CalcMyFin

Home & Mortgage

Mortgage Calculator

Estimate your full monthly mortgage payment, not just principal and interest. Add property taxes, homeowners insurance, HOA dues and PMI to see what owning the home will really cost each month.

  • Free, no sign-up
  • Private: runs in your browser
  • Updated September 2026

Inputs

$
Total purchase price before the down payment.
$
The calculator uses the remaining amount as the loan.
%
yr
$
$
$
%

How to use the mortgage calculator

  1. Enter the home price and your down payment.
  2. Add the interest rate and loan term (30 and 15 years are the most common).
  3. Fill in yearly property tax and homeowners insurance. Your listing or a local lender can give estimates.
  4. Add monthly HOA dues and a PMI rate if your down payment is under 20%.

How it's calculated

Principal and interest use the standard fixed-rate amortization 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 number of monthly payments. The full estimate then adds property tax ÷ 12, insurance ÷ 12, monthly HOA dues and, when the down payment is below 20%, PMI (loan amount × PMI rate ÷ 12).

Example

A $450,000 home with $90,000 down (20%) leaves a $360,000 loan. At 6.5% for 30 years, principal and interest is $2,275.44 a month. Add $5,400 a year of property tax and $1,800 of insurance and the full payment is about $2,875.44. Over 30 years you'd pay roughly $459,160 in interest.

Tips

  • A 15-year loan has a higher monthly payment but usually costs far less interest overall.
  • Putting 20% down on a conventional loan avoids PMI entirely.
  • Compare loan estimates from several lenders. Even a small rate difference changes the total cost by thousands.
  • Budget for maintenance as well. Many owners set aside 1% or more of the home's value each year.

Frequently asked questions

What is included in a monthly mortgage payment?
Most payments include principal and interest, plus property taxes and homeowners insurance collected through an escrow account. Depending on the loan you may also pay private mortgage insurance (PMI) and, separately, HOA dues. This calculator shows all of them together so you can see the full monthly cost.
When does PMI go away?
On a conventional loan you can usually ask your lender to cancel PMI once you reach 20% equity based on the original home value, and it is generally removed automatically when you reach 22% equity if your payments are current. FHA mortgage insurance follows different rules.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage builds equity faster and typically carries a lower rate, so it costs much less interest overall, but the monthly payment is higher. A 30-year loan keeps payments lower and more flexible. Try both terms above to compare the monthly payment and total interest.
How much house can I afford?
Lenders often look at your debt-to-income ratio. Use our home affordability calculator to estimate a price range from your income, debts and down payment.
How accurate is this estimate?
The principal-and-interest figure uses the exact standard formula. Taxes, insurance, PMI and HOA are based on the amounts you enter, and closing costs are not included. Your lender's Loan Estimate is the official figure.
Home Affordability calculatorHow much house your income and debts can support.Loan Payment calculatorMonthly payment, total interest and payoff time for any loan.Inflation calculatorWhat money will be worth, and what things will cost, later.

Sources

This calculator provides educational estimates only and is not financial, tax, legal or investment advice. Results depend on the assumptions you enter; actual terms from lenders, insurers and tax authorities may differ.