Mortgage Payment Calculator
Calculate your monthly mortgage payment on a home — principal, interest, property tax, insurance, PMI, and HOA — plus the total interest over the life of the loan.
What's the monthly payment on a given home? Enter the price and your loan details for the full payment — principal, interest, taxes, insurance, and PMI — not just the principal-and-interest number that looks deceptively low.
Home price
The purchase price of the home (the listing price you're considering).
Down payment
Cash toward the purchase — enter it as a dollar amount or a percent of the price. 20% or more avoids PMI.
= $80,000
Interest rate
Loan term
Property tax rate
Homeowners insurance
HOA dues
Monthly homeowners-association dues, if any. Leave at $0 if none.
Estimated Monthly Payment
$2,540
$400,000 home · 20% down at 6.5%
What this house really costs
Over the 30-year loan you'll pay about $408,142 in interest on top of the $320,000 you borrow. A shorter term or extra principal payments cut that sharply. And note that taxes, insurance are a real, ongoing part of the payment — not just principal and interest.
An educational estimate, not financial advice or a quote. The payment covers principal and interest, property tax, homeowners insurance, PMI (when down payment is under 20%), and HOA dues if entered — but not closing costs, utilities, or maintenance. Taxes, insurance, and HOA can rise over time, and PMI typically drops off once you reach 20% equity. Lifetime interest assumes a fixed rate held for the full term. Confirm the exact payment with your lender.
💡About this calculator▼
Found a house you like? This tells you what it would actually cost each month. Enter the price, your down payment, and the loan details, and you'll get the full monthly payment — not just principal and interest, but the property taxes, insurance, and (if your down payment is under 20%) PMI that turn a tempting "principal and interest" figure into the real number.
You can enter your down payment as a dollar amount or a percentage, whichever you think in, and add HOA dues if the home has them. The result breaks the payment into its parts and shows the total interest you'd pay over the life of the loan.
This is the forward complement to a "how much can I afford" calculator: instead of working from your income to a price, it starts with a specific home price and gives you the payment. It's the number to compare against a listing — and against your budget. It's an educational estimate, not a loan quote or financial advice.
The payment is built from up to five pieces, the famous "PITI" plus a couple of extras.
The principal and interest (P&I) is the loan payment itself: your home price minus your down payment is the loan, and standard amortization turns that, your interest rate, and your term into a fixed monthly P&I. This is the part most "mortgage calculators" stop at — but it's only part of what you pay.
Property tax is your local rate applied to the home's value, divided into monthly chunks. Homeowners insurance is your annual premium spread over 12 months. Together, taxes and insurance often add 20–30% on top of P&I, which is why a P&I-only estimate understates the real payment.
PMI (private mortgage insurance) is added only when your down payment is under 20% of the price — lenders require it to protect against default, and it's a real monthly cost until you reach 20% equity, at which point you can usually cancel it. HOA dues, if the property has them, are added as-is.
Add those together and you get the full monthly payment. The calculator also projects the total interest over the loan's life (P&I only) so you can see the long-run cost, not just the monthly one. The exact formula and a worked example are below.
📐How it's calculated▼
The monthly payment is the sum of its parts; the loan payment uses standard amortization.
Loan amount = Home price − Down payment
Principal & interest: P&I = Loan × r × (1 + r)^n ÷ ((1 + r)^n − 1) where r = monthly rate (annual ÷ 12) and n = months (years × 12).
Monthly payment = P&I + (Home price × tax rate ÷ 12) + (Insurance ÷ 12) + PMI + HOA PMI applies only when the down payment is under 20% of the price.
Total interest = P&I × n − Loan
Example: A $400,000 home, 20% down ($80,000), 6.5% over 30 years, 1.1% property tax, $1,800/yr insurance, no HOA
→ Loan: $320,000
→ P&I: about $2,023/mo
→ Property tax: $400,000 × 1.1% ÷ 12 = $367/mo. Insurance: $1,800 ÷ 12 = $150/mo. PMI: $0 (20% down)
→ Total monthly payment: about $2,540
→ Total interest over 30 years: about $408,142
Notice the payment is $2,540, not the $2,023 a principal-and-interest-only calculator would show — the taxes and insurance add over $500 a month.
📎Source: Consumer Financial Protection Bureau (CFPB) — Understanding Your Mortgage
🔍Finding your inputs▼
Home price: The purchase price of the home — the listing price or your offer. Everything else is figured from this.
Down payment: The cash you'll put down, entered as either a dollar amount or a percent of the price (toggle between them). It sets your loan size and determines PMI: 20% or more avoids PMI; below that, PMI is added. A larger down payment lowers both the loan and the monthly payment.
Interest rate: Your mortgage's annual interest rate — use a quote if you have one, or a current market rate. It has a big effect on the payment and an even bigger one on total interest.
Loan term: The loan length (15, 20, or 30 years). A longer term lowers the monthly payment but raises total interest substantially; a 15-year loan costs more per month but far less over time.
Property tax rate: Annual property tax as a percent of the home's value. The U.S. average is about 1.1%, but it varies widely — under 0.5% in some states, over 2% in others — and it's a meaningful chunk of the payment, so use your local rate.
Homeowners insurance: Your estimated annual premium. Spread over 12 months, it's a smaller but real part of the payment.
HOA dues: Monthly homeowners-association dues if the property is in an HOA (common for condos, townhomes, and planned communities). Leave at $0 if there are none. HOA dues aren't part of your mortgage, but they're part of your true monthly housing cost, so they're included here.
⚠️Special situations▼
Why is the payment higher than the rate calculator my lender showed?
Most quick 'mortgage payment' figures show only principal and interest, which is the loan payment alone. Your actual monthly payment — and what a lender collects, often into an escrow account — also includes property taxes, homeowners insurance, and PMI if you put down less than 20%. Those can add 20–30% or more on top. This calculator shows the full PITI payment on purpose, because that's what hits your bank account each month. If a number looks low, check whether it's P&I-only.
How much does PMI add, and how do I get rid of it?
PMI typically runs a few tenths of a percent to over 1% of the loan per year, often $100–$300 a month on a typical loan — you'll see the exact estimate in the breakdown when your down payment is under 20%. You can usually request cancellation once your loan balance reaches 80% of the home's original value (20% equity), and by law it auto-terminates at 78%. Paying down principal faster, or a home that appreciates, gets you there sooner. Putting 20% down at purchase avoids PMI from the start.
Should I pick a 15-year or 30-year term?
Switch the term and watch both numbers move. A 15-year loan has a higher monthly payment but a lower rate and far less total interest — often less than half of a 30-year's. A 30-year keeps the monthly payment lower and more flexible. Many buyers choose the 30-year for the lower required payment and then pay extra toward principal when they can, capturing much of the 15-year savings without committing to the higher payment. Use this to compare the monthly cost; check total interest to see the long-run difference.
Does this include closing costs or my first-year cash needed?
No — this is the ongoing monthly payment only. Buying a home also takes upfront cash beyond the down payment: closing costs (typically 2–5% of the loan for lender fees, title, appraisal, and prepaid taxes/insurance), plus moving and immediate setup costs. Budget for those separately. This calculator answers 'what will I pay each month,' not 'how much cash do I need to close' — both matter when you're buying.
My property tax or insurance seems like a guess
Use the best numbers you can find, because they materially change the payment. For property tax, look up the rate for the specific county or city (rates vary enormously, and some areas reassess at purchase price); many listing sites show recent tax amounts. For insurance, get a quick quote or use a local average — premiums have risen sharply in some regions, especially where wildfire or storm risk is high. If you're unsure, estimate a bit high; it's better than being surprised at closing.
❓Common questions▼
How do I calculate my monthly mortgage payment?
Start with the loan (home price minus down payment) and apply the standard amortization formula with your interest rate and term to get principal and interest. Then add monthly property tax (your tax rate times the home value, divided by 12), monthly homeowners insurance, PMI if your down payment is under 20%, and any HOA dues. The total is your real monthly payment. For example, a $400,000 home with 20% down at 6.5% over 30 years runs about $2,540 a month all-in — versus $2,023 for principal and interest alone.
What is included in a mortgage payment (PITI)?
PITI stands for the four core parts: Principal (paying down the loan), Interest (the cost of borrowing), Taxes (property taxes), and Insurance (homeowners insurance). Lenders usually collect taxes and insurance along with your loan payment and hold them in escrow. On top of PITI, your payment may include PMI if you put down less than 20%, and HOA dues if the property has them. This calculator includes all of these, which is why its number is higher than a principal-and-interest-only estimate.
How much is the monthly payment on a $400,000 house?
It depends on your down payment, rate, and term, plus local taxes and insurance. With 20% down ($80,000) at 6.5% over 30 years, a $400,000 home runs roughly $2,540 a month all-in — about $2,023 principal and interest, $367 property tax (at ~1.1%), and $150 insurance, with no PMI. Put less than 20% down and PMI adds to that; a higher rate or a lower-tax area shifts it too. Enter your exact numbers above for a tailored figure.
Does a bigger down payment lower my monthly payment?
Yes, in two ways. A larger down payment means a smaller loan, so the principal-and-interest portion is lower. And once you reach 20% down, it eliminates PMI entirely, removing that monthly cost. Both effects reduce the payment. Beyond 20%, additional down payment keeps lowering the P&I but no longer affects PMI (which is already gone). Try a few down-payment levels in the calculator to see the impact on both the monthly payment and the loan total.
Is this the same as how much house I can afford?
No — it's the reverse. This calculator starts with a home price and tells you the monthly payment. An affordability calculator starts with your income and debts and tells you the maximum price you can afford. Use affordability to find your shopping range, then use this payment calculator to check the monthly cost of specific homes in that range. Together they cover both sides of the buying decision.