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Quick answer

How is a monthly mortgage payment calculated?

Principal and interest are calculated from the loan amount, interest rate and loan term. A full housing payment then adds property taxes, homeowners insurance, mortgage insurance if your down payment is under 20%, and any HOA dues. Calculator results are estimates; a lender’s Loan Estimate shows actual terms.

Mortgage Payment Calculator

Estimate your monthly mortgage payment using a home price, down payment, interest rate, and loan term. You can also account for property taxes, homeowners insurance, mortgage insurance, and HOA dues.

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Enter a rate you have been quoted or want to test.

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Applied only when your down payment is under 20%.

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Use this calculator to explore

  • Estimated monthly principal and interest
  • Estimated total monthly housing payment
  • The effect of different interest rates
  • How your down payment affects your loan amount
  • Differences between 15-year and 30-year loan terms

Home Affordability Calculator

Explore a potential homebuying budget based on your income, recurring debt obligations, down payment, and estimated housing expenses.

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Car, student loans, credit card minimums, etc.

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Your results are planning estimates, not a determination of what a lender will approve.

Refinance Calculator

Compare your existing mortgage payment with an estimated payment under a potential new loan. Include estimated refinancing costs and the time you expect to keep the mortgage to help assess the approximate break-even period.

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Explore

  • Current versus estimated new payment
  • Estimated monthly difference
  • Estimated refinancing costs
  • Approximate break-even period
  • Total interest over a selected period

Home Equity Calculator

Estimate your home's equity using an estimated property value and outstanding mortgage balance.

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For example an existing HELOC or second mortgage.

Make Better-Informed Decisions

Calculators are useful for exploring scenarios, but actual mortgage costs depend on the loan terms, lender fees, property expenses, and borrower eligibility.

Compare interest rates, APR, closing costs, repayment periods, and total borrowing costs before choosing a mortgage. For a purchase or refinance, review official Loan Estimates provided by lenders when available.

Key Terms to Know

Plain-language definitions of the terms that come up most when you compare mortgage options.

APR (annual percentage rate)
The yearly cost of a loan expressed as a percentage, including the interest rate and certain lender fees. Because it includes fees, APR helps you compare loans that have different rates and closing costs.
Loan-to-value ratio (LTV)
Your loan amount divided by the value of the home. For example, a $360,000 loan on a $450,000 home is an 80% LTV.
Combined loan-to-value (CLTV)
The total of all loans secured by the home divided by its value. Lenders review CLTV when you apply for a home equity loan or HELOC on top of a first mortgage.
Mortgage insurance
Insurance that protects the lender if a borrower stops paying. It is typically required when the down payment is less than 20% of the home price.
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Ready to Explore Your Options?

Use the calculators to understand your numbers, then choose the mortgage pathway that best matches your goal.

Explore My Options or call (787) 930-1305

Calculator results are estimates for educational purposes only. They are not a loan offer, credit decision, preapproval, or guarantee of savings.

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