Calculate your monthly mortgage payment with taxes, insurance, and PMI
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Start by entering the purchase price of the home you're considering. Then specify your down payment — you can enter either a dollar amount or a percentage of the home price. Select your loan term (15, 20, or 30 years) and enter the current interest rate you've been quoted or expect to receive.
The calculator also factors in property taxes (expressed as an annual percentage of home value), homeowners insurance (annual premium), PMI (if your down payment is less than 20%), and HOA fees if applicable. Adjust any of these inputs and the results update immediately.
The results section breaks down your total monthly payment into its individual components: principal and interest, property taxes, insurance, PMI, and HOA. You'll also see the total interest paid over the life of the loan and the overall cost of the home.
A mortgage payment is calculated using the standard amortization formula. The principal and interest portion is determined by the loan amount, interest rate, and loan term. Property taxes, insurance, and PMI are added on top as monthly escrow amounts.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home price. It protects the lender in case you default. Once you reach 20% equity through payments and/or appreciation, PMI can typically be removed.
The amortization schedule shows how each payment is split between principal and interest over time. In the early years, most of your payment goes toward interest. As you pay down the principal, the interest portion shrinks and more goes toward building equity.
Interest rates vary based on economic conditions, your credit score, loan type, and down payment. Generally, the lower your rate, the less you'll pay over the life of the loan. Even a 0.25% difference can save thousands over 30 years.
A 15-year mortgage has higher monthly payments but significantly less total interest paid. A 30-year mortgage has lower monthly payments but costs more over time. Choose based on what fits comfortably in your budget while leaving room for other financial goals.
PMI is typically removed when you reach 20% equity in your home. This can happen through regular payments, extra payments, or home value appreciation. You can request PMI removal from your lender when you believe you've reached this threshold.
Closing costs are separate fees paid at the time of purchase (typically 2-5% of the home price). This calculator focuses on your ongoing monthly payment. Use our Closing Cost Calculator for a detailed estimate of those one-time fees.
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