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Monthly Mortgage Payment Calculator

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American Financing's mortgage payment calculator estimates your monthly mortgage payment for a new home loan. Enter a home price, down payment, and loan term to see an instant breakdown of principal, interest, taxes, and insurance, plus a full payment schedule.
Actual Interest rate and PMI will vary based on current market conditions, your credit rating and other factors.

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Amortization Graph

Over years you will spend in interest with an estimated payoff date of .
AnnuallyMonthly
    Date
      Payment
        Interest
          Principal
            Ending Balance

              Calculator Definitions

              Private Mortgage Insurance

              PMI protects the lender should the borrower stop making payments. It is required if your down payment is less than 20% of the loan amount.

              Down Payment

              An initial payment used upfront as equity to lower the loan amount. Down payments can come from savings, profits from the sale of another home, or gifts and grants.

              Property Taxes

              The tax on the assessed value of real property (including the land) levied by local or municipal government jurisdiction where the property is located.

              Interest Rate

              The annual cost to borrow money from a lender based on a percentage of the loan amount. Interest rates exclude mortgage "points" and fees charged to get the loan.

              Home Insurance

              A required policy covering a home, the property, and its contents against loss or damage. This includes "liability" coverage against accidents in the home or on the property.

              Loan Term

              The amount of time (usually expressed in years) in which a borrower is required to make monthly payments toward a home loan.

              Can you afford a mortgage payment?

              A mortgage payment is affordable when it fits your monthly budget alongside principal, interest, taxes, and insurance. American Financing's mortgage payment calculator estimates this figure instantly from your home price, down payment, and loan term, so you can budget for a future home before you apply.

              Is buying a home more expensive than renting?

              Buying a home is not always more expensive than renting. In many markets, a monthly mortgage payment is comparable to or lower than rent once you factor in recurring costs like PMI and HOA dues, which American Financing's calculator includes in every estimate.

              Homeownership is within reach

              Whether you're purchasing your first, next, or forever home, we can help you obtain the lowest possible mortgage payment. First-time homebuyers may even qualify for down payment assistance. Learn more by contacting one of our salary-based mortgage consultants.

              Mortgage payment calculator FAQs

              How do I calculate my monthly mortgage payment? Enter a home price, your expected down payment, and desired loan term into American Financing's mortgage payment calculator to get an estimated monthly breakdown of your principal, interest, taxes, and insurance, including a schedule of payments.

              What does the mortgage payment calculator include? The calculator estimates principal, interest, property taxes, home insurance, HOA dues, and PMI, with an amortization graph showing interest, principal, and ending balance over time.

              Does the calculator account for PMI? Yes. The calculator includes an option to add PMI, and it notes that actual interest rate and PMI will vary based on current market conditions, your credit rating, and other factors.

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