See what your mortgage could look like
Use our calculator to estimate your monthly payment, explore how different down payments affect your loan, or compare loan programs. These tools give you a clearer picture before you apply.
Calculate your estimated monthly payment
Enter your loan amount, interest rate, and loan term to see what your monthly payment might be. This estimate includes principal and interest, but talk with us about property taxes, homeowners insurance, and other costs that affect your total housing payment.
Calculator results are estimates provided for illustrative purposes only and may not reflect actual loan terms. This is not a commitment to lend, a preapproval, or an offer of credit. Actual rates, payments, and costs depend on credit approval, satisfactory appraisal, and underwriting guidelines. Consult a licensed loan officer for details.
What this calculator shows and doesn't show
Our calculator gives you a clear picture of principal and interest, which is the core of your mortgage payment. However, your actual monthly payment likely includes additional costs. Property taxes vary by location and are often escrowed into your payment. Homeowners insurance protects your home and is usually required by your lender. If you're putting down less than 20 percent, you may pay private mortgage insurance until you reach that equity level. HOA fees apply in some communities. These costs are real and significant, which is why we encourage you to discuss your complete financial picture with one of our specialists. They can help you understand not just the payment, but the full cost of homeownership in your situation.
Beyond the Payment
Understanding your true monthly cost
A mortgage payment is more than interest and principal. When you buy a home, you're also building equity, but you're also responsible for ongoing costs that add up. Property taxes fund schools and local services. Homeowners insurance protects against loss. If your down payment is less than 20 percent, you'll pay mortgage insurance until you build enough equity. Some homes have association fees that cover shared amenities and maintenance. Over the life of your loan, these additional costs often match or exceed what you pay toward principal and interest. This is why we encourage you to think holistically about homeownership. Our specialists can walk you through these costs, show you how they change over time, and help you prepare for the full financial responsibility of owning a home.
Common questions about mortgage payments
Understanding your costs before you commit helps you make better decisions. These answers address what most homeowners want to know.
What's the difference between interest and principal?
Your mortgage payment is divided between two main parts. Principal is the original amount you borrowed and you're paying back, dollar for dollar, toward ownership. Interest is the cost of borrowing that money, paid to your lender. Early in your loan, most of your payment goes toward interest. As years pass, more of each payment goes toward principal. By the end of your loan, you own your home outright. Over a 30-year mortgage, the split is significant, which is why understanding the amortization schedule helps you see your true cost.
What is private mortgage insurance and when do I pay it?
If you put down less than 20 percent, lenders typically require private mortgage insurance, or PMI. This protects the lender if you default, and it gets added to your monthly payment. PMI is not permanent. Once you've built up 20 percent equity in your home through payments or appreciation, you can request to have it removed. The cost varies based on your down payment size, credit score, and loan type, which is why discussing it with a specialist helps you understand what to expect.
Why do property taxes and insurance get included in my payment?
Your lender requires that property taxes and homeowners insurance stay current to protect the home as collateral. Rather than having you pay these separately, most lenders collect a portion each month and hold it in an escrow account, then pay the bills when they're due. This ensures nothing lapses. Some loans allow you to pay taxes and insurance directly, but most require the escrow arrangement. It simplifies your finances by rolling everything into one monthly payment.