Mortgage Calculator
Estimate your full monthly housing payment: principal and interest plus property tax, homeowners insurance and private mortgage insurance (PMI).
Result
What goes into a mortgage payment
Lenders talk about PITI: principal, interest, taxes and insurance. Principal and interest are set by your loan amount, rate and term. Property tax and homeowners insurance are usually collected monthly into an escrow account and vary widely by location.
When PMI applies
On a conventional loan, putting less than 20% down normally means paying PMI. This calculator adds it automatically when your down payment is under 20%, using the annual rate you enter. You can typically ask to drop PMI once you reach 20% equity.
A quick example
For a $400,000 home with $80,000 down, a $320,000 loan at 6.5% for 30 years costs about $2,023 a month in principal and interest. Adding $400 for taxes and $150 for insurance brings the total to roughly $2,573.
Related guide: How Much House Can You Afford? The 28/36 Rule
Frequently asked questions
How much house can I afford?
A common guideline is the 28/36 rule: keep housing costs under 28% of gross monthly income and total debt payments under 36%.
Does this include HOA fees?
No. If the home has homeowners association dues, add them to the total monthly payment shown.
Is this accurate for adjustable-rate mortgages?
It shows the payment at the rate you enter. An ARM payment can change after the initial fixed period ends.
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Results are estimates for informational purposes only and are not financial, tax, legal or medical advice.