Mortgage Calculator
Estimate your monthly payment for a fixed-rate conventional loan and explore the full amortization schedule.
Your monthly mortgage payment is more than just principal and interest. Our mortgage calculator estimates your full monthly payment for a fixed-rate conventional loan (including property taxes, homeowners insurance, HOA fees, and PMI), and breaks down the complete amortization schedule so you can see exactly how your loan pays off over time.
Estimate your monthly payment for a fixed-rate conventional loan and explore the full amortization schedule above.
Important mortgage terms to know
Home price: The purchase price of the home you're buying. This is the starting point for calculating your loan amount and down payment.
Down payment: The upfront cash you pay toward the home's purchase price. Put down 20% or more and you can skip PMI entirely. Put down less, and your lender will typically require it.
Loan term: How long you have to repay the loan. A 30-year term keeps monthly payments lower but costs significantly more in interest over time. A 15-year term means higher payments but much less interest paid overall.
Interest rate: The annual rate your lender charges on the loan balance. Even a small difference in rate — say, 0.5% — can add up to tens of thousands of dollars over a 30-year loan.
Principal & interest (P&I): The core of your mortgage payment. Principal reduces your loan balance; interest is the cost of borrowing. Early in the loan, most of your payment goes toward interest — that ratio gradually shifts as you pay down the balance.
Private mortgage insurance (PMI): Required on conventional loans when your down payment is less than 20%. PMI protects the lender, not you, and it adds to your monthly cost until you reach 20% equity.[1]
Property tax: An annual tax assessed by your local government, typically collected monthly as part of your mortgage payment through an escrow account.
Homeowners insurance: Required by virtually all lenders, this protects your home against damage and liability. Like property taxes, it's usually escrowed and paid monthly.
HOA fees: If your home is in a community with a homeowners association, monthly dues may apply. These aren't included in your loan — they're a separate ongoing cost.
Amortization: The process of paying off your loan through scheduled payments over time. Each payment chips away at both principal and interest, with the balance between them shifting each year.
How to get help with a mortgage
Shopping for a mortgage on your own can be overwhelming — rates, terms, and lender requirements vary widely. A mortgage broker can do much of that legwork for you, comparing loan options across multiple lenders based on your credit, income, and goals.
Compare conventional loans with Best Interest today. Answer a few questions and we’ll connect you with a dedicated loan officer in minutes to guide you through available loan options and rates—no social or date of birth required. Talk with a Best Interest loan officer to explore your mortgage options.