Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, property tax, home insurance, PMI, and HOA fees.
🏠 Home Price & Down Payment
Enter the purchase price and your expected down payment.
📅 Loan Term & Interest Rate
Adjust the loan term and annual interest rate to match your mortgage scenario.
🧾 Taxes & Insurance
Add common ownership costs for a more realistic monthly payment.
🛡️ PMI
PMI applies when the down payment is below 20%.
Excluded automatically when down payment is 20% or higher.
This estimate includes principal and interest, property tax, home insurance, PMI, and HOA fees. It does not include closing costs, utilities, maintenance, repairs, or future changes in tax and insurance rates.
Use this number as a monthly affordability estimate, not a final lender quote.
Loan Amount
$320,000
🏦 Mortgage balance · 20.0% down payment
Principal & Interest
$2,022.62
💵 Core loan payment · Monthly mortgage payment
Taxes & Insurance
$500.00
🏠 Ownership costs · Monthly estimate
PMI & HOA
$0.00
🛡️ Extra monthly costs · No PMI estimated
Estimated Monthly Payment
per month
Estimated total interest over the loan term: $408,142
Estimated total cost over the loan term: $908,142
Financial disclaimer: This calculator is for informational purposes only and does not provide financial, tax, legal, loan, or investment advice. Actual results may vary depending on lender terms, tax rules, fees, deductions, and personal circumstances.
📘 How it works
Enter the home price, down payment, interest rate, and loan term to estimate your monthly mortgage payment. You can also include property taxes, homeowners insurance, PMI, and HOA fees for a more complete monthly housing cost estimate.
🧮 Formula
Monthly Payment = Principal & Interest + Property Tax + Home Insurance + PMI + HOA Fees
The principal and interest portion is based on loan amount, interest rate, and loan term. Other costs are added separately when entered.
🎯 When to use
- 🏠 Estimate monthly payments before buying a home
- 💰 Compare different down payment amounts
- 📈 See how interest rates affect your monthly cost
- 📅 Compare 15-year and 30-year mortgage terms
- 🧾 Include taxes, insurance, PMI, and HOA fees
- 📊 Plan a realistic home-buying budget
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❓ FAQ
💡 What is a mortgage calculator?
A mortgage calculator estimates your monthly home loan payment based on home price, down payment, interest rate, loan term, and other housing costs. It helps buyers understand the estimated monthly cost before applying for a mortgage.
🏦 What is included in a mortgage payment?
A mortgage payment usually includes principal and interest. Many buyers also include property taxes, homeowners insurance, PMI, and HOA fees when estimating the full monthly cost of owning a home.
📘 What does PITI mean?
PITI stands for principal, interest, taxes, and insurance. It is a common way to describe the main parts of a monthly mortgage-related housing payment.
🧾 Does this calculator include property tax and insurance?
Yes. If you enter property tax and homeowners insurance values, the calculator can include them in the estimated monthly payment. This gives a more realistic housing cost estimate than principal and interest alone.
🛡️ What is PMI?
PMI means private mortgage insurance. It is often required on conventional loans when the down payment is less than 20%. PMI protects the lender, but it increases the borrower's monthly payment.
📅 Is a 30-year mortgage cheaper than a 15-year mortgage?
A 30-year mortgage usually has a lower monthly payment because the loan is spread over more months. A 15-year mortgage usually has a higher monthly payment but may reduce the total interest paid over the life of the loan.
💰 How does the down payment affect my mortgage payment?
A larger down payment lowers the loan amount, which can reduce the monthly principal and interest payment. It may also help reduce or avoid PMI if the down payment reaches 20% of the home price.
📊 Are mortgage calculator results exact?
No. This calculator provides estimates for planning and comparison only. Actual mortgage payments may vary based on lender fees, escrow setup, property taxes, insurance premiums, loan type, PMI rules, and closing costs.
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