Mortgage Payment Calculator

Estimate the recurring cost of owning a financed home—not just the loan's principal-and-interest payment. Enter the home price, down payment, rate and term, then replace the planning assumptions for property tax, homeowners insurance, private mortgage insurance (PMI) and HOA dues with figures for the property you are considering.

What the monthly total includes

• Principal and interest: the scheduled payment on a fixed-rate, fully amortizing loan.
• Property tax: home price multiplied by the annual tax-rate assumption, divided by 12.
• Homeowners insurance: the annual premium you enter, divided by 12.
• PMI: an annual percentage of the original loan amount when the loan-to-value ratio is above 80%.
• HOA dues: the monthly amount you enter.

The result is a budgeting estimate. It does not include utilities, repairs, maintenance, closing costs, lender-specific fees or every type of insurance. Tax assessments, insurance premiums and HOA dues can change after closing, and PMI rules depend on the loan program.

How to get a useful estimate

1. Use the expected purchase price and cash down payment—not the listing price alone.
2. Use a rate from an actual Loan Estimate when you have one. The rate shown on this site is a national Freddie Mac weekly average, not a personal quote or an offer to lend.
3. Look up the property's latest tax bill and insurance quote. State averages are useful only for early planning.
4. Add HOA dues and keep cash reserves for costs the calculator does not model.
5. Compare the total with your after-tax budget and existing debt obligations, not only with lender qualification ratios.

Payment formula

For principal P, monthly note rate r, and n monthly payments, the scheduled principal-and-interest payment is:

M = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1]

Here, r is the annual percentage rate entered as a decimal divided by 12. At a zero note rate, the payment is simply P ÷ n. Taxes, insurance, PMI and HOA dues are calculated separately and added to the payment.

Worked planning example

For a $320,000 home with 20% down, the mortgage principal is $256,000. At a 6.50% fixed rate for 30 years, principal and interest are about $1,618.09 per month. A 1.00% property-tax assumption adds $266.67 and $1,800 of annual homeowners insurance adds $150.00, for an estimated total of $2,034.76 before HOA dues. PMI is $0 in this example because the starting loan-to-value ratio is 80%.

See the complete calculator methodology, assumptions and independent test examples, browse current national mortgage-rate averages, or choose a state mortgage calculator for localized tax and insurance planning inputs.