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\ Editor's note: We earn a commission from affiliate links on Forbes Advisor. Commissions do not influence the opinions or ratings of our editors. A mortgage is often a necessary part of buying a home, but it can be difficult to understand what you can actually afford. A mortgage calculator can help borrowers estimate their monthly mortgage payments based on the purchase price, down payment, interest rate and other monthly homeowner expenses. How is my monthly payment calculated? Monthly schedule Annual plan Please note: Calculator results and default inputs are estimates. For best results, enter numbers that match your location and situation. Other data sources: Quadrant Information Services, The Tax Foundation and CoreLogic, a real estate data and analytics company. How to calculate mortgage payments Whether you're looking for a mortgage or want to draw up an amortization table for your current loan, a mortgage calculator can give you an overview of your monthly repayments. To use the Forbes Advisor mortgage calculator, follow these steps: Enter the price of the house. Start by adding the total purchase price of the home you want to buy on the left side of the screen. If you don't have a specific house in mind, you can experiment with this number to see how much house you can afford. And if you're thinking about making an offer on a home, this calculator can help you determine how much you can afford to offer. Enter the deposit amount. Next, add the down payment you expect as a percentage of the purchase price or as a specific amount. Enter your interest rate. If you have already shopped for a loan and were offered a range of interest rates, enter one of these values ​​in the interest rate field on the left. If you haven't pre-qualified for an interest rate, you can enter the current average mortgage rate as a starting point. Choose the loan period. To help calculate your monthly mortgage payment, enter a loan term of up to 30 years. If you have not been approved for the loan term and interest rate, the rate you choose here should match the average rate you entered above. For example, if you choose a 15-year term, use the average rate for a 15-year mortgage. If you instead want a balance between low monthly payments and a shorter repayment term, you can use this calculator section to compare your options. Add taxes, insurance and HOA fees. This part of the calculator is optional, but it can help you get a more accurate picture of your potential monthly payments. If you have the information available, include your monthly property taxes, private mortgage insurance (PMI), homeowner's insurance, and HOA fees. If you don't have these numbers available, some information may be available through your real estate agent or local appraiser's website. Check your loan details. Once you have entered all the relevant information on the left side of the screen, the calculator will automatically fill in the payment breakdown on the right. This part of the calculator allows you to see your monthly payments as well as your estimated pay month. Go to the amortization schedule tab to see how much of your annual payments will go toward interest and principal. You can also switch between annual and monthly views to see a breakdown of each monthly payment. Breakdown of the mortgage repayment formula The mortgage repayment formula is complex, but it can be useful. It helps homeowners and potential homeowners figure out what paying more money would mean for their monthly budget and overall wealth profile. For a full breakdown, check out our mortgage repayment calculator. Mortgage fees and costs If you're a first-time mortgage shopper, this terminology can be intimidating. It can also be difficult to understand what you're paying for – and why. Here's what to look for when checking your mortgage costs and fees: Principal: The principal is the amount you borrowed for the mortgage. A portion of each payment will go toward paying off this amount, so as you make monthly payments, this number will decrease. Interest rate: This is basically what a lender charges you for borrowing money. Your interest rate is expressed as a percentage and can be fixed or variable. Property Taxes: Property taxes are collected by your local tax authority. This number can usually be viewed on your recorder's or appraiser's website – whether you have access to property cards and other property records. Home Insurance: Home insurance is necessary to protect you and your lender in the event of damage to your home. If you are considering a home, ask your real estate agent if they have any information on current insurance costs. Otherwise, contact your local insurance agent for a quote. Mortgage Insurance: Also known as private mortgage insurance – or PMI – it protects the lender in case you default on your mortgage. It usually ranges from 0.58% to 1.86% of the total mortgage amount, and you'll need to factor it in if your down payment is less than 20%. HOA Fees: Homeowners association fees may be required if you purchase property in a shared community such as an apartment complex. HOAs are private organizations established to manage and maintain such premises. The fees may be nominal, but they can make your monthly payments unaffordable. Estimate how much house you can afford How much home you can afford depends on several factors, including your monthly income, existing debt service, and how much you've saved for a down payment. Lenders pay close attention to your debt-to-income ratio (DTI) when deciding whether to approve you for a certain amount of mortgage. Your DTI compares your total monthly debt payments to your monthly pre-tax income. As a general rule, you shouldn't pay more than 28% of your income towards a house payment, although you may be approved for a higher percentage. However, keep in mind that just because you can afford a home on paper doesn't mean your budget can actually handle the payments. In addition to the factors your bank considers when pre-approving your mortgage amount, consider how much money you'll have after paying the down payment. It's best to have at least three months of payments saved up in case you run into financial trouble. Along with calculating how much you expect to pay each month for maintenance and other home-related expenses, you should also consider your other financial goals. For example, if you're planning to retire early, determine how much money you need to save or invest each month, then calculate how much you'll have left to pay off your mortgage. Ultimately, the home you can afford depends on what you're comfortable with – just because you're pre-approved for a mortgage doesn't mean you should max out your credit. What is the best mortgage term for you? The term of the mortgage is the amount of time you have to make monthly payments