Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, property taxes, insurance, HOA, and PMI. Adjust any variable to see how it affects your payment and total cost over the life of the loan.
Adjust Your Loan Details
$90,000 down · $360,000 loan
Your Payment
Estimated Monthly Payment
$2,916
per month
Due at Close
$103,500
Total Interest
$480,583
Estimates only. Tax, insurance & PMI are based on national averages. Actual costs vary by location and lender. PMI auto-calculated for down payments under 20%.
Mortgage Calculator FAQs
How is my monthly mortgage payment calculated?
Your monthly payment includes principal and interest on your loan, plus property taxes, homeowners insurance, and, if applicable, HOA fees and private mortgage insurance (PMI). This is often called PITI. Our calculator breaks down each component so you can see exactly where your money goes each month.
What is PMI and when do I need it?
Private Mortgage Insurance (PMI) is required by most lenders when your down payment is less than 20% of the home price. It protects the lender, not you, in case of default. Our calculator automatically estimates PMI based on your down payment percentage — typically ranging from 0.32% to 1.1% of the loan amount annually. Once you reach 20% equity, you can request to have PMI removed.
How much down payment do I need?
A 20% down payment eliminates PMI and secures the best loan terms, but it is not required. Conventional loans often allow as little as 3% down, FHA loans require 3.5%, and VA and USDA loans may require zero down. A larger down payment reduces your monthly payment and total interest paid over the life of the loan. Use the down payment slider to see how different amounts affect your payment.
What closing costs should I expect?
Closing costs typically range from 2% to 5% of the home purchase price. Our calculator estimates 3% as a baseline. These costs include loan origination fees, title insurance, appraisal fees, and prepaid expenses like property taxes and insurance. The "Due at Close" figure in your results combines your down payment with estimated closing costs.
How does my loan term affect my payment?
A shorter loan term (like 15 years) means higher monthly payments but significantly less total interest paid over the life of the loan. A longer term (like 30 years) lowers your monthly payment but costs more in interest overall. For example, on a $400,000 loan at 6.75%, a 30-year term costs about $2,597/month in principal and interest, while a 15-year term costs about $3,544/month — but saves over $330,000 in total interest.
Are the property tax and insurance estimates accurate?
Our calculator uses national average rates — approximately 1.2% of home value for property tax and 0.35% for insurance — as starting estimates. Actual costs vary significantly by location, home value, and coverage level. You can customize both figures in the advanced settings to match your specific situation for a more accurate estimate.