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Mortgage Calculator | West Sound
Free Mortgage Calculator

Mortgage Calculator: Estimate Your Monthly Payment

Enter your home price, down payment, and loan details to get a real-time estimate of what your monthly payment could look like.

Your Monthly Payment
$0
Principal & interest
$0
0%
Property tax
$0
0%
Home insurance
$0
0%

Location

Select your state — average property tax rates and mortgage rates vary by location. You can always overwrite these with your own numbers.

Auto-filled based on state averages as of July 2026. Rates and taxes shift over time, so treat these as a starting point.

Home price

Enter the purchase price of the home you want to buy.

$

Down payment

Most conventional loans require a down payment of at least 3%; FHA loans allow as low as 3.5%, and VA loans can go to 0%.

$ 20%

Interest rate

Auto-filled based on the state you selected. Enter your own rate if you have a personalized quote from a lender.

%

Mortgage type

This calculator estimates payments for a 30-year fixed loan program.

Advanced ▾

Home insurance

Enter your homeowner's insurance, if known. Otherwise, this defaults to a rough estimate based on your home price.

$

Property tax

Enter the property tax rate, if known. Otherwise, this defaults to the average effective property tax rate for your state.

$ 0.40%

Disclosure

This calculator is provided by West Sound for educational and planning purposes only. It does not constitute a loan offer, pre-qualification, rate lock, or commitment to lend, and West Sound is not a mortgage lender. Interest rates, property tax rates, and insurance costs shown here are estimates based on state and national averages as of July 2026 and will vary based on your credit profile, loan type, down payment, lender, and the specific property. For an actual rate quote or pre-qualification, contact a licensed mortgage lender.

Mortgage basics

Understand what goes into your monthly payment

How it works

What's actually in your payment

Most monthly mortgage payments are made up of four parts: principal (paying down what you borrowed), interest (the lender's cost of the loan), property taxes, and homeowners insurance — often bundled together as "PITI."

If your down payment is under 20% on a conventional loan, you'll typically also pay private mortgage insurance (PMI) until you build enough equity.

Understanding your rate

What affects your interest rate

Credit score: Borrowers with scores above 780 typically get the best available rates. A score in the high 600s can push your rate up by half a point or more.

Loan-to-value (LTV): A down payment of 20% or more usually eliminates PMI and can qualify you for a better rate. Loan term: shorter terms (like 15 years) usually carry a lower rate but a higher monthly payment.

Shop smart

Compare more than just the rate

The advertised interest rate is only part of the cost. Origination fees, discount points, and lender fees can vary widely, so always compare full APR and total loan costs — not just the headline rate.

Getting quotes from a few different lenders before you commit can meaningfully change what you pay over the life of the loan.

Ready to see what's out there?

Get a feel for your numbers, then start looking at homes in your range or talk to a local lender for a personalized quote.

Frequently asked questions

Everything you need to know about using this calculator and understanding your mortgage payment.

How do I use a mortgage calculator?
Enter your home price, down payment, interest rate, and loan term, and the calculator instantly estimates your monthly payment — including principal, interest, property tax, and insurance if you add them.
What is a mortgage, and how does it work?
A mortgage is a loan used to buy a home, secured by the property itself. You repay it over a set term — commonly 15 or 30 years — through monthly payments that cover both the amount borrowed (principal) and the lender's cost for the loan (interest).
What is the difference between fixed-rate and adjustable-rate mortgages?
A fixed-rate mortgage keeps the same interest rate for the life of the loan, so your principal and interest payment never changes. An adjustable-rate mortgage (ARM) starts with a lower introductory rate that can rise or fall after a set period, which adds uncertainty but can lower initial costs.
How accurate are mortgage calculators?
They're a solid planning tool for estimating principal, interest, taxes, and insurance, but your actual payment will depend on your specific lender, credit profile, loan program, and closing details — so treat the result as a close estimate, not a guaranteed number.
Can a mortgage calculator include taxes and insurance?
Yes — this calculator includes both. Property tax defaults to your state's average effective rate, and home insurance defaults to a rough estimate based on your home price. You can overwrite either one if you have your own numbers.
What is PMI, and when is it required?
Private mortgage insurance (PMI) protects the lender if you default, and it's typically required on conventional loans when your down payment is under 20%. It's usually removed once you've built enough equity in the home.
How can I use a mortgage calculator to plan for extra payments?
While this calculator shows your standard monthly payment, making extra payments toward principal — even small, occasional ones — can shorten your loan term and reduce the total interest you pay over time.
What should I do if my mortgage calculator results are higher than expected?
Try adjusting your down payment, looking at a lower home price range, or comparing a 15-year versus 30-year term. Getting a real rate quote from a lender can also clarify what you actually qualify for.
Can I use a mortgage calculator for refinancing?
This particular calculator is built for estimating a new purchase payment. For refinancing, you'd want to compare your new estimated payment against your current one, factoring in any closing costs on the new loan.
What is the 3-7-3 rule in mortgages?
It's a rough guideline some lenders use for the mortgage process timeline: about 3 days for initial disclosures, 7 days before the loan can close after those disclosures go out, and 3 days for final closing disclosure review — adding up to a typical minimum closing timeline.
How does a mortgage calculator help with budgeting?
It lets you test different home prices, down payments, and loan terms before you commit to anything, so you can get a realistic sense of what fits your budget before you start seriously house hunting.
Where do the interest rate and property tax defaults come from?
Interest rate defaults are based on recent national and state mortgage rate averages, and property tax defaults are based on published average effective property tax rates by state. Both are estimates — actual numbers depend on your lender, credit profile, and county.
Does this calculator pre-qualify me for a loan?
No. This tool is for planning and estimation only. It doesn't check your credit, verify your income, or represent an offer of credit from West Sound or any lender.
How do I get an actual mortgage rate quote?
Reach out to a licensed mortgage lender directly. They'll look at your credit, income, and the specific property to give you a real rate and pre-qualification — this calculator is meant to help you plan before that conversation.
© West Sound. This calculator is for educational purposes only and does not constitute a loan offer or commitment to lend.
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