Mortgage Payment Calculator
Estimate your monthly payment including principal, interest, taxes, insurance, HOA, and PMI.
Inputs
Results
Monthly breakdown
| Principal & interest | $0 |
| Property tax | $0 |
| Home insurance | $0 |
| HOA | $0 |
| PMI | $0 |
| Total | $0 |
|---|
Tip: Open Advanced mode to run what-if scenarios and generate an amortization summary.
Advanced mode tools
What is a mortgage payment?
A mortgage payment is the monthly amount you pay to borrow money to buy a home. It usually includes principal and interest, and may also include property taxes, homeowners insurance, HOA dues, and PMI.
How does this mortgage payment calculator work?
This calculator uses the standard amortization formula to compute the monthly principal and interest payment. Then it adds optional monthly costs like taxes and insurance to estimate a total monthly payment.
What affects your monthly mortgage payment?
- Home price and down payment: These determine your loan amount and your loan-to-value (LTV).
- Interest rate: Higher rates increase the monthly principal and interest payment.
- Loan term: A longer term can reduce the monthly payment but increase total interest.
- Property taxes and insurance: These can add a meaningful amount to the monthly total.
- PMI: Often applies when the down payment is under 20% and increases the monthly cost.
Example calculation
If a home costs $350,000 and you put 20% down ($70,000), the loan amount is $280,000. With a 30-year term and a 6.75% interest rate, the calculator estimates your monthly principal and interest payment, then adds optional items like taxes, insurance, HOA, and PMI if you include them.
Frequently asked questions
Does this include taxes and insurance?
Yes, if you enter annual property tax and homeowners insurance values, the calculator converts them to monthly amounts and includes them in the total payment.
What is PMI and when does it apply?
PMI is private mortgage insurance. It is commonly required when your down payment is under 20%. If you enter a PMI rate, the calculator estimates monthly PMI as a percent of the loan amount.
What is LTV?
LTV is loan-to-value. It is the loan amount divided by the home price, shown as a percent. A lower LTV usually means less risk for the lender.
How accurate is this mortgage estimate?
This tool provides an estimate based on the inputs you enter. Your lender’s final payment may differ due to fees, escrow requirements, rate locks, and local tax or insurance details.
Can extra payments reduce the loan term?
Yes. In Advanced mode, add a monthly extra payment to see how it can reduce total interest and shorten the payoff timeline in the amortization summary.
Data sources and methodology
Methodology: Principal and interest are calculated using the standard fixed-rate amortization formula. Taxes and insurance are converted from annual amounts to monthly amounts. PMI is estimated as an annual percent of the loan amount and converted to a monthly value.
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Read the full mortgage calculator guide for deeper explanations, comparisons, and common pitfalls.
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