Mortgage Payment Calculator
See your real monthly payment, not just principal and interest: taxes, insurance, PMI and HOA included.
How this calculator works
Your mortgage payment has up to five parts. The calculator adds them together so you see the real number you'll pay each month, not just the loan piece.
- Principal & interest (P&I): the actual loan payment, calculated with the standard fixed-rate amortization formula every lender uses: payment = loan amount × monthly rate ÷ (1 − (1 + monthly rate)^−months).
- Property tax: your annual bill divided by 12, usually collected monthly through an escrow account.
- Homeowners insurance: same idea: annual premium divided by 12.
- PMI (private mortgage insurance): required by most lenders when your down payment is under 20%. Enter $0 if you don't have it.
- HOA dues: a flat monthly fee if your home is in an association. Not every home has one.
Worked example
$300,000 home price, no down payment, 6.5% interest, 30-year term: the loan amount is $300,000 and the principal & interest payment comes out to $1,896.20/month. Add property tax, insurance, PMI or HOA on top of that for your true monthly payment.
Frequently asked questions
Why is my payment different from my bank's estimate?
Lenders round differently and may include different escrow items, mortgage insurance tiers, or a slightly different rate lock. Use this as a planning estimate, then confirm the exact number on your official Loan Estimate.
What's a good down payment?
20% avoids PMI on most conventional loans, but many buyers put down less. A bigger down payment lowers both your loan amount and your monthly payment.
Does this include closing costs?
No. Closing costs (typically 2 to 5% of the loan amount) are a separate, one-time cost at purchase, not a monthly payment line.
What if I pay extra toward principal?
Extra principal payments shorten your loan and cut total interest, but this calculator shows the standard scheduled payment only. We're building an extra-payment version next.
Is PMI the same as homeowners insurance?
No. PMI protects the lender if you default and usually drops off once you reach 20% equity. Homeowners insurance protects you and your home and is required the whole time you own it.
Assumptions & sources
- Fixed-rate loan, standard monthly amortization (no ARM, interest-only, or balloon structure modeled).
- Property tax, insurance, PMI and HOA are entered as flat monthly/annual numbers you provide. This tool does not look up your local tax rate or insurance quote.
- Formula: standard fixed-rate mortgage amortization formula used industry-wide (see the Consumer Financial Protection Bureau's mortgage calculators explainer, consumerfinance.gov/owning-a-home).
Educational estimates, not financial advice.