Buying a house is complicated, and calculating how much you can afford each month can be tricky.
The calculator below can help you quickly estimate how much you might pay for mortgage costs. Just enter the home price, down payment, loan term, interest rate and other key details here.
This calculator excludes expenses like private mortgage insurance, a down payment, closing costs and attorney fees. We do offer some guidelines for estimating those below, though. It’s also worth acknowledging that this calculator can only provide an estimate: Your payment will depend on your specific situation, including your property, state of residence and the lender’s particular terms and conditions.
Want to estimate how much you’ll pay each month for your mortgage? This calculator uses the standard mortgage equation to determine your estimated monthly payment.
M = P [ r (1 + r)^n ] / [ (1 + r)^n – 1]
In addition to the principal and interest, there are other upfront and monthly costs to consider as part of the homebuying process:
Once you know how much home you can afford, you can start the mortgage preapproval process and begin your home search. Your lender will use more detailed information than our calculator, so your actual affordability may look a bit different. And don’t forget to shop around to ensure you’re getting the best rates available.
When you’re new to homebuying, some of the terms may be unfamiliar. We’ve compiled some of the standard terms associated with homebuying to help you understand the process.
