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Mortgage Calculator

Estimate your monthly mortgage payment including principal, interest, property taxes, homeowner’s insurance and HOA fees. Compare scenarios and see total interest over the full term.

On this page

Uses a standard fixed-rate amortization formula. Taxes and insurance are estimated as monthly amounts (annual ÷ 12). PMI/mortgage insurance and closing costs are not included.

Want to compare a generic loan payment (without taxes/insurance)? Try the loan payment calculator.

Quick ways to change the payment

  • Higher down payment → lower loan amount and usually less interest.
  • Lower rate → can reduce total interest dramatically over 30 years.
  • Shorter term → higher monthly payment, but often far less total interest.
  • Taxes/insurance matter: “affordable P&I” can still be expensive monthly.

How this mortgage calculator works

Most mortgages are amortizing loans. That means each payment is structured so the balance reaches zero by the end of the term. Your monthly payment is built from a few key inputs:

  • Loan amount: home price minus down payment
  • Interest rate: annual rate converted to a monthly rate
  • Term: total number of monthly payments (years × 12)

This page also estimates a more realistic “all-in” monthly housing cost by adding: property taxes, homeowner’s insurance, and HOA fees (if any).

What your results mean

Monthly payment (P&I)

This is the core loan payment: principal + interest. It does not include taxes, insurance, or HOA fees. If you want the clean “loan-only” math, compare with the loan payment calculator.

Total monthly payment

This is your estimated monthly housing cost: P&I + taxes + insurance + HOA. Many borrowers pay taxes and insurance through escrow, so the “total” number is often closer to what you see leaving your bank account each month.

Total interest

This is the total interest paid on the loan over the full term (principal & interest portion). It’s one of the best numbers to compare when you’re deciding between a 30-year vs 15-year term or shopping rates. For rate terminology, see APR vs APY.

Example: interpret a common scenario

Example inputs (you can use the defaults above): a $350,000 home with $70,000 down payment (loan amount $280,000), 5% interest, 30 years, plus estimated taxes and insurance.

  • If you increase the down payment, your loan amount drops, and both monthly payment and total interest usually fall.
  • If you shorten the term (e.g., 30 → 15 years), monthly payment usually rises, but total interest often drops significantly.
  • If taxes/insurance are higher than expected, your “true” monthly cost can be much higher than P&I alone.

Practical tips before you commit

  • Stress test the payment: try higher taxes/insurance and see if it still fits your budget.
  • Compare scenarios: save multiple runs (down payment, term, rate) and compare total interest.
  • Think opportunity cost: a larger down payment lowers the mortgage, but ties up cash you might invest or keep as a buffer.
  • Keep a safety buffer: many households aim to keep a cash reserve. If you’re building one, use the savings goal calculator.

FAQ

What does a mortgage payment include?

At minimum, principal and interest (P&I). Many borrowers also pay property taxes and homeowner’s insurance monthly through escrow, plus HOA fees if applicable.

Does this mortgage calculator include PMI?

No. PMI/mortgage insurance is not included. If your down payment is low, your lender may require PMI as an additional monthly cost.

Is this accurate for adjustable-rate mortgages (ARMs)?

This calculator estimates fixed-rate mortgages. ARMs may change interest rate after the initial period, which can change your payment.

Why does total interest look so high on a 30-year mortgage?

Interest is paid over a long time horizon. Early payments typically have a larger interest portion, and you pay interest for more months overall. Comparing a shorter term or a lower rate often reduces total interest significantly.

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