Mortgage calculator

Estimate your monthly mortgage payment and total cost.

Last updated: January 7, 2026

Built and maintained by Aaron Jegla

Enter your home price, down payment, and interest rate to see a full monthly payment that includes taxes, insurance, HOA dues, and optional PMI.

Mortgage details

Use the purchase price or current value.

Common down payments range from 3% to 20%.

Most mortgages are 15 or 30 years.

Enter the annual interest rate from your offer.

Enter your local tax rate as a percent of the home price.

Use your annual premium or estimate.

Leave at 0 if you do not have HOA dues.

Extra payments reduce interest and shorten payoff time.

PMI is common when the down payment is under 20%.

Adds closing costs to the starting loan balance.

For fixed-rate mortgages with monthly payments.

Not for adjustable-rate or interest-only loans. Try our other calculators.

How to use this calculator
  1. Enter the home price, down payment, loan term, and interest rate.
  2. Add your property tax rate, insurance, and HOA dues if they apply.
  3. Toggle PMI and financed closing costs only when they apply to your loan.

Select Calculate to update the summary, chart, and amortization table.

Summary

Results are estimates for fixed-rate mortgages with monthly payments.

Total monthly payment

$0

Total interest

$0

Total cost

$0

Payoff time

0 years

Payment frequency: Monthly.

Loan snapshot

Loan amount: $0

Down payment: $0 (0%)

Monthly payment breakdown

Principal & interest: $0

Property taxes: $0

Home insurance: $0

Sources: CFPB Loan Estimate, CFPB Closing Disclosure, CFPB principal vs interest vs total payment

Assumptions: Fixed interest rate, monthly payments, and constant taxes, insurance, HOA dues, and PMI for the payoff period. PMI does not auto-end.

Disclaimer: Estimates only and not financial advice. Taxes, insurance, HOA, and PMI can change over time. Confirm totals and escrow details with your lender.

Principal vs interest over time

See how each payment splits between principal and interest.

Amount per period Month
Principal per period Interest per period

Hover to compare principal vs interest for each period.

Amortization summary

Yearly breakdown for principal and interest.

Year Principal paid Interest paid Remaining balance

How this calculator works

The estimate uses the standard amortization formula for fixed-rate mortgages.

The monthly principal and interest payment is calculated using:

Payment per month = P * r / (1 - (1 + r)^(-n))

  • P is the loan amount (home price minus down payment, plus any financed costs).
  • r is the monthly interest rate (APR divided by 12).
  • n is the total number of monthly payments.

If the rate is 0%, the payment equals the loan amount divided by the number of payments. Extra payments reduce the balance faster, lowering total interest. To explore rate sensitivity, try the interest calculator.

Mortgage insights and assumptions

Quick context to help you interpret the results.

Down payment and PMI

A higher down payment lowers the loan amount and may reduce or remove PMI.

  • Use the toggle to enter percent or dollar down payment.
  • PMI rules vary, so update the input if it drops later.

Taxes and insurance

Property taxes and insurance often change over time. This calculator assumes they stay constant for the payoff period.

Financed closing costs

Some loans allow closing costs to be rolled into the loan balance. If you pay them upfront, leave the toggle off.

  • Financing costs increases the balance and total interest.
  • Compare a financed option with a cash option.

Interest rate vs APR

The interest rate powers the payment formula, while APR captures the rate plus required fees. For comparisons, use the APR from your loan estimate. For a plain-English breakdown, see loan terms explained.

Extra payments

Extra payments go directly to principal. Even small extra amounts can shave years off a 30-year mortgage. If you are comparing monthly vs biweekly, see the biweekly vs monthly guide.

  • Test $50 or $100 extra to see the impact.
  • Ask your lender how extra payments are applied.

Limits and assumptions

Built for fixed-rate mortgages with monthly payments.

  • No adjustable-rate or interest-only loans.
  • Escrow shortages and prepaids are not modeled.
  • Taxes and insurance are estimated, not guaranteed.

Mortgage calculator FAQs

Click a question to expand the answer.

How is the monthly mortgage payment calculated?

The calculator uses the standard amortization formula for principal and interest, then adds taxes, insurance, HOA dues, and PMI if entered. For the plain-English version, read what a loan payment is.

What does the total monthly payment include?

The total monthly payment includes principal, interest, property taxes, home insurance, HOA dues, and PMI where applicable.

Can I use this for adjustable-rate mortgages?

No. This calculator assumes a fixed interest rate for the full loan term.

How do extra payments change the results?

Extra payments reduce the balance faster, which shortens the payoff time and lowers total interest.

How are property taxes estimated?

Taxes are estimated from the annual property tax rate you enter and the home price, then divided into monthly amounts.

Does PMI automatically stop?

PMI rules vary by lender. Update or remove the PMI input once your loan reaches the required equity level.

Why might my lender's payment differ?

Differences can come from escrow adjustments, rounding, closing dates, or lender-specific fees. Always compare this estimate to your official loan estimate.

Should I include closing costs in the loan amount?

Only include closing costs if they are financed into the loan. If you pay them upfront, leave the toggle off.

Related calculators

Explore more finance tools for borrowing and payoff planning.

Finance

Loan calculator

Estimate payments, total interest, and payoff time for fixed-rate loans.

Open loan calculator

Finance

Home affordability calculator

Estimate a comfortable price range based on income and debt.

Coming soon

Explore finance calculators