Estimate your monthly mortgage payment, including principal, interest, taxes, insurance and PMI.
Rates as of Q2 2025 (example)
| Period | Date | Payment | Principal | Interest | Balance |
|---|
A mortgage calculator helps you estimate your monthly home loan payment before you commit to buying a property. Enter the home price, your down payment, the loan term, and an interest rate to get an instant breakdown of what you'd pay each month — including principal and interest, plus optional extras like property tax, home insurance, and HOA fees. It's a quick way to compare "what if" scenarios, such as a bigger down payment or a shorter loan term, without contacting a lender.
The principal and interest portion of your payment is calculated using the standard amortization formula:
Formula: M = P × [r(1+r)n] / [(1+r)n − 1], where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (loan term in years × 12).
Example: For a $400,000 home with an $80,000 down payment (a $320,000 loan), a 30-year term, and a 7.25% interest rate (example rate — enter your actual rate), the principal and interest portion comes to roughly $2,182 per month. Property tax, home insurance, PMI, and HOA fees are added on top to give your total estimated monthly payment. (Note: all figures in this example are for illustration purposes only and do not represent actual rates or market conditions.)
US mortgages are typically 30-year or 15-year fixed-rate loans, though adjustable-rate mortgages (ARMs) are also available. If your down payment is below 20% of the home price, lenders usually require Private Mortgage Insurance (PMI), which adds to your monthly cost until you build enough equity. Most lenders also collect property tax and home insurance through an escrow account, folding them into your monthly payment. Mortgage rates are influenced by the Federal Reserve's policy rate (example rate used in this calculator — actual rates vary by lender, credit score, and market conditions).
Mortgage rates change daily and depend on your credit score, loan term, down payment, and overall market conditions. The rate shown by default in this calculator is an example only — always get a personalized quote from a lender to see the rate you'd actually qualify for.
There's no single fixed minimum — some loan programs allow as little as 3-3.5% down, while a 20% down payment helps you avoid PMI. A larger down payment also means a smaller loan amount and lower monthly payments.
Private Mortgage Insurance (PMI) protects the lender if you default on a loan with less than 20% down. Once your loan balance drops to around 80% of the home's original value, you can typically request to have PMI removed.
Extra payments go directly toward your principal balance, which reduces the amount of interest that accrues over time. Even a modest extra payment each month can shave years off a 30-year mortgage and save a substantial amount in interest.
Yes — you can enter your estimated annual property tax and home insurance, along with HOA fees and a PMI rate, and the calculator adds them to your principal and interest to show your total estimated monthly payment.
A 15-year mortgage usually has a lower interest rate and builds equity faster but comes with higher monthly payments. A 30-year mortgage spreads payments out for lower monthly costs but more total interest paid. Try both loan terms in this calculator to compare the difference.
Disclaimer: The information, rates, and figures provided on this page are for educational and illustrative purposes only. All rates and examples shown are sample values and do not reflect current or actual market rates. Financial rules and regulations change frequently. Always consult a qualified financial advisor, tax professional, or lender before making any financial decisions.