Mortgage Payment Calculator
Enter a home price, down payment, rate, and term to estimate the complete monthly cost of a mortgage — not just principal and interest, but the taxes, insurance, and PMI that lenders add to your bill.
Your results
Charts & visualization
Monthly payment breakdown
Where each dollar of the monthly payment goes.
Loan balance over time
How slowly early payments reduce the balance at first.
Every chart’s underlying numbers are available as text — use the “view as table” control under each chart.
How it works
Lenders quote a principal-and-interest figure, but the check you actually write is bigger. This calculator starts with the standard amortizing payment formula on the loan amount (price minus down payment), then layers on the four costs most U.S. lenders escrow:
- Property tax — from your input, which defaults to roughly 0.9% of the home price per year.
- Homeowners insurance — annual premium divided into monthly twelfths.
- PMI — added automatically whenever the down payment is under 20%, at a typical 0.46% annual rate on the loan. It drops off once you reach 20% equity.
- HOA dues — passed through at face value since the association sets them.
Formula used
L— loan amount (price − down payment)r— monthly interest rate (APR ÷ 12 ÷ 100)n— number of monthly payments (term in years × 12)
Example calculation
On a $420,000 home with 10% down ($42,000), the loan amount is $378,000. At 6.5% APR over 30 years, principal and interest run about $2,389 per month. Adding $315 in property tax, about $117 in insurance, and roughly $145 in PMI brings the total estimated payment to $2,966. The same house with 20% down would drop PMI entirely and shrink the loan to $336,000.
Assumptions & limitations
- Fixed-rate loan; adjustable-rate mortgages will change when the rate resets.
- Property tax defaults to ~0.9% of price when left blank; actual rates vary widely by county.
- PMI is modeled as a flat annual percentage of the original loan until 80% LTV; lenders cancel on different schedules.
- Excludes closing costs, maintenance, utilities, and future escrow adjustments.
- Results are planning estimates, not a loan offer.
Results are planning estimates based on your inputs and the stated assumptions — not financial advice or a loan offer. Verify important figures with your lender or advisor.
Frequently asked questions
What is included in a full mortgage payment?
Most U.S. lenders collect five parts: principal, interest, property tax, homeowners insurance, and — when applicable — PMI and HOA dues. This is often called PITI. Quoting only principal and interest understates the real monthly cost by hundreds of dollars in many markets.
How much does PMI add per month?
PMI typically runs 0.3%–1.5% of the loan balance per year, charged monthly. On a $350,000 loan at 0.46%, that is roughly $134 per month. It usually goes away once you reach 20% equity, automatically or by request.
Is a 15-year mortgage worth the higher payment?
A 15-year term trades a higher monthly payment for far less total interest and faster equity growth. Whether it fits depends on cash-flow headroom and competing goals like retirement savings. Run both terms above and compare total interest before deciding.
Why is my estimate different from my lender’s?
Lenders use exact escrow figures, credit-based PMI pricing, points, and county-specific tax data. Treat this calculator as a planning estimate, then confirm details against your Loan Estimate document.