Mortgage Calculator

Estimate the monthly and total costs of a fixed-rate mortgage. You can lower overall borrowing cost by reducing the mortgage term. A down payment of at least twenty percent also helps to avoid private mortgage insurance (PMI) expenses.

Please note that homeowners insurance and PMI rates vary widely based on location, the borrower's credit score, and many other factors. To provide meaningful estimates, this calculator uses broad national averages.

This calculator can help you estimate mortgage costs, but not home ownership costs. Other expenses that may affect monthly bill, from utilities to possible homeowners association or condo fees, aren't included. All calculations are approximate.





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* Don't know the property tax rate in your area? Real estate listings often disclose annual property taxes, so divide that number by 12 and adjust the slider until your number equals the monthly taxes in the graph.

Home Price

Down Payment

Mortgage Loan

About Tax Deductible Expenses

Up to certain limits, both mortgage interest and property taxes are tax-deductible if you itemize deductions on your federal taxes. For single filers and married couples filing jointly, up to $10,000 in state and local taxes is deductible (including any state income tax). Interest charges on mortgages up to $750,000 are also deductible.

Potentially deductible expenses from the first year of this mortgage include:


Property Taxes

It's also important to note that deductible expenses change over time. For example, the deductible interest on this mortgage would be just in its final year. Whether or not you would save money by itemizing, as opposed to taking the standard deduction, is dependent on a wide variety of factors that are too complex for this calculator.

Always consult a qualified financial professional when making major financial decisions.