Mortgage payment calculator
Estimate principal, interest, taxes, insurance, and other monthly housing costs.
Your numbers
Rates shown are editable examples, not current offers.
Estimated monthly housing payment
$2,825Including your estimated taxes, insurance, HOA, and mortgage insurance.
- Principal & interest
- $2,275
- Taxes & home insurance
- $550
- HOA & mortgage insurance
- $0
- Loan amount
- $360,000
- Total loan interest
- $459,160
Understand this estimate
Uses standard monthly amortization for a fixed-rate loan. Property taxes, insurance, HOA dues, and mortgage insurance are your inputs and are held constant. PMI is not calculated automatically: enter a lender estimate if it applies. Excludes closing costs, maintenance, utilities, and changes in taxes or premiums. This is a budget estimate, not an affordability or approval decision.
How the calculation works
The calculator first finds the principal-and-interest payment for a fixed-rate loan. It subtracts your down payment from the home price to get the loan amount, converts the annual interest rate to a monthly rate, and applies the standard amortization formula: payment = loan × r ÷ (1 − (1 + r)^−n), where r is the monthly rate and n is the number of monthly payments.
It then adds one twelfth of your annual property taxes and homeowners insurance, plus any monthly HOA dues and mortgage insurance you enter. Those amounts stay constant in the estimate, although real tax bills and insurance premiums can change from year to year.
Worked example: a $450,000 home
With $90,000 down, the loan is $360,000. At 6.5% for 30 years, principal and interest come to $2,275.44 a month. Adding $4,800 a year in property taxes ($400 a month) and $1,800 a year in insurance ($150 a month) brings the estimated housing payment to $2,825.44, before any HOA dues or mortgage insurance. Over the full 30 years, the loan would cost $459,160 in interest. The same loan over 15 years has a higher $3,135.99 monthly principal-and-interest payment but $204,478 in total interest.
Common questions
What does a monthly mortgage payment include?
Principal and interest repay the loan. Many borrowers also pay property taxes and homeowners insurance through an escrow account, and some loans add mortgage insurance or HOA dues. This calculator includes each of those as a separate input so you can see how much each one adds.
Why is mortgage insurance not calculated automatically?
Its cost depends on the loan type, down payment, credit profile, and lender pricing. Conventional loans with less than 20% down usually require private mortgage insurance, and FHA loans have their own mortgage insurance premiums. Enter the monthly amount from a lender’s estimate if it applies.
Is this the amount I can afford?
No. It estimates a payment for the inputs you choose. Affordability also depends on your take-home pay, other debts, savings, and the costs of owning a home that a loan payment leaves out, such as maintenance and utilities.
Can the payment change on a fixed-rate loan?
The principal-and-interest portion stays the same under the loan terms, but property taxes and insurance can rise or fall. If they are paid through escrow, your total monthly payment changes when the servicer updates the escrow account.
Related guides
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