Estimate your monthly mortgage payment including principal, interest, tax and insurance.
Runs entirely in your browser — private and instant.
Understanding your result
Principal & interest is the loan repayment portion. Tax, insurance and HOA are housing costs that do not reduce your loan balance but are real monthly expenses. The total shows what you should budget each month.
Formula and method
Loan principal = price − down payment. Monthly principal & interest = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where r is the monthly rate and n the number of months. Tax and insurance are divided by 12 and added, along with monthly HOA.
Assumptions and limitations
This is an estimate. It excludes private mortgage insurance (PMI), closing costs and rate changes on adjustable loans, all of which depend on your lender and location.
Worked example
A 350,000 home with 70,000 down (280,000 financed) at 6% over 30 years gives principal & interest ≈ 1,679/month. Adding 250 tax, 100 insurance and 0 HOA gives a total of ≈ 2,029/month.
How it compares
| Aspect | 15-year term | 30-year term |
|---|---|---|
| Monthly payment | Higher | Lower |
| Total interest paid | Much lower | Much higher |
| Equity built | Faster | Slower |
How to use this tool
- Enter the home price and your planned down payment.
- Add the interest rate and term in years.
- Optionally include yearly tax, insurance and monthly HOA.
- Press Calculate to see your full monthly payment.
Common mistakes to avoid
- Calculating on the full home price instead of the financed amount.
- Ignoring tax and insurance, which can add hundreds per month.
- Assuming the rate is fixed when an adjustable loan can change.
About the Mortgage Calculator
The Mortgage Calculator estimates the monthly cost of owning a home, combining principal and interest with optional property tax, insurance and HOA fees so you can see the full picture before you buy.
Who should use this tool
Prospective home buyers and owners who want a realistic monthly payment that includes taxes and insurance, not just principal and interest.
Benefits
- Budget for the true monthly cost of a home, not just the loan.
- See how the down payment changes your payment and interest.
- Compare loan terms and rates before talking to a lender.
Practical use cases
- Estimating payments while house hunting.
- Weighing a 15-year against a 30-year mortgage.
- Checking how extra down payment lowers monthly cost.
Frequently asked questions
Does this include PMI or closing costs?
No. It covers principal, interest, tax, insurance and HOA. Mortgage insurance and one-time closing costs vary by lender and region.
Can I use any currency?
Yes. Choose your currency and all figures are formatted accordingly.