Use Zillow’s home loan calculator to quickly estimate your total mortgage payment including principal and interest, plus estimates for PMI, property taxes, home insurance and HOA fees. Enter the price of a home and down payment amount to calculate your estimated mortgage payment with an itemized breakdown and schedule. Adjust the loan details to fit your scenario more accurately.

Get a more accurate estimate

Get pre-qualified by a lender to see an even more accurate estimate of your monthly mortgage payment.

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How to calculate mortgage payments

Zillows mortgage calculator gives you the opportunity to customize your mortgage details while making assumptions for fields you may not know quite yet. These autofill elements make the home loan calculator easy to use and can be updated at any point.

Remember, your monthly house payment includes more than just repaying the amount you borrowed to purchase the home. The principal is the amount you borrowed and have to pay back (the loan itself), and the interest is the amount the lender charges for lending you the money.

For most borrowers, the total monthly payment sent to your mortgage lender includes other costs, such as homeowners insurance and taxes. If you have an escrow account, you pay a set amount toward these additional expenses as part of your monthly mortgage payment, which also includes your principal and interest. Your mortgage lender typically holds the money in the escrow account until those insurance and tax bills are due, and then pays them on your behalf. If your loan requires other types of insurance like private mortgage insurance (PMI) or homeowners association dues (HOA), these premiums may also be included in your total mortgage payment.

Home price

The price is either the amount you paid for a home or the amount you may pay for a future home purchase.

Down payment

Most home loans require at least 3% of the price of the home as a down payment. Some loans, like VA loans and some USDA loans allow zero down. Although its a myth that a 20% down payment is required to obtain a loan, keep in mind that the higher your down payment, the lower your monthly payment. A 20% down payment also allows you to avoid paying private mortgage insurance on your loan.

Loan program

Your loan program can affect your interest rate and total monthly payments. Choose from 30-year fixed, 15-year fixed, and 5/1 ARM loan scenarios in the calculator to see examples of how different loan terms mean different monthly payments. Learn more about loan types below.

Interest rate

Mortgage interest is the cost you pay your lender each year to borrow their money, expressed as a percentage rate. The calculator auto-populates the current average interest rate.

PMI

Private Mortgage Insurance (PMI) is calculated based on your credit score and amount of down payment. If your loan amount is greater than 80% of the home purchase price, lenders require insurance on their investment. This is a monthly cost that increases your mortgage payment.

Property taxes

Your estimated annual property tax is based on the home purchase price. The total is divided by 12 months and applied to each monthly mortgage payment. If you know the specific amount of taxes, add as an annual total.

Home insurance

Homeowners insurance is based on the home price, and is expressed as an annual premium. The calculator divides that total by 12 months to adjust your monthly mortgage payment. Average annual premiums usually cost less than 1% of the home price and protect your liability as the property owner and insure against hazards, loss, etc.

HOA dues

Homeowners in some developments and townhome or condominium communities pay monthly Homeowners Association (HOA) fees to collectively pay for amenities, maintenance and some insurance. Update to include your monthly HOA costs, if applicable. If there are no HOA costs, you can leave the field blank.

Mortgage payment equation

Principal + Interest + Mortgage Insurance (if applicable) + Escrow (if applicable) = Total monthly payment

The traditional monthly mortgage payment calculation includes:

Principal: The amount of money you borrowed.

Interest: The cost of the loan.

Mortgage insurance: The mandatory insurance to protect your lenders investment of 80% or more of the homes value.

Escrow: The monthly cost of property taxes, HOA dues and homeowners insurance.

Payments: Multiply the years of your loan by 12 months to calculate the total number of payments. A 30-year term is 360 payments (30 years x 12 months = 360 payments).

Type of home loans to consider

The loan type you select affects your monthly mortgage payment. Explore mortgage options to fit your purchasing scenario and save money.

Conventional loan (conforming loan)

Conventional loans are backed by private lenders, like a bank, rather than the federal government and often have strict requirements around credit score and debt-to-income ratios. If you have excellent credit with a 20% down payment, a conventional loan may be a great option, as it usually offers lower interest rates without private mortgage insurance (PMI). You can still obtain a conventional loan with less than a 20% down payment, but PMI will be required.

FHA loan (government loan)

An FHA loan is government-backed, insured by the Federal Housing Administration. FHA loans have looser requirements around credit scores and allow for low down payments. An FHA loan will come with mandatory mortgage insurance for the life of the loan.

VA loan (government loan)

VA loans are partially backed by the Department of Veterans Affairs, allowing eligible veterans to purchase homes with zero down payment (in most cases) at competitive rates. You wont pay PMI, but VA loans do require a funding fee.

USDA loan (government loan)

The United States Department of Agriculture backs USDA loans that benefit low-income borrowers purchasing in eligible, rural areas. Credit requirements are loose on USDA loans. While an upfront funding fee is required on these loans, your down payment can be as little as zero down without paying PMI.

Jumbo mortgages (non-conforming)

Jumbo loans are named based on the size of the loan. When a loan exceeds a certain amount (the conforming loan limit), its not insured by the Federal government. Loan limits change annually and are specific to the local market. Jumbo loans allow you to purchase more expensive properties but often require 20% down, which can cost more than $100,000 at closing. Rates are competitive.

Mortgage options and terminology

In addition to mortgages options (loan types), consider some of these program differences and mortgage terminology.

Loan term

A mortgage loan term is the maximum length of time you have to repay the loan. Common mortgage terms are 30-year or 15-year. Longer terms usually have higher rates but lower monthly payments. Shorter terms help pay off loans quickly, saving on interest. It is possible to pay down your loan faster than the set term by making additional monthly payments toward your principal loan balance.

Fixed rate vs adjustable rate

A fixed rate is when your interest rate remains the same for your entire loan term. An adjustable rate stays the same for a predetermined length of time and then resets to a new interest rate on scheduled intervals. A 5/1 ARM, for instance, offers a fixed interest rate for 5 years and then adjusts each year for the remaining length of the loan. Typically the first fixed period offers a low rate, making it beneficial if you plan to refinance or move before the first rate adjustment.

Conforming loans vs non-conforming loans

Conforming loans have maximum loan amounts that are set by the government and conform to other rules set by Fannie Mae or Freddie Mac, the companies that provide backing for conforming loans. A non-conforming loan is less standardized with eligibility and pricing varying widely by lender. Non-conforming loans are not limited to the size limit of conforming loans, like a jumbo loan, or the guidelines like government-backed loans, although lenders will have their own criteria.

Start your home buying research with a mortgage calculator

A mortgage payment calculator is a powerful real estate tool that can help you do more than just estimate your monthly payments. Here are some additional ways to use our mortgage calculator:

  • Assess down payment scenarios

    Adjust your down payment size to see how much it affects your monthly payment. For instance, would it be better to have more in savings after purchasing the home? Can you avoid PMI? Compare realistic monthly payments, beyond just principal and interest.

  • Calculate mortgage rates

    Modify the interest rate to evaluate the impact of seemingly minor rate changes. Knowing that rates can change daily, consider the impact of waiting to improve your credit score in exchange for possibly qualifying for a lower interest rate. Click the Schedule for an interactive graph showing the estimated timeframe of paying off your interest, similar to our amortization calculator.

  • Evaluate affordability

    Fine-tune your inputs to assess your readiness. Use our affordability calculator to dig deeper into income, debts and payments.

  • Sample loan programs

    Adjust the loan program to see how each changes monthly mortgage payments

Frequently asked questions about mortgages

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