Calculator
Mortgage Payment Calculator
Estimate a monthly mortgage payment from home price, down payment, rate, term, property tax, and insurance so you can separate the loan payment from broader housing costs.
Result
Estimated monthly payment
$2,625.51
Principal and interest
$2,075.51
Estimated monthly tax and insurance
$550.00
How to use this calculator
What this calculator does
Estimate a monthly mortgage payment from home price, down payment, rate, term, property tax, and insurance so you can separate the loan payment from broader housing costs.
How to use it
Enter the home price, down payment, mortgage rate, loan term, annual property tax, and annual insurance. Compare the estimate with your budget, then remember that lender quotes may include additional escrow items, PMI, HOA dues, or closing-cost details.
What the result means
Use the result as a planning estimate. Compare it against your budget, then account for fees, taxes, timing, and lender or account rules before making a decision.
Browse more finance calculators for related estimates and comparisons.
Results are estimates for planning and education. They do not include every fee, tax, lender rule, market outcome, inflation factor, or personal financial circumstance.
Scenario guidance
When to use this
Use this when comparing home prices, down-payment amounts, and mortgage-rate scenarios before treating a property as affordable.
Example scenario
A home shopper comparing a $375,000 home and a $425,000 home can test both with the same down payment and rate to see how much the monthly estimate changes.
Inputs that usually matter most
- Home price and down payment, which determine the estimated loan principal.
- Annual interest rate and loan term, which drive the principal and interest payment.
- Property tax and insurance, because they can materially change the monthly housing estimate.
Common mistake to avoid
Do not rely on principal and interest alone. Property tax, insurance, PMI, HOA dues, local assessments, and escrow rules can change the true monthly housing cost.
How to interpret the result
Use the result as a housing-cost estimate, not a preapproval or affordability decision. Compare the loan payment separately from taxes and insurance so you can see which assumptions are driving the total.
Results are estimates for planning and education. Actual mortgage costs can vary with lender terms, points, escrow rules, PMI, taxes, insurance, HOA dues, closing costs, and local requirements.
Formula
Principal and interest use the standard fixed-rate amortizing loan formula. Annual property tax and insurance are divided by 12 and added separately, while PMI, HOA dues, closing costs, and rate changes are not included.
Example mortgage
A $400,000 home with $80,000 down leaves a $320,000 mortgage. At 6.75% for 30 years, principal and interest are about $2,076 per month before adding property tax, homeowners insurance, PMI, HOA dues, or local fees.
Frequently Asked Questions
Does this include PMI or HOA dues?
No. Add private mortgage insurance, HOA dues, maintenance, utilities, and local fees separately when estimating your full housing cost.
Why can my lender estimate differ?
Lender quotes may include points, origination fees, escrow rules, PMI, insurance details, and exact closing-date interest that this simple estimate does not fully model.
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