Mortgage Calculator
Use this free mortgage calculator to estimate your monthly house payment, including principal, interest, property taxes, home insurance, PMI, HOA fees, and other costs.
Mortgage Payment Calculator
Enter your loan details below to calculate your estimated monthly payment.
Taxes, Insurance & Costs
Includes principal, interest, taxes, insurance, PMI, HOA, and other costs.
Monthly Payment Breakdown
Principal & Interest$0.00
Property Tax$0.00
Home Insurance$0.00
PMI$0.00
HOA & Other$0.00
Mortgage Amortization Schedule
This table shows the monthly interest, principal, and remaining loan balance.
| Month | Date | Payment | Interest | Principal | Balance |
|---|
What Is a Mortgage Calculator?
A mortgage calculator is an online tool that helps estimate the monthly payment for a home loan. It uses the home price, down payment, loan term, and interest rate to calculate the principal and interest payment. This calculator also allows you to include property taxes, home insurance, PMI, HOA fees, and extra costs for a more complete estimate.
Mortgage Payment Formula
The standard mortgage payment formula for principal and interest is:
- M = monthly principal and interest payment
- P = loan amount
- r = monthly interest rate
- n = total number of monthly payments
How to Use This Mortgage Calculator
- Enter the home price.
- Enter your down payment amount.
- Add the loan term, such as 15, 20, or 30 years.
- Enter the annual mortgage interest rate.
- Add optional costs like property tax, insurance, PMI, and HOA fees.
- Click Calculate to see your estimated monthly payment and amortization schedule.
What Costs Are Included?
This calculator can include principal, interest, property taxes, homeowners insurance, private mortgage insurance, HOA fees, and other annual costs. The result is an estimate and may differ from the exact payment offered by a lender.
Mortgage Calculator FAQs
What is the main monthly mortgage payment?
The main mortgage payment is usually principal and interest. However, many homeowners also pay property tax, insurance, and other costs each month.
Does a larger down payment reduce monthly payment?
Yes. A larger down payment reduces the loan amount, which can lower the monthly payment and may help avoid PMI.
What is PMI?
PMI means private mortgage insurance. It is commonly required when the down payment is less than 20% of the home price.
Can extra payments reduce interest?
Yes. Extra monthly payments can reduce the remaining balance faster, which may lower total interest and shorten the payoff time.
Related Calculators
Mortgage Calculator: Estimate Your Monthly House Payment
Use this guide with the mortgage calculator above to estimate your monthly mortgage payment, principal and interest, property tax, homeowners insurance, PMI, HOA fees, total interest, and total home loan cost.
What Is a Mortgage Calculator?
A mortgage calculator is a home loan tool that estimates the monthly cost of borrowing money to buy a house. It can calculate the principal and interest payment based on loan amount, interest rate, and loan term.
A stronger mortgage estimate also includes common homeownership costs such as property taxes, homeowners insurance, private mortgage insurance, HOA fees, and optional extra payments.
How to Use This Mortgage Calculator
Enter your home price, down payment, loan term, interest rate, property tax, insurance, PMI rate, and any HOA fee. Then click calculate to estimate your monthly mortgage payment.
Enter Home Price
Add the expected purchase price of the home.
Add Down Payment
Enter the amount you plan to pay upfront.
Set Loan Terms
Add loan term, interest rate, taxes, insurance, and PMI assumptions.
Review Payment
See monthly payment, loan amount, total interest, total cost, and LTV.
Mortgage Payment Formula
The standard fixed-rate mortgage payment formula is:
In this formula, M is the monthly principal and interest payment, P is loan principal, r is the monthly interest rate, and n is the number of monthly payments.
What This Mortgage Calculator Shows
This calculator gives a clear monthly mortgage estimate and breaks down the biggest payment parts.
Monthly Mortgage Payment
The estimated monthly payment including principal, interest, taxes, insurance, PMI, HOA, and extra payment.
Principal and Interest
The core loan payment based on loan amount, interest rate, and loan term.
Property Tax
The estimated monthly property tax based on the annual property tax percentage entered.
Homeowners Insurance
The estimated monthly cost of homeowners insurance based on the annual insurance amount.
PMI Estimate
Private mortgage insurance is estimated when the loan-to-value ratio is above 80%.
Total Interest
The estimated interest paid over the loan payoff period.
Mortgage Payment Example
Suppose a home costs $400,000, the down payment is $80,000, the loan term is 30 years, and the interest rate is 6.5%.
The calculator estimates the principal and interest payment from the loan amount. Then it adds property tax, homeowners insurance, PMI if needed, HOA fees, and any extra monthly payment.
Principal and Interest vs. Total Monthly Payment
Many people look only at principal and interest, but the real monthly house payment can be higher. Property taxes, insurance, PMI, HOA fees, and escrow changes can significantly affect affordability.
That is why a complete mortgage calculator should include both the loan payment and estimated ownership costs.
Why Down Payment Matters
A larger down payment can reduce the loan amount, lower the monthly principal and interest payment, reduce total interest, and possibly avoid PMI. A smaller down payment may make buying sooner possible, but it can also increase monthly costs.
Many borrowers compare different down payment amounts to see how the monthly payment changes before making an offer.
Mortgage Planning Tips
Related Calculators and Trusted Mortgage Resources
Continue planning with related calculators and trusted educational resources about mortgages, home buying, loans, and housing costs.
Loan Calculator
Estimate monthly loan payments, total interest, and payoff cost.
Open Tool → Internal ToolAmortization Calculator
See how loan principal and interest change over time.
Open Tool → Internal ToolRefinance Calculator
Compare potential savings from refinancing your mortgage.
Open Tool → Internal ToolDebt-to-Income Ratio Calculator
Estimate DTI ratio for home loan affordability planning.
Open Tool →Learn More From Official Housing Sources
These external resources are provided for educational purposes and open in a new tab.
Owning a Home
Explore mortgage and home buying education from the CFPB.
Visit CFPB → HUDBuying a Home
Learn about home buying resources from HUD.
Visit HUD → FHAFHA Loan Requirements
Review general FHA loan requirement information.
Visit FHA → IRSHome Mortgage Interest
Read IRS information about home mortgage interest.
Visit IRS →Frequently Asked Questions
What is a mortgage calculator?
A mortgage calculator estimates a monthly home loan payment based on home price, down payment, loan term, interest rate, and other housing costs.
What is included in a mortgage payment?
A mortgage payment may include principal, interest, property taxes, homeowners insurance, PMI, HOA fees, and other escrow-related costs.
How is mortgage interest calculated?
Mortgage interest is usually calculated from the loan balance and monthly interest rate. In the early years of a fixed mortgage, more of the payment often goes toward interest.
When is PMI included?
PMI is commonly required when the down payment is below 20% of the home price, although exact lender rules can vary.
Can this calculator predict my exact mortgage payment?
No. It provides estimates only. Your actual mortgage payment may vary based on lender terms, taxes, insurance, PMI rules, escrow changes, fees, and local costs.
Important Disclaimer
This mortgage calculator is for educational and informational purposes only. It does not provide financial, mortgage, tax, legal, or real estate advice. Mortgage payments, rates, taxes, insurance, PMI, fees, and loan terms can vary by lender, borrower, property, and location.