Free US Mortgage Payment Calculator
Mortgage Calculator with Taxes, Insurance & PMI
Calculate your estimated monthly mortgage payment including principal, interest, property taxes, homeowners insurance, PMI, and HOA fees. Adjust the home price, down payment, mortgage rate, and loan term to compare different home financing scenarios.
Enter your mortgage details
Estimate your monthly mortgage payment including principal, interest, property taxes, homeowners insurance, PMI, and HOA fees.
Enter your local annual property tax rate. Property tax rates vary widely by state and local jurisdiction.
PMI is not included when the down payment is 20% or more.
Estimated Monthly Payment
Enter valid mortgage details to see your estimated payment.
How to use this mortgage calculator
Enter the home price, down payment, annual mortgage interest rate, and loan term. You can then add estimated property taxes, homeowners insurance, PMI, and HOA fees to calculate a more complete monthly housing payment.
Try changing the down payment, interest rate, or mortgage term to compare different financing scenarios and see how each variable can affect your estimated monthly payment.
What is included in a monthly mortgage payment?
A monthly mortgage payment can include more than the principal and interest owed to your lender. Many U.S. homeowners also pay property taxes, homeowners insurance, and sometimes private mortgage insurance.
The term PITI commonly refers to principal, interest, taxes, and insurance. This mortgage calculator also allows you to include estimated PMI and HOA fees for a more complete monthly housing cost estimate.
Principal
Principal is the portion of your mortgage payment that reduces your outstanding loan balance.
Interest
Interest is the cost charged by the lender for borrowing the mortgage principal.
Property Taxes
Property taxes vary by location. Enter an estimated local annual property tax rate for a more personalized monthly payment estimate.
Homeowners Insurance
Homeowners insurance helps protect the property and is commonly required by mortgage lenders.
PMI
Private mortgage insurance may apply to some conventional mortgages when the down payment is less than 20%. Actual PMI costs vary.
HOA Fees
Homeowners association fees may apply to condos, townhomes, and some residential communities.
Estimated Monthly Housing Payment
Principal & Interest + Property Taxes + Homeowners Insurance + PMI + HOA Fees
Mortgage payment formula
The principal and interest portion of a standard fixed-rate mortgage can be estimated using the loan principal, monthly interest rate, and total number of monthly payments.
Monthly Principal & Interest Formula
M = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1]
M = monthly principal and interest payment
P = mortgage principal
r = monthly interest rate
n = total number of monthly payments
Mortgage payment calculation example
Suppose you purchase a $400,000 home and make an $80,000 down payment. Your starting mortgage principal would be $320,000.
Home Price: $400,000
Down Payment: $80,000 (20%)
Mortgage Amount: $320,000
Interest Rate: 6.5%
Loan Term: 30 years
The calculator estimates the monthly principal and interest payment and then adds the property taxes, homeowners insurance, PMI if applicable, and any HOA fee entered above.
How does the down payment affect your mortgage?
A larger down payment reduces the amount you need to borrow. A smaller mortgage balance generally reduces the monthly principal and interest payment and can reduce the total interest paid over the life of the loan.
Down payment size can also affect whether private mortgage insurance is required. On some conventional mortgages, PMI may apply when the down payment is less than 20%.
What is PMI on a mortgage?
PMI stands for Private Mortgage Insurance. It may be required on certain conventional mortgages when the borrower has a higher loan-to-value ratio, including some loans with down payments below 20%.
PMI pricing is not identical for every borrower. The actual cost can depend on factors including the loan-to-value ratio, credit profile, mortgage type, insurer, and lender terms. This calculator therefore lets you enter an estimated PMI rate rather than assuming one universal cost.
How property taxes affect your mortgage payment
Property taxes can represent a significant portion of your total monthly housing cost. Tax rates vary considerably by state, county, city, school district, and other local jurisdictions.
Using an estimated tax rate for the property you are considering can provide a more useful payment estimate than relying on a single national average.
How homeowners insurance affects your monthly payment
Mortgage lenders commonly require homeowners insurance. When insurance is paid through an escrow account, part of the annual insurance premium may effectively be included in your monthly mortgage-related payment.
Insurance premiums vary based on the property, location, coverage, deductible, insurer, and other risk factors. Enter an estimate that reflects the property you are evaluating.
15-year vs. 30-year mortgage
The mortgage term has a major effect on both your required monthly principal and interest payment and the total interest paid over time.
15-Year Mortgage
A 15-year mortgage generally has a higher monthly payment because the balance is repaid faster, but it can significantly reduce total interest compared with a longer term.
30-Year Mortgage
A 30-year mortgage generally has a lower required monthly payment but typically results in more total interest over the life of the mortgage.
How much mortgage can I afford?
A mortgage payment calculator can help you compare potential housing costs, but affordability depends on more than the mortgage payment alone.
Income, existing debts, credit profile, down payment, emergency savings, property taxes, insurance, HOA fees, maintenance, utilities, and other living expenses can all affect how much home you may comfortably afford.
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Coming soonFrequently Asked Questions
How is a monthly mortgage payment calculated?
The principal and interest payment is generally calculated using the mortgage amount, periodic interest rate, and number of scheduled payments. Property taxes, homeowners insurance, PMI, and HOA fees may then be added to estimate the total monthly housing payment.
What does PITI mean?
PITI stands for principal, interest, taxes, and insurance. These costs are commonly considered when estimating a homeowner's monthly mortgage-related housing payment.
Does this mortgage calculator include property taxes?
Yes. Enter your estimated annual property tax rate and the calculator converts it into an estimated monthly amount based on the home price.
Does this mortgage calculator include homeowners insurance?
Yes. Enter your estimated annual homeowners insurance premium and the calculator converts it into an estimated monthly amount.
When is PMI included?
The calculator can include estimated PMI when applicable. Some conventional mortgages may require PMI with down payments below 20%, but actual requirements and rates vary by loan program, lender, insurer, and borrower.
Does the calculator include HOA fees?
Yes. If the property has a monthly homeowners association fee, enter it in the HOA field and it will be included in the estimated monthly housing payment.
How much would a $300,000 mortgage cost per month?
The monthly cost depends on the interest rate, mortgage term, property taxes, homeowners insurance, PMI, HOA fees, and other costs. Enter your specific values in the calculator above to generate an estimate.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage generally requires a higher monthly principal and interest payment but can result in significantly less total interest. A 30-year mortgage generally provides a lower required monthly payment but typically results in more total interest.
Does a larger down payment lower my mortgage payment?
Generally, yes. A larger down payment reduces the amount borrowed, which can lower the required principal and interest payment. It may also affect PMI requirements.
Is this mortgage calculator a loan quote?
No. The calculator provides estimates for informational purposes. Actual mortgage rates, payments, fees, taxes, insurance, PMI, and lender terms may differ.
This mortgage calculator provides estimates for general informational purposes only and is not a loan quote, mortgage approval, or financial advice. Actual mortgage payments and costs may vary based on lender terms, interest rates, property taxes, insurance premiums, PMI, HOA fees, escrow requirements, closing costs, and other factors.