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Mortgage Calculator

Estimate a fixed-rate mortgage payment with principal, interest, property taxes, insurance, PMI, HOA dues, and an amortization preview.

Mortgage details

Taxes, insurance, and fees

Monthly payment

$0/mo
Principal & interest
$0/mo
Property taxes
$0/mo
Insurance
$0/mo
PMI
$0/mo
HOA
$0/mo

Payments over time

Annual payment costs and loan balance

Amortization preview

First 12 payments
Month P&I payment Toward balance Interest PMI Balance

Interpret your mortgage estimate

Use the total monthly estimate—not just principal and interest—as a starting point for your housing budget. It combines the loan payment with property tax, homeowners insurance, PMI, and HOA dues, but it is still a planning estimate rather than a lender quote.

Inputs that matter most

  • Interest rate: use a recent fixed-rate quote when possible because even a small rate change can affect the payment.
  • Down payment: changes the amount borrowed and determines whether this estimate includes PMI.
  • Property tax and insurance: use property-specific estimates because both can vary widely and change over time.
  • HOA dues: check the listing or association documents instead of assuming the property has no monthly fee.

Common mistakes

  • Budgeting from principal and interest while leaving out taxes, insurance, PMI, or HOA dues.
  • Using the seller's current tax bill without checking whether the property may be reassessed after the sale.
  • Treating taxes, insurance, and HOA dues as fixed for the full loan term.
  • Using every available dollar for the down payment and leaving too little for closing costs, repairs, or reserves.

When this estimate can be misleading

Your actual payment can differ because this calculator does not include lender fees, discount points, prepaid interest, escrow adjustments, local reassessment rules, future cost changes, or your full debt-to-income picture.

Scenarios to try

  • Compare 10%, 20%, and 25% down to see how the loan amount and PMI estimate change.
  • Raise the interest rate by 0.5 percentage points to stress-test the monthly budget.
  • Compare 15-year and 30-year terms, then review the amortization preview to see the different principal and interest mix.
  • Replace the example taxes, insurance, and HOA dues with estimates for a property you are considering.

Next-step utilities

Rent vs Buy Calculator Refinance Calculator Mortgage Payoff Calculator

How to use this mortgage calculator

Start with the best property and loan estimates you have. The payment card, long-term chart, and amortization preview then show what you may pay each month and how the loan balance changes.

  1. Enter the home price and down payment. Their difference is the starting loan amount.
  2. Add the fixed interest rate and loan term. Use the rate from a recent quote or Loan Estimate when one is available.
  3. Enter annual property tax and homeowners insurance, plus the PMI rate and monthly HOA dues when they apply.
  4. Review the payment card to separate principal and interest from the other monthly housing costs.
  5. Use the chart for the long-term trend and the amortization preview for the first 12 principal, interest, PMI, and balance entries.

Mortgage Calculator features

  • Estimate monthly mortgage payments including principal and interest.
  • Add property taxes, homeowners insurance, PMI, and HOA dues for a fuller monthly budget.
  • Compare fixed-rate terms, interest rates, and down payment amounts.
  • See each monthly cost separately instead of relying on one payment total.
  • Follow annual principal, interest, ownership costs, and remaining balance across the loan term.
  • Preview the first 12 amortization entries with principal, interest, PMI, and balance details.
  • Use the estimate as a starting point before comparing affordability, payoff, or refinance options.

What goes into a monthly mortgage payment?

The amount you need to budget is usually higher than principal and interest alone. Property taxes, homeowners insurance, mortgage insurance, and association dues can all increase the monthly cost.

Principal repays the amount borrowed, while interest is the lender's charge for the loan. With a typical fixed-rate mortgage, the combined principal and interest payment stays level, but the split changes: early payments contain more interest, and later payments send more toward principal. The amortization preview makes that shift visible for the first year.

Property taxes and homeowners insurance are often collected through an escrow account and added to the amount sent to the mortgage servicer. PMI may also be included when it applies. HOA dues are usually paid separately, but this calculator includes them in the total so they are not missing from your housing budget. The CFPB explains how a principal and interest payment differs from the total monthly payment.

Use property-specific numbers whenever possible. A recent tax record is a useful starting point, but check whether a sale could trigger reassessment. Ask an insurer for a quote, and get HOA dues from the listing, seller disclosures, or association documents. Taxes, premiums, and dues can change after closing even when principal and interest stay the same.

This calculator is designed for fixed-rate planning scenarios. It does not model adjustable-rate changes, lender fees, discount points, closing costs, prepaid items, or every escrow rule. Once you have written offers, compare this result with each lender's Loan Estimate rather than treating the calculator as a quote.

Mortgage payment formula and assumptions

The calculator subtracts the down payment from the home price, amortizes that loan amount with a fixed monthly rate, and then adds the entered ownership costs. The chart and preview use the same month-by-month schedule.

Loan amount
L = H - D

H is the home price and D is the down payment.

Monthly principal and interest
M = L \cdot \frac{r(1+r)^n}{(1+r)^n - 1}

L is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. If the interest rate is 0%, the calculator divides the loan amount evenly across the term.

Monthly ownership costs
T = M + \frac{P}{12} + \frac{I}{12} + \operatorname{PMI} + A

P is annual property tax, I is annual insurance, and A is monthly HOA dues.

PMI estimate
\operatorname{PMI} = \begin{cases} \frac{L \cdot p}{12}, & \frac{L}{H} > 0.8 \\ 0, & \frac{L}{H} \le 0.8 \end{cases}

For this simplified estimate, PMI applies while the scheduled loan balance is above 80% of the entered home price. The annual PMI rate is applied to the original loan amount. Actual premiums and cancellation rules vary by loan program, lender, servicer, payment history, and property value.

This PMI model is a planning shortcut, not a prediction of the exact cancellation month. The Consumer Financial Protection Bureau explains when borrowers may request cancellation and when servicers generally must terminate PMI for eligible conventional mortgages in its guide to removing conventional PMI. FHA, VA, lender-paid mortgage insurance, and other programs follow different rules.

Mortgage calculator FAQ

Straightforward answers about what the estimate includes, why a lender's numbers may differ, and how down payments and PMI affect the result.

What is included in this mortgage payment estimate?
The estimate includes principal and interest, annual property taxes divided monthly, annual homeowners insurance divided monthly, PMI when loan-to-value is above 80%, and monthly HOA dues.
Why is my lender quote different from this calculator?
A lender uses the exact loan program, escrow setup, local tax data, insurance information, prepaid interest, closing costs, discount points, and fees for your application. This calculator uses only the assumptions you enter, so use it for planning and compare the result with the written Loan Estimates you receive.
When does PMI go away?
This calculator stops estimating PMI when the scheduled balance reaches 80% of the entered home price. For many eligible conventional mortgages, a borrower may request cancellation when the scheduled principal balance reaches 80% of the home's original value, while automatic termination generally occurs later at 78% if the borrower is current. Loan type, payment history, liens, property value, and servicer requirements can change the actual timing.
How does a larger down payment affect the monthly payment?
A larger down payment lowers the loan amount, which usually lowers principal and interest. It may also reduce or eliminate PMI if the down payment brings the loan-to-value ratio to 80% or below.
Should I include property taxes and insurance?
Yes. Principal and interest alone can understate the amount you need for housing each month. Use property-specific tax and insurance estimates when possible, and leave room for both to change after closing.

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