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Mortgage Calculator

Use this Mortgage Calculator to estimate your monthly payment, including principal and interest, taxes, insurance, HOA fees, and PMI. Enter accurate values for the best results.

Enter the purchase price of the property before closing costs or credits.

A 20% down payment typically removes PMI. Enter 0–100. Example: 20 for 20%.

Common terms are 30, 20, or 15 years. Shorter terms usually lower total interest.

Annual Percentage Rate (APR). Example: enter 6.75 for 6.75%.

Optional. Estimate annual property taxes as a percent of home price. Example: 1.2 for 1.2%.

Optional. Annual homeowners insurance premium. This will be divided by 12.

Optional. Monthly homeowners association dues, if applicable.

Private Mortgage Insurance. Typically applies if down payment is under 20%. Example: 0.6 for 0.6%.

Optional. Additional amount you plan to pay toward principal each month to pay off the loan faster.

Note: Calculations are estimates for planning only and may differ from lender quotes. Taxes, insurance, and PMI can vary over time.

Our Mortgage Calculator helps you estimate your total monthly housing payment by combining principal and interest with taxes, insurance, HOA fees, and PMI. Whether you’re buying your first home or comparing loan options, this tool gives you a fast, clear breakdown of costs so you can budget with confidence.

How to Use the Mortgage Calculator

For the most accurate estimate, gather a realistic home price, an expected down payment percentage, your loan term, and your lender’s quoted APR. If you know your local property tax rate, annual homeowners insurance premium, HOA dues, or a likely PMI rate, enter those as well. These fields help you understand your full monthly obligation, not just principal and interest.

  • Home price: The purchase price of the property.
  • Down payment (%): The portion of the home price you’ll pay upfront. 20% usually removes PMI.
  • Loan term: Common terms are 30, 20, or 15 years. Shorter terms generally mean higher monthly payments but lower total interest.
  • Interest rate (APR): The annual rate from your lender.
  • Property tax rate: Your locality’s tax rate as a percent of home value per year.
  • Insurance and HOA: Ongoing costs that can be escrowed or paid separately.
  • PMI: Often required with down payments under 20% until you reach 80% loan-to-value.
  • Extra principal: An optional monthly amount to pay off your mortgage faster and save on interest.

What the Mortgage Calculator Shows You

Once you submit the form, the calculator displays your estimated monthly principal and interest payment based on the standard amortization formula. It then adds estimated property taxes, homeowners insurance, HOA fees, and PMI (if applicable) to show a total monthly payment. You’ll also see a summary of your loan amount, interest rate, and term, plus scheduled total interest over the life of the loan. If you enter an extra monthly principal payment, the tool estimates how much sooner you could pay off the mortgage and how much interest you might save.

Behind the Numbers

The principal and interest portion uses the fixed-rate amortization formula. If you make extra principal payments, more of each payment goes to principal earlier in the loan, reducing your balance faster. This shortens the payoff timeline and cuts total interest. PMI is estimated as an annual percentage and included monthly until your loan balance is projected to fall to 80% of the original home value, at which point PMI typically drops off (policies vary by lender and loan type).

Tips for Getting a Lower Monthly Payment

  • Increase your down payment to reduce your loan amount and potentially eliminate PMI.
  • Shop multiple lenders for the lowest APR and fees.
  • Consider a shorter term if you can handle a higher payment; it often saves substantial interest.
  • Improve your credit profile to qualify for better rates.
  • Budget for taxes, insurance, and HOA; these can vary by location and property type.

Important Considerations

Actual payments may differ due to changes in taxes, insurance premiums, or lender requirements. Some loans have mortgage insurance structures that differ from standard PMI, and certain products include rate adjustments or points. Always verify details with your lender and review your Loan Estimate (LE) and Closing Disclosure (CD) for final numbers.

Use this Mortgage Calculator as a starting point to compare scenarios. Adjust the home price, down payment, rate, and term to see how each factor impacts your monthly payment and total borrowing cost. With clear insights, you’ll be better prepared to set your budget, negotiate confidently, and move forward with your home purchase.

FAQs

How does the Mortgage Calculator estimate my monthly payment?

It computes principal and interest from your rate and term, then adds estimates for taxes, insurance, HOA, and PMI if applicable.

Will the Mortgage Calculator include PMI if my down payment is under 20%?

Yes. Enter a PMI rate and a down payment under 20%, and the calculator adds PMI until an estimated 80% loan-to-value.

Can the Mortgage Calculator show savings from extra principal payments?

Yes. Add a monthly extra amount to see a shorter payoff timeline and estimated interest savings.

Does the Mortgage Calculator work with a zero interest rate?

Yes. If APR is 0%, it spreads the loan amount evenly over the term and includes any taxes, insurance, HOA, and PMI.

How accurate are property tax and insurance figures in the Mortgage Calculator?

They’re estimates based on your inputs. Local tax rates and insurance premiums vary, so confirm with your lender or insurer.

Can the Mortgage Calculator handle different loan terms like 15 or 30 years?

Absolutely. Enter any term in years. Common choices are 15, 20, and 30 years.

Does the Mortgage Calculator account for PMI dropping off later?

Yes. It estimates when your balance reaches 80% LTV and shows an approximate PMI drop timeline and cost until then.

What inputs are required for the Mortgage Calculator to work?

You need home price, down payment percent, loan term, and APR. Taxes, insurance, HOA, PMI, and extra payment are optional.