Mortgage Payment Calculator

Loan Details

Home Price ? The total purchase price of the home you want to buy before any down payment is subtracted.

Loan Term ? The number of years you have to repay the loan. Shorter terms mean higher monthly payments but far less interest paid overall.

Down Payment ? The upfront cash you pay toward the home purchase. The remainder becomes your loan (principal). Putting down at least 20% lets you avoid PMI.

- You are putting down 20% or more - no PMI required. Good work!

Interest Rate ? The annual percentage the lender charges on the outstanding loan balance. Even a 0.5% difference can cost or save tens of thousands of dollars over the life of the loan.

Monthly Costs (Optional)

Property Taxes (Annual) ? A tax levied by local government based on your home's assessed value. Typically 0.5%-2.5% of the home's value per year. Check your county assessor's website for your rate.

Divided by 12 for monthly portion

Homeowners Insurance (Annual) ? Protects your home and belongings against damage or theft. Lenders require it. The national average is roughly $1,500-$2,500 per year depending on location and home value.

Divided by 12 for monthly portion

HOA Fees (Monthly) ? Homeowners Association fees paid to a governing body in planned communities (condos, townhomes, subdivisions). They cover shared amenities and maintenance. Not all homes have HOA fees.

PMI - Private Mortgage Insurance ? Required by lenders when your down payment is less than 20% of the home price. It protects the lender (not you) if you default. PMI typically costs 0.5%-1% of the loan amount per year and can be removed once you reach 20% equity.

$ / mo. (est.)

- Your down payment is under 20%. PMI is automatically estimated at 0.85% annually.

Estimated Monthly Payment

Principal + Interest + Taxes + Insurance

Payment Breakdown

Principal & Interest ? Principal is the original loan amount you borrowed. Interest is the fee the lender charges. This combined payment is calculated using the standard amortization formula. $0

Property Taxes $0

Homeowners Insurance $0

HOA Fees $0

PMI ? Private Mortgage Insurance is required because your down payment is under 20%. Once your equity reaches 20%, you can request PMI removal - saving you this monthly cost. $0

Loan Summary

Loan Amount ? The amount you are borrowing: Home Price minus your Down Payment. This is also called the Principal of the loan.

Total Principal Paid

Total Interest Paid ? The total amount you will pay the lender on top of the loan balance over the entire life of the loan. This is why shorter terms and lower rates save so much money.

Total Cost of Loan ? Total Principal plus Total Interest. This is the actual total amount you will repay to the lender over the life of the loan, excluding taxes, insurance, and fees.

Amortization ? The process of gradually paying off a debt through regular scheduled payments. Early in the loan, most of each payment is interest. Over time, more goes toward the principal balance.

0 payments

Escrow (Monthly) ? An escrow account is managed by your lender and holds your property tax and insurance payments. Each month a portion is collected with your mortgage payment, and the lender pays the bills on your behalf.

This calculator provides estimates for educational purposes only. Results are not guaranteed and do not constitute financial advice. Actual mortgage payments may vary based on lender terms, credit score, local tax rates, and other factors. Consult a licensed mortgage professional before making any financial decisions.