Skip to content
SPCXTools

Mortgage Calculator

Estimate the full monthly cost of a home loan, including property tax, insurance, PMI and HOA fees.

Runs locally — files never leave your device

Loading tool…

How to use Mortgage Calculator

  1. 1Enter the home price and your down payment, either as a percentage or as an amount.
  2. 2Enter the interest rate and choose a loan term such as 15 or 30 years.
  3. 3Add the yearly property tax and home insurance, plus any monthly HOA fee.
  4. 4Read your total monthly payment and its breakdown, the loan amount and the total interest over the life of the loan.

Estimate your monthly mortgage payment

Buying a home is the biggest purchase most people make, and the monthly payment is about more than the loan itself. This mortgage calculator estimates the full monthly cost of owning a home: principal and interest, property tax, homeowners insurance, private mortgage insurance (PMI) and HOA fees. Adjust the price, down payment, rate and term to see how each choice changes what you pay every month and over the life of the loan. Calculations run entirely in your browser.

Features

  • Full monthly payment (PITI) — principal, interest, taxes and insurance, plus PMI and HOA fees.
  • Down payment as a percentage or an amount, with automatic conversion when you switch.
  • Common loan terms — 10, 15, 20, 25 and 30 years.
  • Automatic PMI when the down payment is below 20%, using a rate you can adjust.
  • Payment breakdown with a colour bar that shows where each part of your payment goes.
  • Loan amount and total interest over the full term.

Example

For a 400,000 home with 20% down (80,000), the loan amount is 320,000. At 6.5% over 30 years, principal and interest come to about 2,022.62 a month. Add 4,000 a year in property tax and 1,500 a year in insurance and the monthly payment is about 2,480.95. Over 30 years you would pay roughly 408,000 in interest — more than the amount borrowed.

With only 10% down, the loan grows to 360,000, principal and interest rise to about 2,275, and PMI at 0.5% adds about 150 a month until you reach 20% equity.

How to lower your mortgage payment

  • Make a bigger down payment. You borrow less, pay less interest and may avoid PMI.
  • Improve your credit score. Better scores usually qualify for lower interest rates.
  • Compare lenders. Even 0.25 percentage points makes a real difference over 30 years.
  • Consider the term. A 30-year loan lowers the monthly payment; a 15-year loan saves a lot of interest.
  • Shop for insurance and check whether you qualify for property tax exemptions.

How much house can I afford?

A common guideline is the 28/36 rule: keep housing costs below about 28% of your gross monthly income, and all debt payments below 36%. If your gross income is 8,000 a month, that suggests a housing payment up to about 2,240. Lenders use their own criteria, so treat this as a starting point.

What this calculator doesn't include

The estimate assumes a fixed rate for the whole term. It doesn't include closing costs, maintenance, utilities, adjustable-rate changes or tax deductions. Your lender's Loan Estimate gives the exact figures for a specific offer.

For car loans, personal loans and a full amortization schedule, use the Loan Calculator. To see how savings for a down payment could grow, try the Compound Interest Calculator.

Frequently asked questions

What is included in a monthly mortgage payment?
Lenders often describe it as PITI: principal, interest, taxes and insurance. Principal and interest repay the loan itself. Property tax and homeowners insurance are frequently collected monthly into an escrow account. Depending on the loan, you may also pay private mortgage insurance (PMI) and homeowners association (HOA) fees.
How is the principal and interest payment calculated?
The calculator uses the standard fixed-rate formula: payment = L × r ÷ (1 − (1 + r)^−n), 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 (years × 12).
When do I have to pay PMI?
For conventional loans in the United States, PMI is usually required when the down payment is less than 20% of the home price. It typically costs about 0.3% to 1.5% of the loan amount per year. The calculator adds PMI automatically below 20% down using the rate you enter, and leaves it out at 20% or more. FHA loans use a different mortgage insurance system.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but usually a lower interest rate and far less total interest. A 30-year mortgage keeps payments lower and more flexible, at the cost of much more interest over time. Switch between terms to compare the monthly payment and total interest.
Where do I find my property tax and insurance costs?
Property tax depends on the local tax rate and the assessed value; the listing, the county assessor or a real estate agent can give an estimate. For insurance, ask insurers for a quote. If you don't know yet, a rough starting point is 1% of the home price per year for tax and 0.3–0.5% for insurance, but rates vary widely by location.
Does the calculator work outside the United States?
Yes. Use any currency and set PMI and HOA to 0 if they don't apply. Note that in some countries mortgage rates are fixed for only part of the term, so payments may change later.

Related tools

Loan CalculatorWork out your monthly payment, total interest and full amortization schedule for any fixed-rate loan.Compound Interest CalculatorSee how your money grows with compound interest and regular monthly contributions, year by year.Percentage CalculatorSolve the four everyday percentage problems — percent of, what percent, percent change and original value.Age CalculatorFind your exact age in years, months and days — and how many days until your next birthday.BMI CalculatorWork out your Body Mass Index and the healthy weight range for your height, in metric or imperial units.Calorie CalculatorEstimate your daily calorie needs and targets for losing, maintaining or gaining weight.