Home Mortgage Calculator

Estimate your monthly home mortgage payment, including principal, interest, property tax, insurance, and optional private mortgage insurance.

Enter the purchase financing details to estimate the complete monthly housing payment.

Home Mortgage Calculator
Estimate your monthly home mortgage payment, including principal, interest, property tax, insurance, and optional private mortgage insurance.

About the Home Mortgage Calculator

A home mortgage payment is more than the principal-and-interest figure quoted by a lender. The amount paid each month can also include property taxes, homeowners insurance, and private mortgage insurance (PMI). The home mortgage calculator combines those recurring costs so that a buyer can compare a realistic monthly housing payment with their budget. Enter the purchase financing amount, the annual interest rate, the term in years, and any cash down payment. The financed principal is the amount after the down payment. For a fixed-rate mortgage, each scheduled principal-and-interest payment uses the standard amortization formula: monthly P&I = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is the monthly rate, and n is the number of months. Early payments are weighted heavily toward interest because interest is charged on the outstanding balance. Over time, a larger share of the same scheduled payment reduces principal. The displayed total interest shows the cost of that amortization schedule before optional taxes and insurance, which are not loan interest. Property tax and insurance are annual inputs converted to monthly amounts. Many lenders collect these amounts in an escrow account and pay the tax authority and insurer when bills are due. PMI is usually required when the down payment is below the lender's required equity threshold. Its rate varies by credit profile, loan type, and loan-to-value ratio; use the annual rate supplied by the lender or an estimate for planning. Use the result to explore trade-offs. A larger down payment reduces the financed balance and can remove PMI, while a shorter term generally raises the monthly payment but reduces total interest. The estimate does not include closing costs, HOA dues, maintenance, utilities, lender fees, changing taxes, or adjustable-rate changes. Confirm final payments and qualification requirements with a licensed lender before making a purchase decision. Revisit the assumptions after receiving a lender estimate, since escrow and insurance quotes commonly change.

Home Mortgage Examples

Illustrative fixed-rate monthly payment estimates.

Mortgage inputsEstimated paymentNotes
$300,000 price, $60,000 down, 4.5%, 30 years, $3,600 tax, $1,200 insurance$1,616.04/monthIncludes principal, interest, monthly tax, and insurance.
$300,000 price, $30,000 down, 4.5%, 30 years, 0.5% PMI$1,480.55/monthPMI adds $112.50 per month on the $270,000 financed balance.
$400,000 price, $80,000 down, 6%, 15 years$2,700.34/monthA shorter term raises the monthly payment while cutting interest years.

How to Estimate a Home Mortgage Payment

  1. Enter the home price or mortgage amount before the down payment.
  2. Enter the lender's annual interest rate and the repayment term.
  3. Add the planned down payment to calculate the financed balance.
  4. Add annual property tax, insurance, and PMI if applicable.
  5. Select Calculate to review the monthly payment and cost breakdown.

Home Mortgage Calculator FAQ

Does the result include taxes and insurance?
Yes. Annual property tax and homeowners insurance are divided by 12 and included when you provide them.
What is PMI?
Private mortgage insurance protects the lender and is often required for conventional loans with a low down payment. The rate is an annual percentage of the financed principal in this estimate.
Why is total interest not the same as the total monthly payment?
Total interest applies to the amortized loan only. Taxes, insurance, and PMI are separate ongoing costs and may change over time.
Can the home mortgage calculator handle an adjustable-rate mortgage?
The home mortgage calculator models a fixed rate for the entire term. Use the current rate only as a planning estimate for an adjustable-rate loan, then stress-test a higher rate.