Mortgage calculator

Estimate your full monthly payment, including property tax, home insurance and PMI, and see how extra payments cut your interest.

Home price ($)

Down payment ($)

Loan term

Interest rate (%)

Property tax (% of price per year)

Home insurance ($ per year)

PMI rate (% of loan per year)

HOA fees ($ per month)

Extra payment ($ per month)

Property tax and insurance vary by location. Check your county tax rate and an insurance quote for accurate figures.

Yearly breakdown

Year	Principal paid	Interest paid	Balance

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How your mortgage payment is calculated

The principal and interest part of your payment uses a standard formula: M = L × r ÷ (1 − (1 + r)⁻ⁿ), where L is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments. Property tax, home insurance, PMI and HOA fees are then added to get the full monthly cost.

What is PMI?

Private mortgage insurance (PMI) is usually required on conventional loans when your down payment is under 20%. It protects the lender, not you, and typically costs a fraction of a percent of the loan each year. It can generally be removed once you have enough equity, so ask your lender how.

15-year vs 30-year mortgage

A 15-year loan has a higher monthly payment but a lower rate and far less total interest. A 30-year loan keeps the payment lower and more flexible. Try both terms above to compare the monthly cost against the total interest.

How extra payments help

Extra money goes straight to principal, so every later month charges less interest. Even $100 a month can take years off a 30-year loan. Confirm with your lender that extra payments are applied to principal.

Frequently asked questions

How much house can I afford?

Many lenders look at total housing costs of about 28% of gross income and total debts near 36%, though limits vary. Use this calculator to see the full monthly cost for a given price.

Does the result include closing costs?

No. Closing costs are paid upfront and are separate from your monthly payment.

Are these numbers exact?

They are estimates. Your lender's rate, taxes, insurance and PMI will differ, so treat this as a planning tool.

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