Mortgage Payment Calculator: Estimate Your Monthly Payment
Mortgage calculator
Estimate your full monthly mortgage payment — principal, interest, property taxes, insurance, PMI, and HOA — and see exactly where each dollar goes. Adjust any field and the results update instantly.
- Free to use
- No sign-up
- Updates instantly
Loan details
Monthly payment breakdown
How this calculator works
Your principal and interest are calculated with the standard amortizing-loan formula:
M = P × r(1+r)n ÷ ((1+r)n − 1)
Here P is your loan amount (home price minus down payment), r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (years × 12). We then add monthly property tax, homeowners insurance, HOA dues, and — if your down payment is under 20% — private mortgage insurance, to give your full monthly payment, often called PITI.
Frequently asked questions
What does the monthly payment include?
This estimate covers principal, interest, property taxes, homeowners insurance, HOA dues, and PMI when it applies — the full PITI payment most lenders quote.
When do I have to pay PMI?
Private mortgage insurance is usually required when your down payment is below 20% of the home price. It typically drops off once you reach 20% equity. Set the PMI field to 0 if your loan doesn’t require it.
Does this include closing costs?
No. This is your recurring monthly payment. Closing costs are one-time upfront costs — see our down payment and true-cost-of-homeownership guides for those.
Why is my real quote different?
Lenders price your rate from your credit profile, loan type, and location, and escrow amounts vary. Treat this as a close estimate, not a quote.
Estimates only. This tool does not provide financial advice and is not a loan offer. Your actual payment depends on your lender, loan type, location, and credit profile.