mortgage rates for today Ready to compare mortgage rates? Review customized rates from Bankrate’s national marketplace of lenders. [Compare rates](https://www.bankrate.com/mortgages/mortgage-rates/) ## Factors that affect your mortgage payment Understanding what drives your total monthly mortgage payment is the first step toward confident homeownership. Our calculator simplifies complex financial variables to help you visualize your future budget, but those results depend on a few critical levers: - Home price & down payment: These two figures determine your total loan principal. A larger down payment not only lowers your monthly obligation but can also help you avoid the added cost of [private mortgage insurance](https://www.bankrate.com/mortgages/basics-of-private-mortgage-insurance-pmi/) (PMI), which is required for most loans if your down payment is less than 20%. - Interest rate: This is the cost of borrowing money. Even a minor fluctuation in your rate can result in tens of thousands of dollars in interest savings (or costs) over the life of the loan. - Loan term: The duration of your loan (typically 15 or 30 years) dictates your repayment pace. A shorter term means higher monthly payments but significantly less interest paid overall. ### How we calculate your results To provide a transparent estimate, our calculator uses a standard amortization formula. This logic ensures your principal and interest are spread evenly across the duration of the loan so your base payment remains predictable. Beyond the loan itself, our tool incorporates other regular costs to produce a "real-world" number. - Property taxes: Local governments charge an annual tax based on your home’s assessed value to fund public services like schools and infrastructure. Our calculator estimates the monthly cost based on national averages, though your actual rate will depend on your specific municipality and any available exemptions. - Homeowners insurance: Lenders typically require you to carry a policy that protects your home and belongings against fire, theft and natural disasters. Including this cost in your calculation provides a more accurate picture of your "PITI" (principal, interest, taxes, and insurance) payment, which lenders use to determine your eligibility. - HOA fees: If you’re considering a condo or planned community, these optional inputs help ensure your housing debt-to-income ratio remains accurate. (HOA dues don’t factor into your overall DTI, but lenders often consider the percentage of your income that would go to housing-related expenses, including HOA fees.) - PMI: If you make a down payment of less than 20%, your lender is likely to require that you pay for private mortgage insurance. The amount you pay depends on your loan type, credit score and whether you have a fixed- or adjustable-rate loan, but generally, PMI costs an average of 0.46% to 1.50% of your loan amount annually. (Divide that figure by 12 to estimate your monthly cost.) ### Mortgage calculator formula For the mathematically inclined, here's a formula to help you calculate mortgage payments manually: #### M = P · \[ r(1 + r)ⁿ / ((1 + r)ⁿ − 1) \] \| Symbol \| \| \|---\|---\| \| M \| Total monthly mortgage payment \| \| P \| Principal loan amount \| \| r \| Monthly interest rate: Lenders provide you with an annual rate, so you’ll need to divide that figure by 12 (the number of months in a year) to get the monthly rate. If your interest rate is 5%, your monthly rate would be 0.004167 (0.05/12=0.004167). \| \| n \| Number of payments over the loan’s lifetime: Multiply the number of years in your loan term by 12 (the number of months in a year) to get the number of payments for your loan. For example, a 30-year fixed mortgage would have 360 payments (30x12=360). \| ## Understanding your results Once you hit "Update," the numbers on the screen represent more than just a monthly bill — they are a snapshot of your future financial flexibility. Interpreting these results correctly helps you move from "Can I afford this?" to "Is this the right move for me?" Your results are typically divided into three core areas: - Principal and interest: This is your base cost. In the early years of your mortgage, a large percentage of this payment goes toward interest. Over time, the balance shifts, and more of your payment goes toward reducing the principal and building your home equity. - Total cost of the loan: Found in the Amortization tab of the output, this figure is perhaps the most eye-opening. It represents the sum of all payments over the life of the mortgage and reveals the true price of the house, after decades of interest are factored in. - Payoff date: This provides a concrete timeline for when you will own your home free and clear. To get the most out of this tool, run a few "what-if" scenarios to understand the immediate implications: - Rate hikes: See how a 0.5% increase in interest rates affects your purchasing power. You might find that a small rate change forces you to look at homes \$20,000 cheaper to keep the same monthly payment that fits your budget. - Extra payments: If your results show a total interest cost that feels too high, try adding a small amount to the "Additional amount to monthly payment" field. Even an extra \$100 a month can shave years off your payoff date and save you a small fortune in interest. - Timing the market: Waiting for lower interest rates can be counterproductive if home prices continue to climb in the interim, potentially offsetting any monthly savings with a higher total loan balance. Experts generally recommend that buyers “date the rate and marry the house," suggesting that you should prioritize finding the right property at a price you can afford today. If rates drop later, you maintain the flexibility to refinance, but you can’t retroactively change the purchase price of your home. By analyzing these results through the lens of your personal budget, you can determine whether a specific home price is a comfortable fit or a financial stretch. ### How much house can you afford? If you're not sure [how much of your income should go toward housing](https://www.bankrate.com/mortgages/what-percent-of-income-should-go-to-mortgage/), it might help to start with the [28/36 rule](https://www.bankrate.com/mortgages/what-is-the-28-36-rule/), which dictates you spend no more than 28% of your gross income on housing costs and no more than 36% of your gross income on overall debt, including housing costs. Let’s say that Joe makes \$60,000 a year. That's a gross monthly income of \$5,000, and 28% of that equals \$1,400. If Joe were to abide by the 28/36 rule, he’d spend no more than \$1,400 on a mortgage payment each month, including homeowners and mortgage insurance premiums. > "Being conservative and cautious with a home purchase is advisable. The transaction needs to co-exist with our many other financial goals." > > Mark Hamrick, Bankrate senior economic analyst But meeting the 28/36 rule isn’t always doable or desirable, especially if your budget can’t comfortably accommodate that payment. “Many prospective homeowners are tempted to stretch when buying a home, since it can literally be the culmination of a dream,” says Mark Hamrick, Bankrate senior economic analyst. "At the same time, given that this is one of the most expensive and consequential purchases of a lifetime, the transaction needs to co-exist with our many other financial goals, including saving for retirement, saving for emergencies and paying down debt. If it turns out that income rises down the road, that presents an opportunity to sock money away to pay for repairs, maintenance and renovations later.” ## What to consider next Once the numbers are in front of you, the transition from calculating to closing depends on how those results align with your broader financial life. Your next steps should be dictated by which zone your results fall into. If the payment feels comfortable, your next move is to verify your [debt-to-income (DTI) ratio](https://www.bankrate.com/mortgages/why-debt-to-income-matters-in-mortgages/). Even if a payment fits your monthly budget, a lender may reject your application if your total monthly debt obligations exceed 36% to 43% of your pre-tax income. If the payment feels like a stretch, consider taking it for a financial test drive. For three months, put the difference between your current rent and this projected mortgage payment into a savings account. If you can live comfortably without that cash, the house is likely a feasible long-term commitment; if not, you may want to adjust your target home price or wait to build a larger down payment. Before you reach out to a lender, reflect on these three key factors: 1. How long you plan to live in the home: If you plan to move in five years, a lower-rate adjustable-rate mortgage (ARM) might be more strategic than a 30-year fixed-rate loan because the introductory rate on an ARM is often lower than what you can receive on a fixed-rate loan. 2. Your total housing budget: Remember that your mortgage payment isn’t the only cost associated with owning a home. Be sure that you’ve accounted for the hidden costs of homeownership, like maintenance, utilities, insurance and savings for unexpected repairs. 3. Your credit readiness: Could a few months of credit repair or debt payoff drop your interest rate enough to save you a significant amount? Start by [checking your credit scores](https://www.bankrate.com/personal-finance/credit/how-to-check-my-credit-score/) and assessing your total amount of debt. ### Related calculators and resources - [Debt-to-income (DTI) ratio calculator](https://www.bankrate.com/mortgages/ratio-debt-calculator/): Add up your monthly debt expenses and compare them to your monthly gross income. Ideally, you’ll want a DTI of 36% or below. - [Refinance calculator](https://www.bankrate.com/mortgages/refinance-calculator/): If you’re not buying and just need to run the numbers to determine whether refinancing makes sense, this tool can help. - Get a [mortgage prequalification or preapproval](https://www.bankrate.com/mortgages/preapproved-vs-prequalified/): Before shopping for a home, you’ll need to get preapproved. - [Compare mortgage offers](https://www.bankrate.com/mortgages/mortgage-rates/): Check out what rates top mortgage lenders are offering today.
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