Mortgage Calculator

Estimate your payment with our easy-to-use loan calculator. Then get pre-qualified to buy by a local lender.
Calculate your monthly mortgage payments
Mortgage information updates automatically as you edit the fields below. Updated information is located below the "Loan Type" field
Your est. payment: $899/month
Monthly Payment
$899
/month
Principal & Interest
$639
Property Taxes
$185
Home Insurance
$75
Mortgage ins. & other
$0

What type of mortgage is right for me?

The type of loan you choose will affect your interest rate and your monthly payment, so it’s important to choose wisely. Here’s a look at different loan options for some common mortgage types. The interest rates displayed are averages, but you can find personalized rates here.
30-Year Fixed
Low monthly payments that won’t change
15-Year Fixed
Paying loan off faster (vs 30-year loans)
7/1 ARM
Those who might sell within 7 years
5/1 ARM
Those who might sell within 5 years
FHA 30-Year Fixed
Those with lower credit scores
VA 30-Year Fixed
Qualifying veterans and active military
Jumbo 30-Year Fixed
Those purchasing high-priced homes
* Actual minimum required down payment may vary depending on criteria established by the lender, investor or insurer of your loan.
See rate disclosures

How to lower your monthly payment

If the monthly mortgage payment you’re seeing in the home loan calculator is higher than you can afford, here are a few things you can do to lower it.

Improve your credit score

If a low credit score is contributing to your high payments, you can take steps to increase it. First, review your credit report and address any red flags or errors. Then, stop applying for new credit, work to reduce your debt, and be sure to make all of your payments on time.

Put more money down

A higher down payment will reduce the amount of money you borrow, leading to lower monthly payments. It can help you qualify for a lower interest rate, which can also lower your monthly payments. In some cases, it can help you avoid paying costly PMI.

Make extra payments

If you can’t make a bigger down payment, you can opt to pay extra towards your principal every month. While this won’t immediately lower your monthly mortgage payment, it can help your mortgage payments decrease later and help you pay off the loan faster.

Opt for a longer loan term

A longer loan term will spread the cost over a longer period of time, which will lower your monthly mortgage payments. This will lead to more interest paid over the life of your loan, but it’s a good strategy to help make homeownership more affordable.

Avoid PMI

For most conventional loans, you’re required to pay for private mortgage insurance (PMI) along with your monthly mortgage payment until your loan-to-value (LTV) reaches 78-80%. You can avoid this additional monthly cost by putting 20% down on your home.

Pay PMI upfront

If you have to pay PMI on a conventional loan, instead of paying it every month along with your mortgage payment, you can opt to pay for it upfront as a one-time fee. This won’t lessen the overall cost of PMI, but it will cut down the amount you pay every month.

Rent out part of your home

If you’re open to living with roommates and you have the space, renting out a bedroom in your home or even a basement apartment if you have it is a great way to reduce your overall monthly payment by having the rental income offset your monthly costs.

Make bi-weekly payments

If you want to immediately lower your payments, bi-weekly payments likely won’t help. But if you want to pay your loan off faster, stop paying PMI faster, or simply pay less interest over the life of your loan, this approach could make a lot of sense for you.

Buy down your rate

Everyone knows that the lower the interest rate you get for your loan, the lower your monthly payment will be. But if you don’t have the credit score or other criteria to qualify for the lowest rate, consider buying discount points to get a lower rate, and a lower payment.

Mortgage resources

Simplify the mortgage process with our easy-to-use mortgage resources.

Current mortgage rates

Have you checked interest rates lately? Get free quotes and see current local rates. No strings attached.

Local lenders

Save time and find a lender in your area to walk you through the steps of financing your new home.