Mortgage Payment Calculator

Use the Mortgage Payment Calculator

Your results

Estimated total monthly payment: $0.00
Principal and interest: $0.00
Monthly property tax: $0.00
Monthly insurance: $0.00
Estimated loan amount: $0.00
Total interest paid: $0.00

How this calculator works

What it does: Estimate a monthly mortgage payment including principal, interest, property tax, homeowners insurance, HOA dues, and mortgage insurance.
Inputs used: The estimate uses home price, down payment, annual interest rate (%), loan term (years), property tax rate (%), homeowners insurance per year, hoa dues per month, and mortgage insurance per month.
Calculation approach: The calculator applies the relationships defined for the mortgage payment calculator to those inputs and updates estimated total monthly payment, principal and interest, monthly property tax, monthly insurance, estimated loan amount, and total interest paid.
How to read the result: Treat the result as a scenario based on the values entered. Compare a few reasonable inputs and consider costs, taxes, timing, or risks that the calculator does not include.

How to Use This Calculator

Enter Home price, Down payment, and Annual interest rate (%) using values that match the scenario you want to evaluate.
Enter Loan term (years), Property tax rate (%), and Homeowners insurance per year using values that match the scenario you want to evaluate.
Enter HOA dues per month and Mortgage insurance per month using values that match the scenario you want to evaluate.
Review the assumptions for the mortgage payment calculator, especially rates, time periods, and optional amounts.
Select Calculate to update the results, then adjust one input at a time to compare scenarios.

Understanding the Results

Estimated total monthly payment: The estimated payment or withdrawal amount produced by the current balance, rate, and time assumptions.
Principal and interest: The principal and interest estimated by the Mortgage Payment Calculator using home price, down payment, and annual interest rate (%) and the other values entered.
Monthly property tax: The monthly property tax estimated by the Mortgage Payment Calculator using home price, down payment, and annual interest rate (%) and the other values entered.
Monthly insurance: The monthly insurance estimated by the Mortgage Payment Calculator using home price, down payment, and annual interest rate (%) and the other values entered.
Estimated loan amount: The target amount calculated from the spending, rate, or goal assumptions entered above.
Total interest paid: The estimated cost created by the entered rate over the selected period.

Common Mistakes

Entering an annual interest rate as a monthly rate, or leaving out fees and required payments.
Assuming the quoted monthly payment includes taxes, insurance, or other costs when it may cover principal and interest only.
Ignoring whether a payment is high enough to cover the interest added each month.
Comparing payments without also comparing payoff time and total cost.

Frequently asked questions

How does the Mortgage Payment Calculator estimate a payment?

It calculates principal and interest from the loan amount, rate, and term, then adds estimated property tax, insurance, HOA dues, and mortgage insurance.

Is the mortgage payment the same as my escrow payment?

Not always. Escrow can include taxes and insurance, but actual escrow rules, shortages, and adjustments depend on the servicer and local bills.

Does the calculator include closing costs?

No. Closing costs are upfront purchase expenses, not monthly mortgage payments. Use the closing cost calculator to estimate cash needed at closing.

Why does down payment change the monthly payment?

A larger down payment reduces the loan amount, which lowers principal and interest and may reduce or eliminate mortgage insurance.

Does this include utilities or maintenance?

No. Utilities, repairs, maintenance, furnishings, moving costs, and major renovations should be budgeted separately from the mortgage payment.

What does the Mortgage Payment Calculator calculate?

Estimate a monthly mortgage payment including principal, interest, property tax, homeowners insurance, HOA dues, and mortgage insurance. The result is based only on the inputs and assumptions shown on the page.

How should I interpret the estimated total monthly payment from the Mortgage Payment Calculator?

Use it as an estimate for the scenario entered, not as a guarantee or personal recommendation. Test changes to home price, down payment, and annual interest rate (%) to see which assumptions have the greatest effect.