Mortgage Calculator: Estimate Your Monthly House Payment

Your estimate

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estimated total monthly payment

Principal & interest—
Property taxes—
Homeowners insurance—
PMI—
HOA dues—

Loan amount—
Down payment—
Total interest over the loan—

Estimates only. Figures are rounded and assume the inputs stay the same for the whole period.

Estimates only: Results are based on the numbers you enter and simplified assumptions. They are not a loan offer, rate quote or financial advice. Actual terms depend on the lender and your situation.

How to use the mortgage calculator

Start with the home price and your planned down payment, then add the interest rate and loan term. The calculator estimates principal and interest and layers on property taxes, homeowners insurance, private mortgage insurance (only when your down payment is under 20%) and any HOA dues to give you a realistic total monthly housing cost.

Property taxes vary widely by county, and insurance premiums depend on location, the home’s age and coverage. For the most accurate result, replace the example figures with numbers from the property listing, the local tax assessor and an insurance quote.

What drives your mortgage payment

Loan amount. Every $10,000 you borrow at 6.5% over 30 years adds about $63 to the monthly principal and interest.
Interest rate. On a $340,000 loan, a one-point higher rate (6.5% vs. 7.5%) adds roughly $228 a month.
Term. Shorter terms raise the payment but dramatically cut total interest.
Down payment. Reaching 20% down on a conventional loan removes PMI entirely.

The formula behind the estimate

Principal and interest use the standard amortization formula M = P × r ÷ (1 − (1 + r)⁻ⁿ), with r equal to the annual rate ÷ 12 and n equal to years × 12. Taxes and insurance are your annual amounts divided by 12. PMI is estimated as the annual PMI rate × the loan balance ÷ 12.

Next steps

Not sure what price range fits your income? Use the home affordability calculator, then read how mortgage payments work for a plain-English tour of escrow, amortization and closing costs. First-time buyers should also see our first-time home buyer guide.

Frequently asked questions

What is included in a monthly mortgage payment?

Most payments include principal and interest plus an escrow amount for property taxes and homeowners insurance — often called PITI. If you put less than 20% down on a conventional loan you will usually pay private mortgage insurance (PMI) too, and some properties add HOA dues.

When does PMI go away?

For most conventional loans, federal law lets you ask the lender to cancel PMI once your balance reaches 80% of the home’s original value, and requires automatic cancellation at 78% if you are current on payments. FHA loans use a different mortgage insurance premium with its own rules.

How accurate is this mortgage calculator?

The principal and interest figure uses the same amortization formula lenders use. Taxes, insurance and PMI are estimates — your actual property tax bill, insurance quote and PMI rate may differ, so update those fields when you have real numbers from a Loan Estimate.

Should I choose a 15-year or 30-year mortgage?

A 15-year loan usually has a lower rate and far less total interest, but a much higher monthly payment. A 30-year loan keeps payments manageable and lets you prepay when you can. Compare both here by changing the loan term.

Learn more

First-Time Home Buyer Guide: How to Buy Your First Home Step by Step — A step-by-step first-time home buyer guide: prepare credit and savings, compare loans and assistance programs, get preapproved, make an offer and close.
HELOC vs. Home Equity Loan: Which Is Right for You? — HELOC vs. home equity loan compared: how each works, fixed vs. variable rates, draw and repayment periods, costs, tax rules and which fits your borrowing needs.
How Mortgage Payments Work: Principal, Interest, Escrow and PMI — How mortgage payments work: principal and interest, amortization, escrow for taxes and insurance, PMI and how extra payments shorten your loan — with examples.
How Much House Can I Afford? Ratios, Down Payments and Hidden Costs — How much house you can afford based on income, debts and down payment: the 28/36 rule, debt-to-income ratios, closing costs and hidden ownership costs.