Estimate your monthly mortgage payment, principal and interest, property tax,
homeowners insurance, PMI, HOA fees, and total interest with a standard
fixed-rate amortization formula.
Monthly Payment Estimate Total Interest Tax, Insurance, PMI & HOA
Plan Before You Apply
Test different home prices, down payments, rates, and loan terms. Then compare
the estimate with a lender's official Loan Estimate before making a decision.
Enter Mortgage Details
Enter estimated amounts in U.S. dollars. Results update as you change the values.
Estimated Results
Estimated Total Monthly Payment
$0
Loan Amount$0
Down Payment0%
Monthly Principal & Interest$0
Monthly Property Tax$0
Monthly Home Insurance$0
Monthly PMI$0
Monthly HOA Fees$0
Total Interest$0
Estimated Total Outflow$0
Estimate only—not financial advice, a loan approval, or a lender quote. The total-outflow
figure assumes the tax, insurance, PMI, and HOA amounts stay unchanged for the full term;
actual costs can change, and PMI may end earlier.
What Is a Mortgage Calculator?
A mortgage calculator estimates the scheduled payment for a home loan using the price,
down payment, annual interest rate, and loan term you provide. This page also lets you add
property tax, homeowners insurance, private mortgage insurance (PMI), and homeowners
association (HOA) fees to create a more complete monthly estimate.
The result is designed for scenario planning. You can change one input at a time to see how
a larger down payment, a different interest rate, or a shorter term changes the monthly amount
and the total interest paid over the scheduled life of the loan.
Budget Planning
Compare an estimated housing payment with the rest of your monthly budget.
Interest Comparison
Test rate and term scenarios to see their effect on payment and total interest.
Additional Costs
Include tax, insurance, PMI, and HOA figures instead of viewing principal alone.
How to Use This Mortgage Calculator
Enter the Home Price
Add the expected purchase price of the house or property.
Add Your Down Payment
The tool subtracts the down payment from the home price to calculate the loan amount.
Enter the Rate and Term
Use the annual note rate and select the scheduled number of repayment years.
Include Property Costs
Add annual property tax and insurance plus any monthly PMI and HOA fees.
Compare the Results
Review the total monthly estimate, principal and interest, and projected total interest.
Mortgage Payment Formula and Methodology
For principal and interest, the calculator uses the standard amortization formula for a
fixed-rate loan with equal monthly payments:
M = P × [r(1 + r)n] ÷ [(1 + r)n − 1]
M is the monthly principal and interest payment.
P is the loan principal: home price minus down payment.
r is the annual interest rate divided by 12 and converted to a decimal.
n is the total number of monthly payments: loan years multiplied by 12.
The estimated total monthly payment then adds annual property tax divided by 12, annual
homeowners insurance divided by 12, monthly PMI, and monthly HOA fees. If the interest rate
is 0%, the principal is divided evenly across the selected number of months.
Included in the Estimate
Loan principal
Fixed-rate interest
Property tax entered by you
Home insurance entered by you
Monthly PMI and HOA amounts entered by you
Not Included
Closing costs, lender fees, or discount points
Adjustable-rate changes or balloon payments
Utilities, maintenance, repairs, or moving costs
Future tax, insurance, PMI, or HOA changes
Loan-specific rules, credits, or assistance programs
How to Get a More Useful Mortgage Estimate
Start with realistic inputs rather than the most optimistic numbers. Use a recent lender rate
quote for the same loan type and term you are considering. Check local property-tax records,
request an insurance estimate, and review HOA documents when applicable.
Compare One Change at a Time
Keep every input the same and adjust only the down payment, rate, or term. This makes it easier
to see which factor caused the payment or total interest to change.
Look Beyond Principal and Interest
Principal and interest are only part of the possible housing payment. Property taxes,
homeowners insurance, mortgage insurance, and HOA dues can make the total monthly amount
noticeably higher.
Use Official Loan Documents for a Final Comparison
When you apply, compare this planning estimate with each lender's Loan Estimate. Review the
projected payment, closing costs, loan terms, and whether taxes or insurance are escrowed.
The lender document—not this calculator—contains the terms offered for your application.
Mortgage Calculator FAQs
What does a mortgage calculator calculate?
It estimates the monthly principal and interest payment for a fixed-rate mortgage. This calculator also adds the property tax, homeowners insurance, PMI, and HOA amounts you enter to estimate a broader monthly housing payment.
Is this mortgage calculator accurate?
It uses the standard fixed-rate amortization formula and is useful for planning, but it is still an estimate. Your lender quote can differ because of fees, rate changes, escrow adjustments, credit profile, loan type, and local taxes or insurance costs.
What is included in a monthly mortgage payment?
A total monthly payment can include principal, interest, property tax, homeowners insurance, mortgage insurance, and HOA fees. The exact items depend on the property, loan, lender, and whether costs are paid through escrow.
How does the down payment affect my mortgage?
A larger down payment reduces the amount borrowed. That generally lowers the principal and interest payment and total interest, and it may affect whether mortgage insurance is required.
What is PMI?
PMI means private mortgage insurance. A lender may require it for some conventional loans with a smaller down payment. Enter the monthly amount from a lender estimate because this calculator does not guess a PMI rate.
Does this calculator include closing costs?
No. The estimate does not include lender fees, discount points, appraisal fees, title costs, prepaid interest, closing costs, or other one-time charges unless you account for them separately.
Can I use this tool before applying for a mortgage?
Yes. Use it to compare scenarios before speaking with a lender, then compare the result with official Loan Estimates. A calculator result is not a loan approval, rate lock, or lending offer.