Estimate your full monthly housing payment, not just the loan repayment. Enter the home price, down payment, interest rate and term, then add property tax, insurance and HOA fees to see the real monthly cost.
How the mortgage calculator works
Principal and interest use the standard loan formula: M = L × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where L is the loan amount (price minus down payment), r is the monthly rate (annual rate ÷ 12) and n is the number of monthly payments. Property tax is the price × tax rate ÷ 12, and insurance is the yearly premium ÷ 12. Add HOA fees to get the total.
Example
A $350,000 home with 20% down ($70,000) leaves a $280,000 loan. At 6.5% over 30 years, principal and interest is $1,769.79 a month. Adding property tax of 1.1% ($320.83 a month) and $1,200 a year in insurance ($100 a month) gives a total of $2,190.62 a month.
Frequently asked questions
What is included in a monthly mortgage payment?
Most payments include principal, interest, property tax and homeowners insurance, often shortened to PITI. Some also include HOA fees or mortgage insurance.
How much should I put down on a house?
Twenty percent is the traditional target because it usually avoids private mortgage insurance, but many loans allow much less. A bigger down payment lowers both your monthly payment and the total interest.
Does this include private mortgage insurance?
No. If your down payment is below 20% your lender may add PMI, so ask for a quote and add it to the result.
Please note: results are estimates for general information only and are not financial advice. Read our full disclaimer.