CalcArcade.

Mortgage Payment Calculator

Enter the home price, your down payment and the loan terms, then add property tax, insurance, PMI and HOA dues if they apply. You see the total monthly payment and what each part costs.

Your numbers

Picks the typical property tax rate for the state from U.S. Census Bureau data.

US default: 1.1% a year. Use the rate on your own tax bill.

US default: $1,500 a year. Use your insurance quote.

US default: 0.7% a year, charged only when the down payment is below 20%.

Optional. Shows how much sooner you finish and how much interest you save.

Result

Estimate for information only, not professional advice. Last reviewed .

How we calculate it

The loan is the price minus the down payment. Principal and interest use the fixed-payment formula M = L × r ÷ (1 − (1 + r)^−n), with r the APR divided by 12 and n the number of months.

Property tax is the price times the yearly tax rate, divided by 12. Insurance is the yearly cost divided by 12. PMI is charged only when the down payment is below 20%, as the loan times the PMI rate divided by 12. It stops when the balance first reaches 78% of the price on the original schedule, and you can ask to cancel it at 80%. HOA dues are added as entered.

How to read your result

  • The big number is your total monthly housing payment: principal and interest, property tax, home insurance, PMI when the down payment is under 20%, and HOA dues.
  • Principal and interest is fixed for a fixed-rate loan. Tax, insurance and PMI can change from year to year, so the payment can too.
  • Total interest paid shows what the loan costs on top of the price. A shorter term or a lower rate cuts it sharply, which the what-if table shows.
  • The breakdown bar shows how much of each payment goes to the loan and how much to taxes, insurance and fees.

Common mistakes

  • Looking only at principal and interest. Lenders also count tax, insurance, PMI and HOA dues, and so should you.
  • Using a national average property tax rate. Rates vary a lot by county, so use your own tax bill or the listing.
  • Forgetting that PMI usually ends once you reach about 20% equity, and that the calculator keeps it on for simplicity.
  • Comparing loans by monthly payment alone. A longer term lowers the payment but raises the total interest.

Assumptions and limits

  • Tax, insurance and PMI rates vary by place, home and lender. Use the figures from your quote or tax bill.
  • The 20% rule is the usual PMI threshold. The 80% and 78% dates follow the U.S. Homeowners Protection Act for conventional loans (source: Consumer Financial Protection Bureau and the Federal Reserve compliance handbook) and use the price as the original value and your original schedule. FHA and other loans have different insurance rules, and your lender has the final say.
  • Closing costs are not included. The state option uses the typical property tax rate for the state, not your county or city, so type your own rate for a closer figure. Use the extra payments mortgage calculator for lump sums and one-time extra payments.

Frequently asked questions

What is included in a monthly mortgage payment?

Principal and interest on the loan, plus property tax and homeowners insurance, which many lenders collect in escrow. If your down payment is below 20% there may be PMI, and some homes have HOA dues.

Why is PMI charged?

Private mortgage insurance protects the lender when the down payment is small. This calculator adds it when the down payment is below 20% of the price. Your lender sets the actual rate.

When does PMI go away?

For a conventional loan you can ask the lender to cancel PMI when your balance reaches 80% of the home’s original value, and the lender must end it automatically when the balance is scheduled to reach 78%, if you are current on payments. The calculator shows both payment numbers, the total PMI paid and the payment after PMI ends. Extra payments bring the 80% date forward, but not the automatic 78% date.

How can I lower the payment?

A larger down payment lowers the loan and can remove PMI. A longer term lowers the monthly amount but raises the total interest. A lower rate helps most of all, so compare offers.

Related calculators

Worked example (a fixed example using the starting numbers, it does not change as you type)

Inputs: Home price ($) = 400000; Down payment (% of price) = 10; Interest rate (APR %) = 6.5; Loan term (years) = 30; Property tax (% of price per year) = 1.1; Home insurance ($ per year) = 1500; PMI rate (% of loan per year) = 0.7; HOA dues ($ per month) = 0; Extra payment toward principal ($ per month) = 0.

  • Total monthly payment $2,977.11
  • Principal and interest $2,275.44
  • Property tax $366.67
  • Home insurance $125.00
  • Mortgage insurance (PMI) $210.00
  • HOA dues $0.00
  • Loan amount $360,000.00
  • Down payment $40,000.00
  • PMI is charged for (payments) 109
  • You can ask to cancel PMI after payment 95
  • Total PMI paid $22,890.00
  • Monthly payment once PMI ends $2,767.11
  • Total interest paid $459,160.16
  • Total cost of the loan (principal + interest) $819,160.16
  • Mortgage-free date October 2056

Embed this calculator

Add this calculator to your own page. Paste the code where you want it. The small link keeps credit to the source.

More financial calculators

Last reviewed: . Formulas and assumptions are described on our methodology page. For information only; not professional advice.