Mortgage Calculator
Estimate a realistic monthly housing payment before you shop homes or compare financing options.
Calculator
Mortgage Calculator
Enter the purchase price of the home.
Use a dollar amount rather than a percentage.
Enter the annual mortgage rate before lender fees.
A 30-year term is common, but shorter loans reduce interest.
Add your yearly property tax estimate.
Include a yearly homeowner's insurance estimate.
Use zero if PMI does not apply, or enter the yearly PMI rate as a percentage of the loan balance.
Set this to zero if the property has no HOA fees.
Optional: add recurring housing costs not already covered above, such as flood insurance or special assessments.
Other housing cost total: $0.00
Example values are loaded.
Result
Your result
A $425,000.00 home with $85,000.00 down would put the estimated monthly housing payment near $2,755.23.
Total monthly housing cost
$2,755.23
Principal and interest
$2,205.23
Loan amount
$340,000.00
Monthly breakdown
Next steps
Compare before you move on
Most people use one calculator to answer the first question and a related tool to pressure-test the decision.
Borrowing
Home Affordability Calculator
Estimate the home price your monthly housing budget could support after down payment, taxes, insurance, HOA, optional PMI, other recurring housing costs, and estimated closing cash.
Borrowing
Down Payment Calculator
Calculate the dollar amount of a home down payment, cash to close, resulting loan size, and estimated monthly housing cost.
Borrowing
Refinance Calculator
Compare current mortgage payments with a refinance scenario and estimate monthly savings, total cost, and break-even based on how closing costs are handled.
What this calculator shows
Mortgage affordability depends on more than principal and interest. Taxes, insurance, PMI, HOA, and smaller recurring costs can materially change your monthly payment.
This tool keeps the estimate practical by showing both the loan payment and the full housing payment in one view.
How to use it
- 1. Enter the purchase price and the dollar amount you will put down.
- 2. Add the interest rate and term length for the mortgage itself.
- 3. Fill in taxes, insurance, the PMI rate if it applies, HOA, and any other recurring housing costs to see the total monthly payment.
Formula and assumptions
The principal-and-interest portion uses the standard amortized payment formula based on the loan amount, monthly rate, and total number of payments.
Estimated monthly taxes and insurance are calculated by dividing the annual cost by 12, then adding PMI based on the loan balance, HOA, and any other monthly housing costs.
Notes
This estimate does not include maintenance, utilities, or closing costs.
Worked example
A $425,000 home with a 20% down payment shows how taxes, insurance, and the rest of the housing stack change the monthly figure compared with principal and interest alone.
This example uses the default sample inputs loaded on reset. It does not update with the live calculator entries above.
Total monthly housing cost
$2,755.23
Principal and interest
$2,205.23
Loan amount
$340,000.00
Feedback
Found a problem on this page?
Report confusing fields, broken math, or missing assumptions with the exact inputs you used so the issue can be reproduced.
FAQ
FAQ
Should I include PMI here?
Yes if your lender will require it. PMI is a real monthly cost and belongs in the total housing payment.
FAQ
Why is the total housing payment higher than the loan payment?
Because your actual monthly outflow usually includes property taxes, home insurance, PMI, HOA, and sometimes other recurring housing charges in addition to principal and interest.