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Mortgage Calculator

Estimate your true monthly housing cost — principal and interest plus property tax, homeowners insurance, PMI and HOA dues — and see how much interest you’ll pay over the loan.

  • Tested formula
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  • Updated September 28, 2026

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How this mortgage calculator works

A mortgage payment is more than the loan repayment. This calculator adds every recurring monthly cost of owning the home so you can compare it with your budget or rent. It first calculates the fixed principal-and-interest payment with the standard amortization formula, then adds one-twelfth of your annual property tax and insurance, PMI when your down payment is below 20%, and any HOA dues.

Mortgage payment formula

M = L × r ÷ (1 − (1 + r)−n)
Total = M + Tax/12 + Insurance/12 + PMI + HOA

L is the loan amount (price minus down payment), r is the annual rate ÷ 12 and n is the number of monthly payments. PMI is estimated as the loan amount × PMI rate ÷ 12.

Example: A $400,000 home with $80,000 down (20%) leaves a $320,000 loan. At 6.5% for 30 years, principal and interest are $2,022.62. Adding $4,800/yr property tax ($400) and $1,500/yr insurance ($125) gives a total of $2,547.62 per month. No PMI applies because the down payment is 20%. Over 30 years you would pay about $408,142 in interest.

Ways to lower your mortgage payment

  • Put 20% down to avoid PMI on a conventional loan. On a $360,000 loan, a 0.5% PMI rate adds $150 a month.
  • Improve your credit score before applying. Borrowers above roughly 740 usually receive the best pricing.
  • Compare lenders. Rates on the same day can differ by a quarter point or more; on $320,000 over 30 years, 0.25% is worth about $50 a month.
  • Consider points. Paying discount points up front lowers the rate — worthwhile if you plan to keep the loan long enough to break even.
  • Challenge your tax assessment if the assessed value is higher than comparable homes.

How much house payment is affordable?

A common guideline is the 28/36 rule: keep total housing costs under 28% of gross monthly income, and all debt payments (housing plus car, student and credit card payments) under 36%. Use our house affordability calculator to work backward from your income, or the DTI calculator to check how lenders will view your application.

Frequently asked questions

What is included in a monthly mortgage payment?
Most payments cover four items, often abbreviated PITI: principal, interest, property taxes and homeowners insurance. If your down payment is under 20% on a conventional loan you will usually also pay private mortgage insurance (PMI), and condos or planned communities may add HOA dues.
How much is PMI?
PMI on conventional loans typically costs about 0.3% to 1.5% of the loan amount per year, depending on your credit score and down payment. It can usually be cancelled once your balance reaches 80% of the home’s original value and ends automatically at 78%.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan has a higher payment but a lower rate and far less total interest. A 30-year loan keeps the payment lower and leaves more flexibility. In our example, a $320,000 loan at 6.5% costs about $408,000 in interest over 30 years versus about $182,000 over 15 years (before any rate difference).
How are property taxes estimated?
Property tax equals your home’s assessed value times the local tax rate. U.S. effective rates range from roughly 0.3% to over 2% of value per year. Use the annual figure from the listing or your county assessor for the most accurate result.
Does this calculator work for refinancing?
Yes. Enter the current home value as the price and your equity as the down payment, or simply set the down payment so the loan amount equals your new loan balance.

House Affordability Calculator

Maximum home price by income and debts.

Loan Calculator

Monthly payment, total interest and amortization schedule.

Debt-to-Income Ratio Calculator

Front-end and back-end DTI for lenders.

Inflation Calculator

Future cost and lost purchasing power.

Last reviewed September 28, 2026. Results are estimates for informational purposes; see our disclaimer.