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Mortgage Calculator

Estimate monthly mortgage payment and total cost including tax, insurance, PMI, and HOA.

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Result

Enter values above and click Calculate to see your result.

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Formula

Mortgage payment is calculated from principal, rate, and term with optional monthly costs.

The calculator computes principal and interest then adds recurring ownership costs.

Worked Example

Home 400000, down payment 20 percent, 30 years at 6.5 percent.

Understanding Your Total Mortgage Payment

Your monthly mortgage payment includes more than just the loan amount. Understanding all components helps you budget accurately for homeownership.
  • Principal and interest (P and I): the core loan payment computed from loan amount, interest rate, and term
  • Property tax: typically 1% to 2% of home value per year, added to your monthly payment if escrowed
  • Homeowner insurance: protects against damage and liability, usually $100 to $200 per month
  • PMI (Private Mortgage Insurance): required when your down payment is less than 20%, typically 0.5% to 1% of loan amount per year

A 20% or larger down payment eliminates PMI and reduces your monthly payment substantially. Use this calculator to compare different down payment scenarios.

You can also calculate changes using our Loan Calculator, Compound Interest Calculator or Tax Calculator.

Frequently Asked Questions

Does this include taxes and insurance?

Yes. Optional fields let you include annual property tax, homeowner insurance, monthly PMI, and HOA fees for a complete picture of your total monthly housing cost.

Is this an official lender quote?

No. This is a planning estimate. Actual lender quotes include additional fees, points, and escrow requirements that may change your total payment.

When can I remove PMI?

PMI can typically be removed when your loan-to-value ratio reaches 80% (20% equity). Some loans automatically cancel PMI at 78% LTV.

How does down payment affect the monthly payment?

A larger down payment reduces the loan amount (lower P and I), and if 20% or more, eliminates PMI entirely. Both effects significantly lower your monthly payment.

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Loan CalculatorCompound Interest CalculatorTax Calculator

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