Mortgage Payment Calculator
Enter the price, down payment, rate and term to estimate your monthly payment, with taxes and insurance if you want them.
How to use ↓Result
Homeowner Calculator · Mortgage Payment Calculator · homeowncalculator.com
Estimate only, based on your inputs. It may be inaccurate and is not financial advice. Confirm every figure with your lender before you decide.
Payments are rounded up to the next cent, so they can differ from lender documents by a cent.
How to use
- Enter the home price and your down payment, as a percent or in dollars.
- Enter the interest rate and pick the loan term.
- Add property tax, insurance, PMI and HOA dues, or clear them to see principal and interest alone.
- Press Calculate, then print the result if you need it.
Monthly mortgage payment
A monthly mortgage payment has up to five parts: principal and interest, property tax, home insurance, private mortgage insurance (PMI) and HOA dues. Lenders often collect tax and insurance with each payment, which is why the total is sometimes called PITI.
Principal and interest depends only on the loan amount, the rate and the term. A longer term lowers the payment but costs more interest over the life of the loan. PMI usually applies when the loan is more than 80% of the home price. Tax, insurance and HOA vary by location, so enter your own figures. The starting values here are examples.
Worked example
A $375,000 home with 20% down is a $300,000.00 loan. At 6.5% for 30 years, principal and interest is $1,896.21 a month. The exact figure is a little over $1,896.20, which lenders usually show; this calculator rounds up to the next cent.
Add property tax at 1.1% a year ($343.75 a month) and insurance of $1,500 a year ($125.00 a month) and the total is $2,364.96 a month. These are example figures only.
As a published check, the CFPB sample Loan Estimate lists $761.78 for $162,000 at 3.875% over 30 years. Rounded to the nearest cent, the formula gives $761.78, the same figure. Rounded up, as the calculator above does, it is $761.79, one cent more.
Rounding note: this calculator normally rounds payments up to the next cent. Worked examples that reproduce a published figure are shown rounded to the nearest cent instead, so they match the source.
Tax and insurance are entered as yearly amounts and divided by 12. The Loan Estimate from your lender lists the exact figures for your loan.
FAQ
What is included in the monthly payment?
Principal and interest always. Property tax, home insurance, PMI and HOA dues are included only when you enter them. Your lender may add other items.
Why is my lender's payment a cent different?
This calculator rounds the payment up to the next cent. Many lenders round to the nearest cent, so the figures can differ by a cent.
When does PMI apply?
PMI usually applies when the loan is more than 80% of the home price. Enter the PMI rate from your lender and the calculator adds it only when the loan is above that level.
When can PMI be removed?
The federal Homeowners Protection Act lets you ask to end PMI at 80% of the original value and ends it automatically at 78%, but it covers only single-family principal residences with loans closed on or after July 29, 1999. It does not cover FHA or VA loans or lender-paid mortgage insurance. FHA mortgage insurance is different: depending on the loan, it lasts 11 years or the loan term. This calculator does not model FHA mortgage insurance. Ask your servicer.
Does a longer term lower my payment?
Yes, but you pay interest for longer. Try 15 and 30 years and compare the total interest in the result.