Use this calculator to estimate your monthly mortgage payment, including principal and interest, property taxes, homeowners insurance, private mortgage insurance (PMI) and HOA dues. The result is an estimate for planning. The document that shows your real terms is the Loan Estimate a lender gives you after you apply.
Estimated monthly payment
$0
This calculator gives estimates for educational purposes only. Real offers depend on your lender, credit profile, and location. It is not financial advice.
How to use the mortgage calculator
- Home price: the price you expect to pay for the home.
- Down payment: enter it in dollars. The calculator shows what percentage of the price it represents.
- Interest rate: use a rate quoted by a lender if you have one. For a reference point, Freddie Mac publishes weekly average rates for 30-year and 15-year fixed-rate mortgages in its Primary Mortgage Market Survey, and the CFPB’s Explore Interest Rates tool shows how rates change with your credit score, down payment and state.
- Loan term: the number of years you will take to repay the loan.
- Property tax: the yearly tax as a percentage of the price. Rates vary a lot by location, so check with the county or city tax office where you plan to buy.
- Home insurance: the yearly premium. A quote from an insurer for the specific home is the most reliable figure.
- PMI: the yearly premium as a percentage of the loan. According to the CFPB, you might be required to buy PMI if you take out a conventional loan with a down payment of less than 20 percent of the purchase price. The calculator only adds PMI when your down payment is under 20%. Ask your lender for the actual premium.
- HOA: monthly homeowners association dues, if the property has them.
How to read the results
Estimated monthly payment is the sum of every cost you entered. The colored bar and the list below it show how much of that total goes to each item, so you can see whether taxes, insurance or PMI are making a big difference.
Many lenders collect property taxes and insurance through an escrow account as part of your monthly payment. The CFPB notes that property taxes and insurance premiums can change from year to year, so your total payment can change even on a fixed-rate loan.
Loan amount is the price minus your down payment. Total interest is what you would pay in interest if you made every scheduled payment for the full term, without paying extra or refinancing.
Examples
These hypothetical scenarios use the same inputs for comparison: a $350,000 home, a 6.5% interest rate, property tax of 1.1% per year, insurance of $1,800 per year, PMI of 0.6% per year and no HOA. They are illustrations, not current market rates.
| 20% down, 30 years | 10% down, 30 years | 20% down, 15 years | |
|---|---|---|---|
| Loan amount | $280,000 | $315,000 | $280,000 |
| Principal & interest | $1,770 | $1,991 | $2,439 |
| Property tax | $321 | $321 | $321 |
| Insurance | $150 | $150 | $150 |
| PMI | $0 | $158 | $0 |
| Monthly total | $2,241 | $2,619 | $2,910 |
| Total interest | $357,125 | $401,765 | $159,038 |
Putting 10% down instead of 20% means borrowing $35,000 more and adding PMI, which raises the estimated payment by about $379 a month. PMI does not have to last for the life of the loan: under the rules the CFPB explains, you can ask your servicer to cancel it when your balance is scheduled to reach 80% of the home’s original value, and it must end automatically at 78% if you are current on payments.
The 15-year loan costs about $669 more per month but cuts total interest by roughly $198,000. This example keeps the rate at 6.5% to isolate the effect of the term. In practice, Freddie Mac reports separate averages for 15-year and 30-year loans, so check the rate for the term you are considering.
Limitations
- It assumes a fixed rate for the whole term. It does not model adjustable-rate mortgages (see Fixed-Rate vs Adjustable-Rate Mortgage).
- It uses conventional-loan PMI. FHA, VA and USDA loans have their own insurance or fee structures.
- It does not include closing costs, utilities, maintenance or repairs (see Mortgage Closing Costs Explained).
- Taxes, insurance and PMI are your own estimates. Your actual figures will come from the tax office, your insurer and your lender.
- It is not a loan offer or financial advice. Compare official Loan Estimates from several lenders; the CFPB’s Know Before You Owe resources explain how to read them.
Related guides
- How Does a Mortgage Work? A Beginner’s Guide
- How Much Down Payment Do You Need for a House?
- What Is APR on a Mortgage?
- Rental Property Calculator
Sources
- Consumer Financial Protection Bureau, What is private mortgage insurance?
- Consumer Financial Protection Bureau, When can I remove private mortgage insurance (PMI) from my loan?
- Consumer Financial Protection Bureau, What is an escrow or impound account?
- Freddie Mac, Primary Mortgage Market Survey
Last updated: October 5, 2026. By Ferran Pujol Acosta.