Mortgage Calculator
Estimate monthly mortgage payment, interest, tax and insurance.
What this mortgage calculator does
Estimate principal and interest, then add common housing costs such as property tax, homeowners insurance, PMI and HOA fees.
How to use the calculator
Use the calculator to separate the loan payment from the broader cost of owning the home. The core principal-and-interest payment is based on the loan amount, interest rate and term. Property taxes and insurance are entered separately because they vary by location and policy. PMI and HOA charges can also materially change the monthly budget.
How the calculation works
Mortgage payment = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate and n is the number of monthly payments. The calculator then adds the annual tax and insurance amounts divided by 12 plus monthly PMI and HOA inputs.
What the result means
Example: a $400,000 home with $80,000 down leaves a $320,000 loan. At 6.25% for 30 years, principal and interest are about $1,970 per month before the entered taxes, insurance, PMI and HOA.
Important assumptions and limitations
A mortgage payment is not the same as the full cost of homeownership. Taxes, insurance, mortgage insurance, HOA dues, maintenance, utilities and closing costs may sit outside the principal-and-interest figure. CFPB guidance similarly distinguishes principal and interest from the total monthly payment.
Frequently asked questions
The displayed total combines principal and interest with the property tax, homeowners insurance, PMI and HOA amounts you enter.
No. Closing costs, prepaid items, maintenance, utilities and moving expenses are separate from the modeled monthly payment.
A larger down payment reduces the loan principal, which generally lowers principal-and-interest payments and may reduce the need for PMI.
No. PMI is an input because the amount depends on the loan, borrower, lender and other factors. Enter the monthly PMI estimate you want to test.
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