Quick start
- Open the Mortgage Calculator.
- Enter the home price and the down payment as dollar amounts.
- Enter the interest rate and loan term, such as 6.5% for 30 years.
- Add yearly property tax, then monthly insurance, PMI, and HOA only when those costs apply.
- Calculate, then read total monthly payment, principal and interest, total interest, and LTV before comparing it with a lender Loan Estimate.
Best uses
Start here if one of these sounds like your job. The examples below show which inputs matter most.
- Estimate monthly mortgage principal and interest from home price, down payment, rate, and term.
- Add common monthly ownership costs such as property tax, insurance, PMI, and HOA dues.
- Compare how down payment or rate changes affect monthly payment and total interest.
- Check loan-to-value before discussing PMI or lending options.
What this calculator is for
The Mortgage Calculator is for checking a home payment before the number turns into a big, blurry monthly bill. It separates principal and interest from property tax, insurance, PMI, and HOA costs so you can see what is actually driving the payment.
Use it before asking for a quote, comparing 15-year and 30-year payments, testing PMI, or seeing whether tax and insurance make a home feel less affordable than the loan payment alone.
What to enter
Mortgage estimates get messy when annual and monthly costs are mixed together. Home price, down payment, rate, and term build the loan payment. Property tax, insurance, PMI, and HOA dues are add-ons that make the real monthly budget bigger.
- Enter the home price and down payment as dollar amounts, not percentages.
- Use the loan rate and term you want to compare, such as 6.5% for 30 years.
- Add property tax per year, then monthly insurance, PMI, and HOA only when those costs apply.
Example walkthrough
Try the starter example: a $400,000 home, $80,000 down, 6.5% for 30 years, $4,800 yearly tax, $140 monthly insurance, and a $75 HOA. The estimate is about $2,637.62 per month total, with $2,022.62 of that as principal and interest and 80% LTV.
- For a $400,000 home with $80,000 down, the loan amount is $320,000.
- At 6.5% for 30 years, the principal and interest estimate is about $2,022.62 per month.
- With $4,800 yearly property tax, $140 monthly insurance, and a $75 HOA, the total monthly estimate is about $2,637.62.
Formula and steps
In plain language: The calculator subtracts the down payment from the home price, uses the fixed-rate mortgage payment formula for monthly principal and interest, then adds annual property tax divided by 12, monthly insurance, PMI, and HOA dues. If the monthly payment looks wrong, check four things first: the rate is entered as a percent, property tax is yearly, insurance is monthly, and the down payment is a dollar amount instead of a percent.
The loan formula is only the first layer. The budget number changes when you add property tax, homeowners insurance, PMI, and HOA dues. CFPB calls the core monthly pieces PITI: principal, interest, taxes, and insurance.
How to read the answer
Start with total monthly payment because that is closest to the budget hit. Then check principal and interest, total interest, and loan-to-value so you can tell whether the payment is being moved by the loan, the rate, the term, or the add-on costs.
- Total monthly payment is the number to budget around, but principal and interest show the loan-only part.
- Loan-to-value helps you see how much of the home price is financed before you think about PMI.
- Total interest shows the long-term cost if the rate, term, and payment stay fixed.
Common mistakes to avoid
Most bad mortgage estimates come from using a rate that is not your quote, entering yearly insurance as monthly insurance, forgetting PMI, ignoring tax reassessments, or treating the calculator like a lender approval.
- Do not treat this as a lender Loan Estimate or final approval.
- Do not enter annual insurance in a monthly insurance box.
- Do not forget closing costs, prepaid interest, escrow changes, points, PMI rules, and local tax changes.
What to try next
A related money tool can help check the same question from another angle before you rely on one result.
- Use Amortization Calculator to see the balance over time.
- Use Down Payment Calculator to check cash needed at closing.
- Use Interest Rate Calculator if you only know the payment quote.
Sources and estimate notes
This guide links to public financial, consumer, statistical, or tax references where they are useful for understanding the calculator context.
Source links improve transparency, but they do not turn a quick calculator into professional advice or a final loan, tax, payroll, or investment answer.
Worked examples for Mortgage Calculator
About $2,637.62/month total, with $2,022.62 principal and interest and 80% LTV
About $2,413.04/month total and about 88.89% LTV
About $3,332.66/month total but about $169,178.93 total interest
FAQ in plain language
When should I use the Mortgage Calculator?
Use it when you want to test the exact inputs on this page: Estimate monthly mortgage principal and interest from home price, down payment, rate, and term. Add common monthly ownership costs such as property tax, insurance, PMI, and HOA dues. The result is a check against your assumptions, not proof that a lender, tax app, broker, platform, or provider will use the same number.
What do the main Mortgage Calculator inputs mean?
Home price means the purchase price you want to test before closing costs. Down payment means cash paid upfront toward the home price. The calculator subtracts this from the price to get the loan amount. Interest rate means the yearly note rate used for payment math, entered as 6.5 for 6.5%. Loan term means how many years the fixed payment is spread across, usually 15 or 30 for common comparisons. Property tax per year means the yearly tax estimate. The calculator divides it by 12 for the monthly payment. Insurance, PMI, and HOA means monthly add-ons. Enter 0 for any cost that does not apply.
What does PITI mean on a mortgage?
PITI means principal, interest, taxes, and insurance. The calculator shows principal and interest first, then adds property tax, insurance, PMI, and HOA so the full monthly estimate is easier to check.
Why is the total monthly payment higher than principal and interest?
Principal and interest only repay the loan. A real housing budget may also include property tax, homeowners insurance, mortgage insurance, and HOA dues. CFPB says these extra costs can appear in the projected payment section of a Loan Estimate.
Does this use today's mortgage rates automatically?
No. Enter the rate you want to test from a lender quote or rate table. Freddie Mac publishes market averages, but your real rate can change with credit, loan type, points, location, down payment, and timing.
Should I include PMI?
Include PMI if your loan estimate, lender, or scenario has monthly mortgage insurance. Do not guess it from LTV alone, because PMI rules and prices can vary by loan type, credit, down payment, and lender.
Is this the same as a lender Loan Estimate?
No. A Loan Estimate is a formal lender form. CFPB says it includes estimated interest rate, monthly payment, closing costs, tax and insurance estimates, and special loan features. This page only estimates the numbers you enter.
Related tools
- Loan Calculator Estimate a fixed monthly loan payment, total paid, and total interest from amount, rate, and term.
- Amortization Calculator Estimate payoff time, total interest, and extra-payment savings.
- Interest Rate Calculator Find the rate hidden inside a fixed loan payment quote.
Keep exploring
If this guide is close but not exact, these links keep you near the same kind of problem.
- Finance Browse the full category for related tools that help with the same job.
- All free tools Search the complete Access Free Tools library by task, category, or tool name.
- All calculator and utility guides Find more plain-language examples, formulas, mistakes, and result explanations.
- Free calculator resources Start here when you are not sure which calculator page fits.
Privacy and copying results
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Use Copy answer when you want to save the inputs and result in notes, homework, a message, or a project list. Check the units, labels, and limits before copying.