With our mortgage calculator, you can enter how much you want to spend on a home and the amount you have for a down payment. Determine how much house you can afford.You've entered numbers into the mortgage calculator - so what can you do with this information? If you don't already have these numbers but want to get an idea of what you'll pay total every month, see the average property taxes in your state here and the average cost of homeowners insurance by state and home value here. Once you calculate M (monthly mortgage payment), you can add in the monthly property tax and homeowners insurance payment. You may see this full mortgage payment amount referred to as 'PITI.' If you made a small down payment or you have an FHA mortgage, a small portion of your monthly payment will also go toward a mortgage insurance premium, which protects the lender. Insurance: As with property taxes, your homeowners insurance premium will also be included in your monthly payment and set aside in an escrow account.When the taxes come due, the lender will pay them on your behalf using the money in the escrow account. Taxes: Mortgage lenders typically include your property taxes in your monthly mortgage payment and hold this part of your payment in an escrow account.Interest: This is what the bank charges you to borrow money.You'll pay a portion of this each month, reducing your principal balance over time.

For example, if you want to buy a $400,000 home and have $50,000 for a down payment, you'll need to borrow $350,000.

Principal: This is the amount you borrow to buy your home.

This mortgage calculator shows you how much you'll pay toward your principal and interest each month, but your actual mortgage payment will likely include a couple other charges. You'll also get some tips on exactly how you can save on interest. Click on 'more details' to see how much you might pay in interest over the life of your loan, and how different rates and term lengths can impact that amount.

Mortgage calculator with insurance