Free Mortgage Calculator
Estimate your monthly mortgage payment, see how the loan amount, rate, and term change the numbers, and find out how much home fits your budget. When you’re ready, get prequalified in a few minutes.
Calculator
Calculate your monthly mortgage payment
Enter your loan details below. Add your property taxes, homeowners insurance, and HOA fees to see the full monthly cost, not just principal and interest.
Results are estimates for illustration only and are not a loan offer or commitment to lend. Your actual payment depends on your final rate, loan program, taxes, insurance, and other factors.
How to use it
Four steps to a realistic payment estimate
Enter the loan amount
The total amount you plan to borrow, which is the purchase price minus your down payment.
Set the interest rate
Use the rate quoted by your lender, or try a few rates to see how much they move your payment.
Choose the loan term
Terms are commonly 15, 20, or 30 years. A longer term lowers the monthly payment but raises the total interest.
Add taxes, insurance & HOA
Don’t skip these. They’re a real part of what you’ll pay each month.
Understand the payment
What’s inside a monthly mortgage payment
- Principal: the part of your payment that reduces the loan balance
- Interest: the cost of borrowing the money from your lender
- Property taxes: local taxes that vary by state, county, and community
- Homeowners insurance: coverage that protects the home against damage
- HOA fees: monthly dues for homes in managed communities
- Mortgage insurance: may apply, such as PMI on conventional loans with less than 20% down
Term comparison
See how the loan term changes the cost
Here’s an example on a $300,000 loan at a 6.5% rate, showing principal and interest only. The shorter term costs more each month but far less overall.
| Loan term | Monthly principal & interest | Total interest paid |
|---|---|---|
| 30 years | about $1,896 | about $382,600 |
| 15 years | about $2,613 | about $170,400 |
Illustrative example only. The 6.5% rate is not a quote. Excludes taxes, insurance, HOA fees, and mortgage insurance. Actual rates and payments vary.
Affordability
How much should you spend on a home?
A common guideline is to keep housing costs at or below about 28% of your gross monthly income. That figure includes your mortgage payment (principal and interest), property taxes, homeowners insurance, and HOA fees if they apply. Your own comfort level, other debts, and savings goals matter too, so treat 28% as a starting point rather than a rule.
Property taxes vary
Rates differ widely by state and county, so the same price can mean very different monthly costs.
Insurance adds up
Homeowners insurance protects your investment but is an ongoing monthly expense.
HOA fees are ongoing
Dues pay for shared amenities and upkeep in managed communities, and they count toward your budget.
Tips
Get a more accurate estimate
Use real numbers
Ask a lender for tax and insurance estimates for the area where you’re shopping.
Plan for mortgage insurance
Loans with less than 20% down may require PMI or another form of mortgage insurance.
Count other costs
Closing costs, maintenance, and moving expenses aren’t in the monthly payment but belong in your budget.
Loan programs
Explore loan programs for your next step
Different programs come with different down payments and qualifying rules. Take a look at the ones that match your plans:
Answers
Mortgage calculator FAQ
What does a mortgage calculator tell me?
It estimates your monthly payment from the loan amount, interest rate, and term, and with taxes, insurance, and HOA fees added it gives a fuller picture of what owning the home will cost each month.
Is the payment from the calculator exact?
No. It’s an estimate. Your actual payment depends on your final rate, loan program, property taxes, insurance quotes, and any mortgage insurance. A loan officer can give you a more accurate number for your scenario.
Which loan term should I choose?
A 30-year term usually gives the lowest monthly payment but costs the most in total interest. A 15- or 20-year term raises the monthly payment but can cut the total interest considerably.
Do I need to include taxes and insurance?
Yes. Property taxes and homeowners insurance are part of what you’ll pay every month, and leaving them out can make a home look more affordable than it is.
When is mortgage insurance required?
Private mortgage insurance (PMI) generally applies to conventional loans with less than 20% down. Other loan programs, such as FHA, have their own mortgage insurance rules.
How do I get prequalified?
Start our mortgage prequalification application. It only takes a few minutes, and a loan officer will follow up to review your options.
© 2026 CambridgeHomeLoan.com · NMLS #1826020 · 4830 W Kennedy Blvd, Tampa, FL 33609 · (800) 826-5077 · Equal Housing Lender. This is not a commitment to lend. Calculator results are estimates for illustration only and do not include all costs. Loan programs, rates, terms, and eligibility vary by borrower and property and are subject to underwriting and approval. This page is informational and does not constitute financial, legal, or tax advice.