Mortgage Calculator

Estimate your monthly mortgage payment, including taxes and insurance.

Estimate your full monthly mortgage payment

The payment a lender quotes is usually principal and interest only. What actually leaves your account each month also includes property tax, home insurance and often mortgage insurance and HOA fees. This calculator adds them all up, then shows the total interest, the payoff date and a full payment schedule. Everything is worked out in your browser.

What goes into the payment

  • Principal and interest. Fixed for the life of a fixed-rate loan. Early payments are mostly interest.
  • Property tax. Varies enormously by location, from well under 1% of the home's value a year in some states to over 2% in others. The listing or the county assessor's website shows the real bill.
  • Home insurance. Get a quote for the actual address; coastal and wildfire areas cost far more.
  • PMI. Required on most conventional loans with less than 20% down. Freddie Mac puts it at roughly 30 to 70 dollars a month for every 100,000 dollars borrowed.
  • HOA fees for condos and many newer developments.

Lenders usually collect tax and insurance with the payment and hold them in an escrow account, which is why the total is the number to budget for.

A worked example

A 350,000 dollar home with 20% down leaves a 280,000 dollar loan. At 6.5% over 30 years, principal and interest come to about 1,770 dollars a month. Add 3,500 dollars a year of property tax and 1,500 of insurance and the real payment is about 2,186 dollars. Over the full 30 years you would pay about 357,000 dollars in interest, more than the amount borrowed.

Ways to pay less in total

  • A shorter term. The same loan over 15 years at 6% costs about 2,363 dollars a month, but total interest falls to about 145,000 dollars, a saving of over 200,000.
  • Extra principal. Adding 200 dollars a month to the example clears it in about 22.8 years and saves about 101,000 dollars of interest.
  • Biweekly payments. Paying half the monthly amount every two weeks makes 26 half payments, the same as 13 monthly payments a year. The example loan would be paid off in about 24 years, saving around 82,000 dollars. Check that your lender applies the money as it arrives and charges no fee for the plan; adding a twelfth of a payment each month achieves the same thing.
  • Removing PMI. On conventional loans you can ask for PMI to be cancelled once the balance reaches 80% of the home's original value, and it must end automatically at 78%. FHA mortgage insurance follows different rules.

Sharing a calculation

Your inputs are saved in the page address, so you can bookmark a scenario or send the link to a partner or a loan officer.

Estimates only, not financial advice. Your real payment depends on your lender, credit, loan type and local taxes. Closing costs are not included.

Frequently asked questions

What is included in a monthly mortgage payment?

Principal and interest, plus property tax and home insurance (together called PITI), and often private mortgage insurance and HOA fees. This calculator includes all of them.

How much does PMI cost?

Freddie Mac estimates roughly 30 to 70 dollars a month per 100,000 dollars borrowed, depending mainly on your credit score and down payment.

When does PMI go away?

On a conventional loan you can request cancellation when the balance reaches 80% of the home original value, and it ends automatically at 78%, as long as payments are up to date.

Is a 15-year mortgage worth it?

If you can afford the higher payment, it saves a great deal. In our example a 280,000 dollar loan costs about 357,000 in interest over 30 years at 6.5% but about 145,000 over 15 years at 6%.

Do biweekly mortgage payments really save money?

Yes. Twenty-six half payments a year equal thirteen monthly payments, so a 30-year loan at 6.5% is paid off in roughly 24 years.

Does the calculator include closing costs?

No. Closing costs are paid upfront and are typically several percent of the loan. Ask your lender for a Loan Estimate to see them.