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Mortgage Calculators

Mortgage Payment Calculator

Estimate your monthly mortgage payment including principal, interest, property taxes, insurance, HOA, and PMI.

Based on standard fixed-rate amortization used by US lenders.

$
$
%
yr
$
$
$
%
Total monthly payment
$2,834
On a $360,000 loan at 6.5% over 30 years.
Principal & interest
$2,275
Monthly tax + insurance
$558
Total interest (life of loan)
$459,160
Total paid (life of loan)
$1,020,160
Explain this result

Turn the numbers above into plain-language takeaways. Educational only — not financial advice.

Save & Compare Scenarios

Save the current inputs under a name, then reload or compare them side by side. Scenarios stay on this device only.

Overview

How the Mortgage Payment Calculator Works

The mortgage payment calculator helps you understand the full monthly cost of owning a home — not just principal and interest, but the property taxes, homeowners insurance, HOA dues, and private mortgage insurance (PMI) that most buyers underestimate. Lenders use the same fixed-rate amortization formula to determine what they'll quote you. Plugging in your numbers before you talk to a loan officer puts you in a much stronger negotiating position.

Formula

The Math Behind the Calculator

Monthly P&I = P × r / (1 − (1 + r)^−n), where P is loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (years × 12). Taxes, insurance, HOA, and PMI are added on top to estimate your full PITI payment.

Example

A Worked Example

On a $400,000 loan at 6.50% for 30 years, monthly principal and interest is about $2,528. Add $400 in property taxes, $120 in homeowners insurance, and $150 in HOA dues, and your true monthly cost is closer to $3,198. That's the number to compare against your take-home pay — not the principal and interest alone.

How to use

How to Use the Mortgage Payment Calculator

  1. 1Enter the home price and your planned down payment — the calculator derives the loan amount.
  2. 2Enter the interest rate you've been quoted (or today's market average if you're still shopping).
  3. 3Pick a term — 30 years is most common, but 15 and 20 are worth comparing.
  4. 4Add property tax, homeowners insurance, HOA, and PMI if applicable for a full PITI estimate.
Interpretation

What the Results Mean

  • Monthly P&I is the loan payment that goes directly to your lender.
  • Monthly total (PITI + HOA) is what actually leaves your bank account each month.
  • Total interest is what the loan costs you over its full life — often more than half the original price for a 30-year mortgage.
Keep exploring

Smart Next Steps

What to explore next
Avoid

Common Mistakes to Avoid

  • Comparing only the P&I quote and ignoring taxes and insurance, which can add 20–35% to the monthly cost.
  • Forgetting PMI when the down payment is less than 20%.
  • Using a teaser rate from an ad instead of the actual rate you qualify for.
Keep going

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FAQ

Frequently Asked Questions

Does this include property taxes and insurance?+

Yes. You can add property tax, homeowners insurance, HOA, and PMI for a full PITI estimate. Leave them at zero for principal and interest only.

What interest rate should I use?+

Use the rate quoted to you in writing. If you're still shopping, use the current national average for your credit profile and loan type.

When does PMI apply?+

PMI is generally required on conventional loans when your down payment is less than 20% of the home price, and it falls off once you reach 20% equity.

Why is my actual quote different?+

Lenders add discount points, origination fees, and lender-specific adjustments. This estimator gives you a clean baseline so you can spot quotes that are unusually high or low.

Financial Disclaimer

This calculator is for educational and estimation purposes only. It does not provide financial, mortgage, tax, investment, or legal advice. Actual rates, payments, taxes, fees, insurance costs, eligibility, and loan terms vary by lender, location, credit profile, and market conditions. Always compare official offers and consult a qualified professional before making financial decisions.

Last updated June 2026 · Prepared by the mCalculator Editorial Team