Mortgage Calculator
Enter the home price, your down payment, the interest rate and the loan length. You get your full monthly cost, not just principal and interest: property tax, home insurance, HOA dues and mortgage insurance are included.
It also shows how much interest you will pay over the life of the loan, and how much sooner you can be debt-free if you pay a little extra each month.
Please note: Estimate only. This is not financial advice. Real loan terms, taxes, insurance and fees vary. Check your lender’s Loan Estimate before you decide.
How it works
The loan amount is the home price minus your down payment. The monthly principal and interest payment comes from the standard loan formula, which spreads the loan over every month of the term so the payment stays the same. Early payments are mostly interest. Later payments are mostly principal.
Property tax and insurance are entered as yearly amounts and divided by 12. Your lender usually collects them with each payment and pays the bills for you. HOA dues are added as they are.
If your down payment is under 20%, lenders often charge private mortgage insurance (PMI). The calculator charges PMI as a yearly percent of the loan, split into months, and stops it once the balance falls to 80% of the home price. PMI rates depend on your credit and down payment, so use the quote your lender gives you. About 0.3% to 1.5% a year is a common range.
The yearly table shows how much of each year’s payments went to principal and to interest, and what you still owe at the end of that year. Rounding is done each month like a real loan statement, so the totals can differ from other tools by a dollar or two.
loan = price − down payment
monthly rate = yearly rate ÷ 12
payment = loan × rate ÷ (1 − (1 + rate)^−months)
total monthly = payment + tax ÷ 12 + insurance ÷ 12 + HOA + PMIWorked example: A $400,000 home with 20% down
Down payment $80,000, so the loan is $320,000. At 6% for 30 years the principal and interest payment is $1,918.56.
Add property tax of $7,200 a year ($600 a month), insurance of $1,800 a year ($150 a month) and $50 of HOA dues. Your total monthly cost is $2,718.56.
Over 30 years you would pay about $370,683 in interest on top of the $320,000 you borrowed.
With only 5% down ($20,000), the loan is $380,000 and PMI at 0.5% adds $158.33 a month. The calculator ends it after month 118, when the balance reaches 80% of the price.
Frequently asked questions
What is included in the monthly payment?
Principal and interest, plus property tax, home insurance, HOA dues and PMI if you entered them. The result lists each one, so you can see where the money goes.
What interest rate should I enter?
Use the rate on a quote from a lender. Rates change daily, and the best rate you can get depends on your credit score, down payment and loan type. Try a few different rates to see how much each 0.25% matters.
When does PMI go away?
On most conventional loans you can ask for PMI to be removed once you owe 80% of the home’s original value, and it ends on its own at 78%. This calculator stops at 80% as a simple, slightly cautious estimate. FHA and some other loans have different rules.
How much do extra payments help?
More than most people expect. Extra money goes straight to principal, which cuts the interest charged in every later month. Enter an amount in “Extra each month” and compare the total interest and payoff time with the numbers without it.
Is the closing cost included?
No. Closing costs, moving costs and repairs are separate from the loan. Budget for them in addition to your down payment.
Why is my lender’s payment slightly different?
Lenders round differently, estimate taxes and insurance their own way, and may add fees. Treat this as a close estimate and use your official Loan Estimate for the real numbers.
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Content last reviewed 2026-10-13.