Mortgage Calculator

Estimate your monthly payment — including taxes, insurance, and PMI — in seconds. Free, no signup.

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Loan Details

Home Price $
Down Payment
%
Loan Term
Interest Rate %
Annual Tax $
Insurance/yr $
Monthly HOA $

Monthly Payment

Total Monthly Payment
$0
  •  Principal & Interest —
  •  Property Tax —
  •  Insurance —
  •  HOA —
  •  PMI —
📩 Get rate alerts when mortgage rates drop
✓ No signup required
✓ Includes taxes & insurance
✓ PMI auto-calculated
✓ Live-updating results
✓ Mobile-friendly

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Mortgage Calculator FAQ

Your monthly mortgage payment is calculated from your loan amount, interest rate, and loan term using the standard amortization formula. Our calculator does this instantly — just enter your home price, down payment, rate, and term. We also add property tax, homeowners insurance, HOA fees, and PMI to give you your true total monthly cost (called PITI).
A full mortgage payment — often called PITI — includes four things: Principal (paying down your loan balance), Interest (the lender's fee), Taxes (property tax collected monthly and paid to your county), and Insurance (homeowners insurance). If you put down less than 20%, your lender will also add PMI (Private Mortgage Insurance) until you reach 20% equity. HOA fees are added on top if your property has a homeowners association.
The most common guideline: keep your total monthly housing payment (PITI) at or below 28% of your gross monthly income. For example, if you earn $7,000/month before taxes, your maximum comfortable payment is around $1,960/month. Use the calculator above to try different home prices and see what the monthly payment looks like for your budget.
PMI stands for Private Mortgage Insurance. Lenders require it when your down payment is less than 20% of the purchase price. It typically costs 0.5%–1% of your loan amount per year, split across 12 monthly payments. PMI protects the lender (not you) if you default. Once you reach 20% equity — either through payments or home appreciation — you can formally request that your lender remove PMI.
Mortgage rates change daily and vary based on your credit score, down payment size, loan type (30-year fixed, 15-year, ARM), and the lender. The best strategy: get quotes from at least 3 lenders before committing. Even a 0.25% rate difference on a $350,000 loan adds up to over $17,000 in extra interest over 30 years. Use the compare rates link above to see current offers.
A 30-year mortgage has lower monthly payments but you pay significantly more interest over the life of the loan. A 15-year mortgage has higher monthly payments but you pay off the home in half the time and pay far less total interest — often 50–60% less. Use the term toggle in the calculator above to see the difference for your specific loan amount and rate.

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How to Use This Mortgage Calculator

Enter your home price, down payment, loan term, and interest rate to see your complete estimated monthly payment. The calculator updates live as you type — no submit button needed.

Understanding Your Results (PITI)

The total monthly payment shown includes everything you'll actually pay each month — what lenders call PITI: Principal (paying down your loan balance), Interest (the lender's fee, fixed for the life of a fixed-rate loan), Taxes (your annual property tax bill, collected monthly and held in escrow), and Insurance (your homeowners policy, required by every lender). HOA dues and PMI stack on top of PITI when they apply.

The principal and interest portion stays fixed for the life of a fixed-rate mortgage. Tax and insurance estimates are editable — replace the defaults with your county's actual rates for more accuracy.

PMI and the 80% LTV Rule

If your down payment is under 20%, lenders require PMI (Private Mortgage Insurance) — typically 0.5%–1% of your loan amount per year — to protect themselves against default. It isn't permanent: once your loan balance drops to 80% of your home's original value, you can request PMI removal in writing, and your lender must automatically cancel it at 78% LTV under federal law, even if you never ask. Extra principal payments get you there faster.

How Down Payment and Credit Tier Move Your Rate

A bigger down payment lowers the lender's risk and can shave a small amount off your quoted rate, plus it reduces or eliminates PMI. Your credit tier usually moves the needle more — top-tier borrowers (roughly 760+ FICO) get the best available rate, while each tier below that can add 0.125% to well over 1% to your APR. On a $350,000 loan, a 0.5% rate difference costs tens of thousands of dollars in extra interest over 30 years, so it pays to check your credit and pay down revolving balances before you shop lenders.

Tips for Getting an Accurate Estimate

  • Look up your county's property tax rate and enter the annual amount (not just the rate percentage)
  • Get a homeowners insurance quote before closing — rates vary by state, home age, and coverage level
  • Use your pre-approval interest rate if you have one, or check current rate averages for an estimate
  • If your home has an HOA, add the monthly fee — it's often $100–$500/month for condos and planned communities

What Affects Your Mortgage Payment Most?

The four biggest factors are: home price (more expensive = higher payment), down payment (bigger down payment = smaller loan = lower payment), interest rate (even small rate differences compound dramatically over 30 years), and loan term (15-year loans cost more per month but far less in total interest).