Mortgage Calculator
See your full monthly payment — principal, interest, taxes, and insurance — for any property. Powered by the FRED MORTGAGE30US weekly rate.
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Type a question — the AI sees your numbers above and answers specifically about your scenario. First 3 questions free, then a quick sign-in to keep going (still free).
The most important affordability number.
A mortgage calculator turns price, down payment, interest rate, and loan term into a monthly payment you can actually compare against your budget. The headline number is principal and interest (P&I), but real lenders also want to see taxes and insurance bundled in — the full bundle is called PITI.
Most buyers underestimate by 20% because they Google “monthly mortgage on $500K” and get a number that ignores property tax (often 1–2% of price annually), insurance, and PMI if down payment is below 20%. Our calculator includes all of them so what you see is what your lender will quote.
The rate input defaults to the current 30-year fixed rate from FRED MORTGAGE30US (Freddie Mac, published weekly). Change it to stress-test affordability if rates move up another point — most people skip this and get surprised at the closing table.
- Loan amount (L): $360,000
- Monthly rate (r): 6.37% ÷ 12 = 0.5308%
- Term (n): 360 months
- Monthly P&I: $2,244
- + Property tax (1.2%): $450/mo
- + Insurance: $120/mo
- Total PITI: $2,814/mo
PMI (private mortgage insurance) kicks in when you put down less than 20%. It typically runs 0.3–1.5% of the loan amount annually, paid monthly. On a $400K loan at 0.5% PMI that's $167/month — meaningful. It drops off automatically when your equity hits 22% per federal law, but request removal at 20% to stop paying sooner.
A 30-year keeps your monthly payment lower (better cash flow), but you pay roughly 2× the total interest over the loan life. A 15-year forces faster equity build and saves ~50% of total interest, but the monthly is 30–40% higher. Run both in this calculator before deciding — the right answer depends on your other use of the cash flow.
Old rule: refinance when rates drop 1+ percentage points below your current rate. Better rule: compute your break-even — closing costs divided by monthly savings. If you'll stay in the home longer than break-even months, refinance pays off. Our calculator will surface this in the AI verdict ($19) by comparing your current loan against current FRED rates.
Zillow's calculator is a lead-gen funnel — the goal is to send your contact to a lender partner who pays Zillow for the referral. Ours has no lender partnerships and no leads to sell. The rate you see is the FRED Freddie Mac weekly survey; the property tax defaults to your state median from Census B25103. We'd rather earn a $19 AI verdict than sell your phone number.