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Mortgage Calculator

Estimate your monthly mortgage payment with principal, interest, property tax, homeowners insurance, PMI, HOA dues, and other recurring costs. Review your payment breakdown and full amortization schedule.

MortgageHome LoanMonthly Payment

Mortgage inputs

Adjust the values, then click Calculate.

Live
$
The upfront amount you pay toward the home price. A larger down payment lowers the loan amount and can reduce the monthly payment. Many borrowers use 20% to avoid PMI, but requirements vary.
%
The annual rate charged by the lender for borrowing the mortgage principal. Even small rate changes can significantly affect your monthly payment and total interest over the life of the loan.
%
The length of time used to repay the mortgage, usually 15, 20, or 30 years. A shorter term usually means higher monthly payments but less total interest.
Taxes & Costs (optional)
Estimated local property taxes for the home. You can enter an annual dollar amount or a yearly percentage of the home price, depending on how you prefer to estimate it.
$
Estimated homeowners insurance cost. This usually covers damage to the home and may be required by your lender. Enter an annual amount or a percentage estimate.
$
Private mortgage insurance. It is commonly required when your down payment is less than 20%. This calculator does not automatically remove PMI later; set it to 0 when you no longer want to include it.
$
Recurring homeowners association fees, if the property has them. These may be charged monthly or annually and are separate from your mortgage principal and interest.
$
Any other recurring housing costs you want to include, such as maintenance reserves, special assessments, or local fees. This field is optional and is only for planning.
$

Results update only after you click Calculate.

This estimate is for planning purposes only. Actual mortgage terms, property tax, insurance, PMI, and closing costs vary by lender, property, location, and credit profile. Consult a licensed mortgage professional before making financial decisions.

Ready to calculate

Enter your mortgage details, then click Calculate to generate your estimate.

Understanding your mortgage payment

What this calculator does

This mortgage calculator estimates your full monthly housing payment by combining the principal and interest on your loan with the other costs of homeownership — property tax, homeowners insurance, PMI, HOA dues, and any other recurring fees. It uses the standard fixed-rate amortization formula and produces a year-by-year breakdown showing how much of your payment goes to interest versus principal.

Formula

The monthly principal and interest (P&I) is calculated using the standard fixed-rate amortization formula:

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
  • M — monthly principal & interest payment
  • P — loan amount (home price minus down payment)
  • r — monthly interest rate (annual rate ÷ 12)
  • n — total payments (loan term in years × 12)

When the interest rate is 0%, the payment simplifies to P ÷ n, avoiding division by zero.

How to use it

  1. Enter your home price and down payment (as a percentage or dollar amount).
  2. Enter the annual interest rate from your lender and choose a loan term.
  3. Optionally fill in property tax, home insurance, PMI, HOA dues, and other costs — each supports annual, monthly, or percentage input modes.
  4. Click Calculate to see a full breakdown and your year-by-year amortization schedule.

Example

A $420,000 home with a 20% down payment ($84,000), financed at 6.5% for 30 years:

  • Loan amount: $336,000
  • Monthly principal & interest: ≈ $2,124
  • Property tax at $4,800/yr: $400/mo
  • Home insurance at $1,800/yr: $150/mo
  • Total monthly payment: ≈ $2,674
  • Total interest over 30 years: ≈ $428,400

What the result means

The total monthly payment is your full recurring obligation — budget for this plus utilities and maintenance costs not captured here. The total interest shows the real cost of borrowing: a shorter loan term or lower rate significantly reduces this figure. The amortization schedule reveals that early payments are mostly interest — your principal paydown accelerates in the later years of the loan.

Assumptions and limitations

  • This calculator uses a fixed-rate amortization formula. Adjustable-rate mortgages (ARMs) require different calculations.
  • Property tax, insurance, PMI, and HOA are averaged monthly. Actual escrow schedules, tax assessment cycles, and insurance billing may differ.
  • Closing costs (origination fees, appraisal, title insurance) are not included. They typically add 2–5% of the loan amount.
  • PMI is not automatically removed when equity reaches 20%. Set the PMI field to 0 manually to model that scenario.
  • Tax, insurance, and HOA amounts are held constant over the full loan term. Real costs may increase over time.
  • This tool is for planning purposes only and does not constitute financial advice.

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Mortgage calculator FAQ

Common questions about how the mortgage calculator works and what the results mean.