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Mortgage Payment Calculator

Estimate your monthly mortgage payment from a home price and down payment, or from a loan amount. Add property taxes, homeowners insurance, mortgage insurance, and HOA dues to see the full monthly housing cost.

How this calculator works

For a fixed-rate loan, the monthly principal and interest payment is found with the standard amortization formula:

M = P × r(1 + r)n ÷ ((1 + r)n − 1)

  • P is the loan amount (home price minus down payment).
  • r is the monthly interest rate: the annual rate divided by 12.
  • n is the number of monthly payments: the term in years times 12.

If the interest rate is 0%, the payment is simply the loan amount divided by the number of payments. The calculator then adds one-twelfth of your annual property taxes and insurance, plus any monthly PMI and HOA amounts you enter.

Example: $400,000 home with 20% down

A 20% down payment is $80,000, so the loan is $320,000. At a hypothetical 6.5% rate for 30 years, principal and interest come to about $2,022.62 a month. Adding $400 for property taxes ($4,800 a year) and $150 for insurance ($1,800 a year) gives an estimated total of $2,572.62. Over 30 years you would pay about $408,142 in interest.

The same loan over 15 years would cost about $2,787.54 a month in principal and interest, but total interest would drop to about $181,758.

What is included, and what isn't

The estimate includes principal and interest on a fixed-rate loan plus the taxes, insurance, PMI, and HOA amounts you enter. It does not include closing costs, utilities, maintenance, special assessments, or future changes to taxes, insurance, or dues. If you are considering an adjustable-rate mortgage, the payment can change after the initial fixed period.

Tips for a more accurate estimate

  • Use the interest rate and fees from an actual Loan Estimate when comparing lenders.
  • Look up the property's current tax bill. A purchase can trigger a reassessment in some areas.
  • Get an insurance quote for the specific home, especially in areas with flood or wind risk.
  • If you put less than 20% down on a conventional loan, ask the lender for the PMI amount.
Amortization calculatorSee how each payment splits between principal and interest. Affordability calculatorEstimate a price range from your income and debts. Home-buying guidesPlain-language explanations of mortgage basics.

This calculator provides estimates for educational purposes only. It is not a loan offer, rate quote, or financial advice. Actual payments depend on your lender, loan program, and property. See our disclaimer.