Use this free mortgage calculator to estimate monthly principal and interest, total interest, loan-to-value, and optional property tax, insurance, PMI, and HOA costs.
$400,000 home, $320,000 loan at 6.5%
This is payment math, not a lender Loan Estimate. It leaves out APR, points, closing costs, prepaid interest, escrow setup, tax changes, PMI rules, and approval checks.
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.
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
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Plain-language answers about when to use the estimate, what your numbers mean, what is left out, and how privacy works.
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.
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.
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.
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.
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.
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.
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.
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.
Start with total monthly payment, then look at principal and interest, total interest, LTV, and the tax-plus-insurance line. A smaller monthly payment can still cost more if the term is longer.
This is payment math, not a lender Loan Estimate, approval, or APR disclosure. It does not include points, closing costs, prepaid interest, escrow setup, property-tax reassessments, PMI cancellation rules, adjustable-rate changes, credit review, debt-to-income rules, or cash-to-close requirements. It also cannot tell whether you qualify, whether the home appraises, or whether the payment fits your full budget after repairs, utilities, moving costs, and cash reserves.
Compare the estimate with a lender Loan Estimate before making a decision. Check the interest rate, APR, points, closing costs, escrow, PMI, property tax, insurance, HOA dues, and whether the loan is fixed or adjustable.
A 15-year mortgage spreads the same loan over fewer months. That usually raises the monthly payment, but the balance falls faster, so less interest builds up over the life of the loan.
Only as a rough starting payment check. The calculator assumes the rate stays fixed for the full term. Adjustable-rate loans can change later, so read the ARM details in the lender documents.
No. The calculator runs in your browser tab. Recent answers stay only on the page while you use it, and they are not sent to a server.