Enter price, down payment, term, and rate. Optionally include taxes, insurance, HOA, PMI, and extras. See payment, payoff date, charts, and a full amortization schedule.
| Mortgage Payment | — |
| Property Tax | — |
| Home Insurance | — |
| Other Costs | — |
| Total Out-of-Pocket | — |
This calculator estimates monthly mortgage payments with principal and interest and can also add typical housing costs—property taxes, homeowners insurance, HOA dues, PMI, and any other monthly items you want to include. The results show a clear monthly figure, the total you would pay over the life of the loan, and a breakdown of where the money goes. A chart tracks balance and interest over time and a full amortization table shows each month’s principal, interest, and remaining balance.
Estimates only. Costs vary by lender and location. Confirm details with your lender and local tax authority.
How do I estimate my monthly mortgage payment?
Enter the home price, down payment, term, and interest rate. The calculator uses the standard amortization formula PMT = r × P / (1 − (1 + r)^−n), where r is the monthly interest rate (APR/12), P is the loan amount, and n is the number of months.
What’s the difference between interest rate and APR?
The interest rate is the cost of borrowing principal. APR includes the interest rate plus certain prepaid finance charges such as points and some fees, expressed annually.
Does this calculator include taxes, insurance, or PMI?
Principal & interest are core. You can optionally add estimates for property tax, homeowners insurance, and PMI to see a more complete monthly outlay.
Should I choose a 15-year or 30-year mortgage?
15-year loans often have lower rates and much less total interest, but higher monthly payments. 30-year loans reduce the monthly payment at the cost of more interest overall. Compare both here.
How do extra payments change my payoff date?
Any extra amount goes straight to principal, reducing future interest and pulling your payoff date forward. Try adding a monthly extra or one-time lump sum and watch the schedule update.
When is refinancing worth it?
If you can lower APR, shorten the term, or remove PMI, refinancing can help. Compare the break-even time (upfront costs divided by monthly savings) to how long you expect to keep the loan.
How much should I put down?
A larger down payment reduces the loan amount and may eliminate PMI at 20% equity. Balance that with emergency savings—use this tool to test 5%, 10%, 20% and see the differences.
1) First-time buyer comparing 5% vs 20% down
Set price and test two scenarios: (A) 5% down with PMI vs (B) 20% down without PMI. You’ll see a lower monthly payment in scenario B and a smaller loan amount, but keep in mind the larger cash requirement. The total cost and PMI duration will show the long-term trade-offs.
2) 15-year vs 30-year at similar rates
Keep price and down payment fixed, then compare 15-year and 30-year terms. The 15-year payment is higher, but the total interest is dramatically lower and the payoff much sooner. The schedule chart makes the trade-off obvious.
3) Extra $150/month toward principal
Add a recurring extra principal payment. The payoff date pulls forward and total interest falls. This can rival the savings of a small rate drop—without refinancing costs.