Mortgage Calculator
Estimate your monthly mortgage payment and see a breakdown for principal & interest, property tax, insurance, and PMI. Includes an optional affordability check using income and debts.
Use this mortgage calculator when you’re comparing houses, testing different down payments, or checking how interest rates affect the monthly payment. The result shows both the core loan payment and common add-ons.
Note: this is an estimate for planning. Taxes, insurance, PMI rules, and lender fees vary by location and product.
How to calculate a mortgage payment
Fill the essentials, then add optional costs.
1. Enter the home price
Add home price and down payment to get the loan amount.
2. Choose term & rate
Pick years (15–30) and enter the annual interest rate.
3. Add taxes & insurance
Optional, but important for a realistic monthly total. PMI is estimated when applicable.
What’s included in the monthly payment
The total monthly payment is typically multiple parts.
Principal & interest (P&I)
The base loan payment calculated from the loan amount, term, and interest rate.
Property taxes
Often paid monthly into escrow (annual tax ÷ 12). Amount depends on local rates and assessed value.
Home insurance
Also commonly escrowed. Your premium depends on location, coverage, and insurer.
PMI estimate
If your down payment is under ~20%, some loans include PMI. This tool estimates PMI for planning.
Mortgage payment formula (principal & interest)
How the core loan payment is computed.
The tool uses the standard amortizing loan formula for monthly principal & interest. With loan amount \(L\), monthly rate \(r\), and number of payments \(n\):
Payment = L × (r × (1 + r)^n) / ((1 + r)^n − 1)
Then taxes, insurance, and any PMI estimate are added to get the total monthly payment.
Common pitfalls
Mixing monthly and annual numbers
Enter interest rate as annual percent, and taxes/insurance as annual amounts — the calculator divides them into monthly values.
Ignoring PMI with low down payment
If you put down less than ~20%, PMI can materially change the monthly total. Treat this as an estimate and confirm with your lender.
Forgetting closing costs & fees
Origination fees, points, HOA, and maintenance aren’t included in the payment breakdown.
Comparing offers without APR context
Two loans can have the same rate but different fees. Compare total cost, not just the monthly payment.
What this tool supports
| Feature | Supported | Notes |
|---|---|---|
| Monthly P&I calculation | Yes | Standard amortizing loan formula. |
| Taxes & insurance (annual → monthly) | Yes | Optional inputs. |
| PMI estimate | Yes | Shown when loan-to-value is high. |
| Affordability check (DTI) | Yes | Optional income + debt inputs. |
| Signup required | No | No account needed. |
Frequently Asked Questions
User reviews
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Ready to estimate your payment?
Enter price, down payment, term and rate — then fine-tune taxes and insurance.