Mortgage calculator
Work out your full monthly mortgage payment, including property tax, home insurance, PMI and HOA fees, and see how much interest you'll pay over the loan.
Monthly payment
- Principal & interest
- Property tax
- Insurance
- PMI
- HOA
PMI can usually be removed once you have 20% equity.
- Loan amount
- Total interest
Estimates only, for illustration.
Amortization by year
| Year | Principal paid | Interest paid | Balance at year end |
|---|---|---|---|
How this calculator works
Enter the home price, your down payment, the interest rate and the loan term. The calculator works out:
- Principal and interest, the fixed loan payment, using the standard mortgage formula
- Property tax, as a percentage of the price, divided into monthly amounts
- Home insurance, your yearly premium divided by 12
- PMI, if your down payment is under 20%
- HOA fees, if the home has them
Together, these make up the monthly payment you'll actually budget for. Open the amortization table to see how much of each year's payments go to interest and how fast the balance falls.
Tips
- Get real numbers for tax and insurance on a specific home; they can change your payment by hundreds of dollars.
- Compare rates from several lenders. Even a small difference adds up over 30 years.
- Budget for upkeep too. Many owners set aside about 1% of the home's value a year for repairs and maintenance.
Not sure what price to look at? Try the home affordability calculator.
Common questions
Private mortgage insurance protects the lender when you put down less than 20% on a conventional loan. It often costs roughly 0.3% to 1.5% of the loan a year. You can usually ask to cancel it once you owe 80% of the home's original value, and it normally ends automatically at 78%. FHA loans have their own mortgage insurance with different rules.
It varies widely by state and town, from well under 1% of a home's value a year to over 2%. Check the listing or the local tax assessor's website for the actual amount on a home you're considering.
A 15-year mortgage usually has a lower rate and costs far less interest overall, but the monthly payment is much higher. A 30-year mortgage keeps payments lower and more flexible. You can always pay extra on a 30-year loan if you can afford to.