Mortgage Calculator
Estimate your full monthly payment — principal & interest plus tax, insurance and HOA.
Estimated monthly payment
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How to Use Mortgage Calculator
To estimate your mortgage payment, enter the home price, down payment amount, annual interest rate, and loan term. The calculator computes your monthly principal and interest payment. You can also add property tax, homeowners insurance, and HOA fees to get your total estimated monthly housing cost.
The results update instantly as you adjust any input. The breakdown shows each cost component separately, helping you understand what drives your total monthly payment. This is useful for comparing different property prices, down payment amounts, or loan terms before making a purchase decision.
Frequently Asked Questions
What is included in a monthly mortgage payment? expand_more
A full mortgage payment typically includes Principal and Interest (P&I) for the loan itself, plus optional Property Tax, Homeowners Insurance, and HOA fees. Lenders often collect tax and insurance through an escrow account as part of the monthly payment.
How does the down payment affect my mortgage? expand_more
A larger down payment reduces the loan principal, lowering both monthly payments and total interest paid over the life of the loan. Down payments below 20% typically require private mortgage insurance (PMI), which adds to monthly costs.
What is a 30-year vs 15-year mortgage? expand_more
A 30-year mortgage has lower monthly payments but you pay more total interest. A 15-year mortgage has higher monthly payments but significantly less total interest and you build equity faster.
How does interest rate affect monthly payment? expand_more
Even a small change in interest rate significantly affects both monthly payments and total interest. For a $300,000 loan, the difference between 6% and 7% is roughly $200 per month and tens of thousands in total interest.
What is PMI? expand_more
PMI (Private Mortgage Insurance) is typically required when the down payment is less than 20% of the home value. It protects the lender against default and usually costs 0.5–1.5% of the loan amount annually.
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