Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, property tax, insurance, PMI, and HOA — plus the total interest over the loan.
Mortgage details
Optional — for a full monthly payment
Enter the home price, down payment, rate, and term to estimate your monthly payment.
The Mortgage Calculator estimates the full monthly cost of a home loan, not just principal and interest. Enter the home price, down payment, rate, and term, then add property tax, insurance, PMI, and HOA to see a realistic monthly payment and the total interest you'll pay over the life of the loan.
How to use the Mortgage Calculator
- Enter the home price and your down payment.
- Add the interest rate and loan term (commonly 30 or 15 years).
- Optionally add property tax, home insurance, and HOA dues for a full payment.
- Read the estimated monthly payment, broken down by principal & interest, escrow, and PMI.
Frequently asked questions
- How is the monthly mortgage payment calculated?
- Principal and interest use the amortization formula M = P x r(1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly rate (annual rate / 12), and n is the number of months. Property tax, insurance, PMI, and HOA are then added on top.
- What is PMI and when do I pay it?
- Private mortgage insurance is usually required when your down payment is under 20% of the home price. This tool estimates it at about 0.5% of the loan per year and drops it once you reach 20% equity.
- Why is my real quote different from this estimate?
- Lenders factor in your credit score, loan type, points, and exact tax and insurance figures for your address. Use this as a close ballpark, then confirm with a lender for an official quote.
- Should I choose a 15-year or 30-year term?
- A 15-year loan has higher monthly payments but far less total interest, while a 30-year loan lowers the monthly payment but costs more overall. Try both terms here to compare the trade-off.