Mortgage Calculator
Estimate your monthly mortgage payment — enter the home price, down payment, interest rate and term to see principal, interest, property tax, insurance and the total payment, plus total interest.
Estimate for general information only — not financial or lending advice. Your actual mortgage payment depends on your lender, credit, exact property-tax and insurance figures, PMI terms, and loan type; this tool uses approximate property-tax rates and simplified PMI. Confirm figures with your lender before relying on them.
How the mortgage calculator works
Your monthly mortgage payment is built from four parts, often called PITI: principal, interest, taxes and insurance. The calculator takes your home price and down payment to get the loan amount, applies the interest rate and term in the standard amortization formula for principal and interest, then adds monthly property tax, home insurance, HOA dues and — if your down payment is under 20% — private mortgage insurance (PMI). The result updates instantly, with the full breakdown and the total interest you’d pay over the life of the loan.
Down payment, term and rate
Three levers move your payment the most. A larger down payment shrinks the loan and can remove PMI once you reach 20%. A shorter term (15 years vs 30) raises the monthly payment but slashes total interest. And even a small change in the interest rate noticeably shifts the payment — try a few combinations above to compare.
Property tax varies by state
Property tax is a yearly percentage of your home’s value, collected monthly with your mortgage, and it varies widely — from under 0.3% to over 2% depending on where you live. Pick your state below to load a typical local property-tax rate into the calculator.
Mortgage calculator by state
Pick your state to estimate a payment with a typical local property-tax rate:
Frequently asked questions
How do I calculate my monthly mortgage payment?
The principal-and-interest payment uses the loan amount (home price minus down payment), the monthly interest rate (annual rate ÷ 12) and the number of payments (years × 12), in the standard amortization formula. Then add monthly property tax, home insurance, any HOA dues and PMI. For example, a $320,000 loan at 6.5% over 30 years is about $2,023 a month in principal and interest before taxes and insurance.
What is included in a monthly mortgage payment?
Most payments have four parts, often called PITI: principal, interest, property taxes and insurance. If your down payment is under 20% you usually also pay private mortgage insurance (PMI), and some homes add HOA dues. This calculator breaks all of these out so you can see the full monthly cost, not just principal and interest.
How much down payment do I need?
20% down lets you avoid PMI, but many loans allow far less — often 3–5% for conventional loans and 3.5% for FHA. A smaller down payment means a larger loan, a higher monthly payment and added PMI until you build enough equity. Try different down-payment percentages above to see the effect.
How does the loan term affect my payment?
A shorter term (like 15 years) has higher monthly payments but much less total interest, because you pay the loan off faster. A 30-year term lowers the monthly payment but costs more interest overall. The calculator shows both the monthly payment and the total interest so you can compare.
Why do property taxes change my payment so much?
Property tax is charged as a percentage of your home’s value each year and is usually collected monthly with your mortgage. Rates vary widely by state and county — from under 0.3% to over 2% — so the same home can cost hundreds more per month in a high-tax state. Pick your state on the by-state pages to use a typical local rate.