Mortgage Calculator
Use this mortgage calculator to estimate your monthly payment, total interest cost, and full housing payment including taxes, insurance, PMI, and HOA dues if applicable.
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Estimated total monthly payment
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Includes principal, interest, taxes, insurance, PMI, and HOA when entered.
Results
- Loan amount
- $0.00
- Principal & interest
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- Total monthly payment
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- Total interest paid
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Loan summary
- Scheduled payment
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- Scheduled # of payments
- 0
- Actual # of payments
- 0
- Total interest
- $0.00
Amortization schedule
| Pmt # | Date | Beginning balance | Scheduled payment | Extra payment | Total payment | Principal | Interest | Ending balance | Cumulative interest |
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What's included (and what isn't)
- Estimates principal & interest using your rate and term.
- Includes property tax, insurance, PMI, and HOA only when you enter them.
- Does not include lender origination fees, discount points, title insurance, or other closing costs.
- APR (which folds some lender fees into the rate) may be higher than the quoted interest rate.
- Tax and insurance amounts can change year to year, which will change the actual monthly payment.
Affordability and extra payments
A common rule of thumb is to keep total housing costs (PITI + HOA) under about 28% of gross monthly income, with total debt payments under about 36%. Your lender may use different limits.
Try entering an extra monthly payment to see how much faster the loan is paid off and how much total interest you save. Even a small recurring extra payment can shave years off a 30-year mortgage.
Formula
M = L × [i(1+i)^n] / [(1+i)^n − 1], where i = monthly rate, n = total months.
How to calculate
- Subtract the down payment from the home price to get the loan amount.
- Convert the annual interest rate into a monthly rate.
- Multiply the loan term in years by 12.
- Apply the mortgage formula to calculate principal and interest.
- Add taxes, insurance, PMI, and HOA to estimate the full monthly housing payment.
Worked example
$400,000 home, $80,000 down, 6.5% for 30 years: P&I ≈ $2,022.62/mo.
Frequently asked questions
What is included in a mortgage payment?
Usually principal, interest, and often taxes and insurance. Some borrowers also pay PMI and HOA fees.
What is PMI?
Private mortgage insurance is typically required when the down payment is below a certain threshold.
Does this calculator include taxes and insurance?
Yes, if you enter them.
Does a longer loan term lower the monthly payment?
Usually yes, but it often increases total interest paid over the life of the loan.
Related calculators
Mortgage estimates do not include all lender fees, closing costs, or future changes in taxes and insurance.