Enter home price and down payment
Start with the purchase price, down payment, and loan term so the calculator can estimate the amount you need to borrow.
Back to toolsMortgage payment calculator
Free Mortgage Calculator
A mortgage calculator estimates your monthly home loan payment from the purchase price, down payment, interest rate, term, taxes, insurance, PMI, and HOA fees. Use it to compare the required monthly payment with the long-term cost of buying a home.
Loan amount
$340,000
Down payment
20%
Payoff date
April 2056
Estimated monthly payment
$2,788.56
This includes principal, interest, estimated property tax, homeowners insurance, PMI, and HOA dues. Actual lender estimates may differ because of fees, escrow rules, and loan program requirements.
Principal and interest
$2,205.23
The fixed loan payment before taxes, insurance, PMI, and HOA dues.
Total interest
$453,887
Estimated interest paid over the full loan term.
Lifetime cost
$1,003,886
Loan principal, interest, and recurring ownership costs during the term.
Payoff month
April 2056
Projected final payment month based on the start date and term.
Principal & interest
$2,205.23
Property tax
$433.33
Insurance
$150.00
PMI
$0.00
HOA
$0.00
Amortization snapshot
See how the loan balance changes
Early payments are interest-heavy. Later payments shift toward principal as the balance falls.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,205.23 | $292.73 | $1,912.50 | $339,707 |
| 12 | $2,205.23 | $311.36 | $1,893.87 | $336,376 |
| 60 | $2,205.23 | $407.56 | $1,797.67 | $319,178 |
| 120 | $2,205.23 | $570.63 | $1,634.60 | $290,024 |
| 360 | $2,209.50 | $2,197.14 | $12.36 | $0 |
How to use it
Calculate a fuller home loan payment
The calculator is designed for fixed-rate mortgage estimates. Use lender disclosures for final numbers before you commit.
Add rate and monthly ownership costs
Enter the interest rate, annual property tax, annual homeowners insurance, PMI, and HOA dues to build a fuller monthly payment estimate.
Review the payment and amortization summary
Compare principal and interest against taxes, insurance, PMI, HOA dues, total interest, and the projected payoff date.
FAQ
Common mortgage calculator questions
Quick answers about monthly mortgage payments, PMI, and loan cost tradeoffs.
What is a mortgage calculator?
A mortgage calculator estimates your monthly home loan payment from the purchase price, down payment, interest rate, term, taxes, insurance, PMI, and HOA fees. It helps you see both the required monthly payment and the long-term cost of borrowing.
What is included in a monthly mortgage payment?
A typical monthly mortgage payment includes principal, interest, property taxes, homeowners insurance, and sometimes PMI or HOA dues. Lenders often call the principal, interest, taxes, and insurance portion PITI.
How much down payment do I need to avoid PMI?
Many conventional loans avoid private mortgage insurance when the down payment is at least 20 percent of the purchase price. Some loan programs have different rules, so confirm the exact PMI requirement with the lender.
Does a lower mortgage payment always mean a cheaper loan?
No. A lower monthly payment can come from a longer loan term, which may increase total interest. Compare the monthly payment, total interest, and payoff date before choosing a mortgage.
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