Mortgage payment calculator
Estimate a monthly house payment.
Enter a home price, down payment, interest rate, and loan term to estimate a monthly mortgage payment or house payment. Add property tax, homeowners insurance, and HOA dues for a more realistic total.
Calculator
Mortgage Payment Calculator
Use estimates for taxes, insurance, and HOA. Actual lender numbers can vary.
- Loan amount
- $0
- Principal & interest
- $0
- Estimated extras
- $0
- Total interest
- $0
- P&I over term
- $0
How to use it
Mortgage payment and house payment estimates
This mortgage payment calculator estimates the monthly cost of a home loan. The basic payment is principal and interest. Many real house payments also include property taxes, homeowners insurance, private mortgage insurance, and HOA dues.
For a quick estimate, start with the home price, down payment, interest rate, and loan term. Then add monthly tax and insurance estimates to get closer to the payment you may actually budget for.
The formula uses the standard amortized loan payment calculation for principal and interest. The calculator then adds the monthly property tax, insurance, and HOA amounts you enter. It does not check credit, quote a lender rate, or include every possible closing cost.
Try changing the interest rate by small amounts to see how sensitive the monthly payment is. A small rate change can make a noticeable difference on a long mortgage, especially on a 30-year term.
Formula
How the mortgage payment is calculated
The principal and interest estimate uses the standard fixed-rate mortgage formula.
M = P [ r(1 + r)^n ] / [ (1 + r)^n - 1 ]
M is the monthly principal and interest payment, P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
Property tax, homeowners insurance, and HOA are added after the loan payment so you can see a more realistic monthly housing estimate.
Mortgage notes
What the calculator includes
Does this include taxes and insurance?
Yes, if you enter monthly estimates for property tax and insurance. Many real mortgage payments also include escrow, local taxes, and lender-specific costs.
Does this include private mortgage insurance?
No. PMI is not included yet. It can be added later as its own field.
What is principal and interest?
Principal is the amount borrowed. Interest is the cost of borrowing money. The principal and interest payment is the core loan payment before taxes, insurance, HOA, or other costs are added.
Why does the payment change with the loan term?
A longer term spreads repayment over more months, which usually lowers the monthly payment but can increase total interest paid over the life of the loan.