Mortgage Calculator
Use this mortgage calculator to estimate your total monthly housing payment, including principal and interest, property taxes, homeowners insurance, HOA fees, and PMI.
It uses the standard mortgage payment formula to calculate your base principal and interest payment, then adds the other housing costs you enter to show a fuller monthly homeownership estimate.
It is designed for practical US home-buying planning — compare scenarios, test different mortgage rates, and see how each factor affects both your base loan payment and your all-in monthly housing cost.
Results are planning estimates only. Monthly housing cost can include taxes, insurance, HOA, and optional PMI if entered, while full-term totals keep loan costs separate from those other housing costs.
How to use this calculator
- Enter the home price and the amount you plan to put down.
- Choose the mortgage term and interest rate you want to model.
- Add annual property tax and annual home insurance estimates for the home.
- Include monthly HOA fees, and add PMI only if you want to include your own monthly PMI estimate.
- Review the total monthly housing payment first, then compare it with the base principal-and-interest payment, loan amount, total principal and interest paid, and total interest paid over the loan term.
This works well for early home-buying research, comparing listings, or seeing how a larger down payment changes both the base mortgage payment and the all-in monthly housing estimate.
How it works
This calculator first estimates the monthly principal and interest payment on the mortgage loan amount, then adds the housing costs you enter for taxes, insurance, HOA fees, and PMI.
The goal is to show both the monthly mortgage payment (principal and interest) and the total monthly housing cost, while also surfacing the loan structure through loan amount, down payment, LTV, and explicit PMI treatment.
Monthly payment formula
Monthly P&I = L × r × (1 + r)n / ((1 + r)n − 1)
Main inputs in the estimate
- L
- Loan amount, which equals home price minus down payment
- r
- Monthly mortgage rate derived from the annual interest rate
- n
- Total number of monthly payments over the loan term
What the estimate assumes
- Property taxes and home insurance are added as monthly estimates based on the annual amounts you enter.
- HOA fees and any PMI you choose to include are treated as monthly housing costs, not part of principal and interest.
- The calculator surfaces two headline results: the monthly mortgage payment (principal and interest) and the total monthly housing cost.
- Loan amount, down payment percentage, and LTV are shown in the results so the structure of the loan stays transparent.
- PMI is not automatically determined by this tool, and lender rules can vary.
- Total paid over loan term and total interest paid reflect principal and interest only.
- The mortgage payment estimate assumes a fixed rate and equal monthly payments over the full term.
Assumptions and limitations
- This calculator is for planning only and is not a mortgage quote or loan approval.
- Actual lender offers, fees, escrow practices, and closing costs may differ from the estimate shown here.
- Property taxes, insurance, HOA dues, and other housing costs can vary by property, location, and over time.
- PMI rules vary by lender and loan type, and PMI is not automatically calculated by this tool.
- PMI is included only if you choose to include your own monthly PMI estimate.
- If PMI is turned off or left at $0, the monthly housing estimate does not include PMI.
- Total principal and interest paid reflects the loan only. Taxes, insurance, HOA, and PMI can change over time and are not projected across the full loan term.
- The primary result is a monthly housing estimate, not just the mortgage loan payment by itself.
Example scenario
Use this worked example to see how a realistic US mortgage estimate can include common housing costs beyond principal and interest, even when PMI is not added by default.
- Home price:
$400,000 - Down payment:
$80,000 - Loan term:
30 years - Interest rate:
6.75% - Annual property tax:
$4,800 - Annual home insurance:
$1,800 - Monthly HOA fees:
$150 - Monthly PMI:
Not included
With those inputs, the estimated principal and interest payment is $2,075.51 per month.
After adding estimated taxes, insurance, and HOA, the total monthly housing payment becomes $2,775.51.
The estimated loan amount is $320,000, and total principal and interest paid is about $747,185.01 over the full loan term. Of that amount, total interest paid over the loan term is about $427,185.01.
This example shows why mortgage planning is not only about the base loan payment. Taxes, insurance, and association dues can materially change the monthly number you need to budget for, and PMI can be added separately if you want to model it. The result remains a planning estimate rather than a lender quote.
Frequently asked questions
What is the mortgage payment formula?
The mortgage payment formula is used to calculate your monthly mortgage payment:
M = P × r(1 + r)^n / ((1 + r)^n − 1)
Where P is the loan amount, r is the monthly interest rate, and n is the number of payments. This formula calculates the fixed monthly mortgage payment (principal and interest).
How do I calculate my monthly mortgage payment manually?
To calculate your monthly mortgage payment, divide your annual interest rate by 12 to get the monthly rate (r), multiply the loan term in years by 12 to get the number of payments (n), then apply the mortgage payment formula.
For example, a $320,000 loan at 6.75% for 30 years results in a principal-and-interest payment of about $2,075 before taxes, insurance, HOA, and PMI.
What is included in a mortgage payment?
The mortgage loan payment itself is principal and interest. Many homeowners also pay property taxes, homeowners insurance, and sometimes PMI as part of their monthly housing payment. HOA fees are usually separate from the loan but still matter for housing-cost planning.
Does this calculator include taxes and insurance?
Yes. You can enter annual property tax and annual home insurance to estimate a fuller monthly housing payment. Those costs are planning estimates and can vary by property and location.
What is PMI?
PMI stands for private mortgage insurance. It may apply when your down payment is below certain lender thresholds, often below 20 percent. This calculator lets you include PMI as an optional monthly estimate, but it does not automatically determine whether PMI applies.
Do I need PMI with a 20% down payment?
Often no, but lender rules and loan programs vary. Many conventional loans do not require PMI at 20 percent down, but you should confirm with your lender.
Why is my total monthly payment higher than principal and interest?
Because total monthly housing cost may include property taxes, home insurance, HOA fees, and PMI in addition to the base principal and interest payment.
Is this a mortgage quote?
No. This is a planning estimate, not a lender quote or loan approval. Actual mortgage offers depend on credit, loan program, fees, escrow setup, taxes, insurance, and lender-specific underwriting.
Does HOA count as part of my mortgage payment?
HOA dues are usually not part of the loan itself, but they still affect what you may need to budget each month for the home.
How can I lower my monthly housing payment?
Common ways include buying a less expensive home, making a larger down payment, choosing a longer term, lowering taxes, insurance, HOA, or PMI assumptions where appropriate, or qualifying for a lower interest rate.
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