Use this mortgage payment calculator to estimate your monthly payment, including principal and interest, property taxes, homeowners insurance, PMI and HOA dues. Adjust the home price, down payment and rate to see how each choice changes what you pay. Nothing you enter is stored.
What goes into a mortgage payment
Lenders often describe the full payment as PITI: principal, interest, taxes and insurance. Principal and interest are fixed by your loan amount, rate and term. Property taxes and homeowners insurance are usually collected monthly by your lender and held in escrow. If you put down less than 20% on a conventional loan, you will typically also pay private mortgage insurance (PMI) until you build enough equity. HOA dues, if any, are paid separately.
The calculator uses the standard amortization formula: payment = loan × (r ÷ (1 − (1 + r)−n)), where r is the monthly rate and n is the number of monthly payments.
Example: a $400,000 home at 6.5%
With 10% down, the loan is $360,000. Over 30 years at 6.5%, principal and interest come to about $2,275 a month, and you would pay roughly $459,000 in interest across the life of the loan. With 20% down, the loan drops to $320,000, the payment falls to about $2,023, and total interest falls to roughly $408,000. The larger down payment saves about $253 a month before counting PMI, which can add roughly $150 a month at a 0.5% yearly rate on the smaller down payment.
| Scenario ($400,000 home, 6.5%, 30 years) | Loan | Principal & interest | Total interest |
|---|---|---|---|
| 10% down | $360,000 | $2,275 | $459,160 |
| 20% down | $320,000 | $2,023 | $408,142 |
Shorter term, lower rate: what changes?
On a $300,000 loan at 6.5%, a 30-year term gives a payment of about $1,896, while a 15-year term raises it to $2,613 but saves a great deal of interest. A rate of 6.0% instead of 6.5% on the 30-year loan lowers the payment to about $1,799. Try those inputs yourself to see how sensitive the payment is to the rate and term.
Before you rely on the number
This is an estimate. Property tax rates vary widely by county, insurance costs depend on location and coverage, and PMI depends on your credit score and down payment. Your lender’s Loan Estimate will show the exact figures. Learn how lenders review you in our guide to mortgage pre-approval, and what to expect at the end in the home closing process. Not sure about buying at all? Compare the costs in rent vs buy, and see how to stand out in making a competitive offer. For consumer guidance, visit the CFPB’s Owning a Home tool.
Mortgage payment calculator FAQ
How much house can I afford?
Many lenders look at your debt-to-income ratio, often wanting total monthly debts to stay under roughly 43% of gross income, though limits vary. Keep room for maintenance and repairs, which are not part of the payment.
Does the calculator include closing costs?
No. Closing costs are paid once at closing and usually run a few percent of the loan amount. They are separate from your monthly payment.
When can I stop paying PMI?
On many conventional loans, PMI can be removed once your loan balance reaches 80% of the home’s original value, and it ends automatically at 78% if you are current on payments. Ask your servicer about the rules for your loan.
This calculator is for education only and is not personalized financial advice.