Mortgage Calculator
Estimate your monthly mortgage payment, including principal, interest, taxes, insurance, and HOA fees.
Estimated monthly payment
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Enter your details and calculate your payment.
Monthly breakdown
- Principal and interest
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- Property taxes
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- Home insurance
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- HOA fees
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Loan totals
- Amount borrowed
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- Total interest
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- Total principal and interest
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- Loan term
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Monthly payment breakdown
Payment categories are shown as a share of your estimated monthly payment.
About this mortgage calculator
This calculator estimates your monthly mortgage payment and the total cost of the loan.
Your monthly payment can include
- Principal — The amount you borrowed and are paying back.
- Interest — The cost of borrowing money.
- Property taxes — Your estimated annual property taxes divided by 12.
- Home insurance — Your estimated annual insurance cost divided by 12.
- HOA fees — Monthly homeowners association fees, if any.
Calculator assumptions
This calculator assumes:
- A fixed interest rate for the full loan term.
- The loan is repaid with equal monthly principal and interest payments.
- Interest is calculated using a standard mortgage amortization formula.
- Property taxes stay the same throughout the calculation.
- Home insurance costs stay the same throughout the calculation.
- HOA fees stay the same throughout the calculation.
- Payments are made monthly and on time.
What is not included
This estimate does not include:
- Private mortgage insurance (PMI).
- FHA, VA, or other mortgage insurance fees.
- Closing costs.
- Loan origination or lender fees.
- Home repairs or maintenance.
- Utilities.
- Changes in taxes, insurance, or HOA fees over time.
A few terms to know
- Down payment — Money you pay toward the home upfront. A larger down payment means you borrow less.
- Loan term — How long you have to repay the loan. Common terms are 15, 20, and 30 years.
- Interest rate — The percentage the lender charges for borrowing the money.
- Total interest — The total interest paid over the full loan term if the loan is paid as scheduled.
- Amortization — The process of paying down the loan over time. Early payments usually contain more interest. Later payments contain more principal.
Comparing mortgage options
A lower monthly payment does not always mean a lower-cost loan.
For example:
- A longer loan term usually lowers the monthly payment.
- A longer loan term usually increases the total interest paid.
- A larger down payment reduces the amount borrowed.
- A lower interest rate can reduce both the monthly payment and total interest.
Use the calculator above to change the loan term, interest rate, or down payment and compare the results.