Mortgage Calculator
Estimate your monthly mortgage payment, including property tax, home insurance, PMI and HOA fees, and see how your balance falls over time.
About this mortgage calculator
This calculator estimates the monthly payment on a fixed-rate home loan. Enter the home price, down payment, loan term and interest rate, then add yearly taxes and costs to see your full monthly cost. The results are estimates only; your lender's figures may differ.
What each field means
Loan details
- Home price
- The full price of the house.
- Down payment
- Cash you pay up front. The rest of the price is your loan.
- Loan term
- How many years you have to repay the loan.
- Interest rate
- What the lender charges you each year, as a percent of the loan.
- Start date
- The month your loan begins.
Yearly taxes and costs
- Property taxes
- A yearly tax you pay to your local government.
- Home insurance
- Yearly cost to cover damage to your home.
- PMI insurance
- Extra insurance often needed if your down payment is under 20%. It protects the lender.
- HOA fee
- Dues paid to a neighborhood or building association.
- Other costs
- Repairs, utilities and upkeep.
More options
- Cost increase
- How much a yearly cost goes up each year, in percent.
- Extra payments
- Money you pay on top of your normal payment. It helps you finish the loan sooner.
- Biweekly payback
- Paying half your monthly payment every two weeks. You end up making one extra monthly payment each year.
Your results
- Monthly pay
- What you pay each month, including taxes and other costs.
- Total interest
- The extra money you pay the lender for the loan.
- Payoff date
- The month your loan is fully paid.
- Amortization schedule
- A table showing how much of each payment is interest and how much pays down the loan.
Frequently asked questions
How is my monthly mortgage payment calculated?
The principal and interest portion uses the standard amortization formula based on your loan amount (home price minus down payment), interest rate and loan term. Property tax, home insurance, PMI, HOA and other costs are then added to give your total monthly out-of-pocket cost.
What is included in the total out-of-pocket cost?
It adds your monthly principal and interest to one-twelfth of your annual property tax, home insurance, PMI, HOA fees and other costs.
What is an amortization schedule?
It is a table showing how each payment is split between interest and principal, and how your loan balance falls over time. Early payments are mostly interest; later payments are mostly principal.
Does this calculator include PMI?
Yes. You can enter PMI as a yearly dollar amount or as a percentage of the loan amount. It is counted for the full term, so set it to 0 if your lender removes it once you reach 20% equity.