How to Use This Calculator
- Enter the home price you're planning to buy
- Input your down payment (typical: 3-20%)
- Enter the interest rate (current average: ~6.5% for 30-year fixed)
- Select your loan term (15, 20, or 30 years)
- Click Calculate to see your monthly payment
Understanding Your Mortgage
Your monthly mortgage payment includes principal + interest, and may also include property taxes and insurance (PITI).
💡 Pro Tip
A 15-year mortgage saves you thousands in interest, but has higher monthly payments. Use our Loan Comparison Calculator to see the difference.
Related Calculators
- Refinance Calculator - See if refinancing saves money
- Home Affordability - How much house can you afford?
- Amortization Schedule - See yearly breakdown
- Mortgage Qualifier - Can you qualify?
Current Mortgage Rates (March 2026)
| Loan Type | Average Rate |
|---|---|
| 30-Year Fixed | ~6.5% |
| 15-Year Fixed | ~5.75% |
| 5/1 ARM | ~6.0% |