Mortgage Calculator
Estimate your true monthly house payment — not just principal and interest, but taxes, insurance, PMI and HOA dues too.
| Principal & interest | |
| Property taxes | |
| Homeowners insurance | |
| HOA dues | |
| PMI | |
| Loan amount | |
| Total interest over the loan | |
| Estimated total cost of the home |
Estimate only. Actual taxes, insurance and PMI vary by state, county, credit score and lender.
What is this tool?
For most American households, a mortgage is the largest monthly bill they will ever pay, and the number lenders advertise is rarely the number that leaves your bank account. On top of principal and interest, your monthly payment usually includes property taxes, homeowners insurance, and sometimes PMI and HOA dues. This mortgage calculator adds all of those pieces together so you can see the full payment before you fall in love with a house.
The estimates use standard US lending conventions: a fixed-rate loan, monthly compounding, property tax and insurance escrowed monthly, and PMI estimated when your down payment is under 20 percent. Try a few price points and down payments to see how each choice changes the payment — a slightly larger down payment can remove PMI entirely and save thousands over the first years of the loan.
How to use it
- Enter the home price and your down payment in dollars.
- Add the interest rate and loan term (30, 20 or 15 years are the most common in the US).
- Enter the yearly property tax and homeowners insurance amounts, plus monthly HOA dues if the home has them.
- Adjust the PMI rate if needed, then click Calculate to see the full monthly breakdown.
Formula & method
Worked example
Buying a $350,000 home with 20 percent down ($70,000) at 6.5 percent for 30 years gives a loan of $280,000 and a principal-and-interest payment of about $1,770 a month. Add $4,200 a year in property taxes ($350), $1,800 a year of insurance ($150) and $50 of HOA dues, and the real monthly payment is about $2,320.
Frequently asked questions
What is PMI and when does it go away?
Private mortgage insurance (PMI) protects the lender when you put down less than 20 percent. On a conventional loan it typically drops off automatically once your balance reaches 78 percent of the original home value, and you can request removal at 80 percent.
Does this calculator include property taxes and insurance?
Yes. Enter your estimated annual property tax and homeowners insurance amounts and the calculator divides them by 12 and adds them to the monthly payment, the same way a lender escrows them.
How much house can I afford?
A common US guideline is the 28/36 rule: housing costs under 28 percent of your gross monthly income and total debts under 36 percent. Use the total monthly payment from this calculator, not just principal and interest, when you test that rule.