US mortgage calculator
Mortgage Calculator
Estimate a monthly home payment using home price, down payment, interest rate, loan term, property tax, homeowners insurance, PMI, HOA fees and a maintenance buffer. This calculator is designed to help you understand more than just principal and interest.
Mortgage payment breakdown
A mortgage payment can include more than the loan payment itself. This table separates the main monthly cost categories so you can see how much each input contributes to the estimated total payment.
| Payment item | Estimated monthly amount | What it represents |
|---|---|---|
| Principal and interest | $2022.62 | Estimated loan payment based on loan amount, interest rate and term. |
| Property tax | $366.67 | Estimated monthly property tax based on the annual percentage entered. |
| Homeowners insurance | $100.00 | Estimated monthly insurance based on the annual insurance amount entered. |
| PMI | $0.00 | Optional monthly private mortgage insurance estimate. |
| HOA fee | $0.00 | Optional monthly homeowners association or condo fee. |
| Maintenance buffer | $200.00 | Optional planning buffer for repairs and maintenance. |
| Total estimated monthly payment | $2689.28 | Estimated monthly housing cost using the inputs above. |
Loan summary
| Home price | $400000.00 |
| Down payment | $80000.00 (20.0%) |
| Estimated loan amount | $320000.00 |
| Loan term | 30 years |
| Interest rate used | 6.50% |
| Estimated total principal and interest paid | $728142.36 |
| Estimated interest over the loan term | $408142.36 |
How this mortgage calculator works
This calculator estimates principal and interest using a standard fixed-rate amortization formula. It then adds the monthly estimates you enter for property tax, homeowners insurance, PMI, HOA fees and maintenance.
What is principal and interest?
Principal is the amount borrowed from the lender. Interest is the cost of borrowing that money. Together, principal and interest are often called the loan payment, but they may not represent the full cost of owning a home.
Why property tax and insurance matter
Property tax and homeowners insurance can significantly change the monthly cost of a home. These costs vary by location, property value, coverage level and local tax rules. Many mortgage payments include these costs through escrow, but the exact setup depends on the lender and loan.
What is PMI?
PMI, or private mortgage insurance, may apply when a buyer makes a smaller down payment on a conventional mortgage. This calculator lets you enter a monthly PMI estimate manually because real PMI costs can vary by lender, credit profile, loan type and down payment size.
Why HOA fees and maintenance are included
Some homes, condos and townhouses have monthly HOA fees. Homeowners should also plan for repairs and maintenance, even when those costs are not part of the mortgage bill. Adding a maintenance buffer can make the estimate more realistic for monthly planning.
Example mortgage estimate
For example, a $400,000 home with an $80,000 down payment creates a $320,000 loan before closing costs. If the loan uses a 30-year term at 6.5%, the principal and interest amount is only one part of the monthly cost. Property taxes, insurance, PMI, HOA fees and upkeep can raise the total monthly housing cost.
Mortgage calculator FAQ
Frequently asked questions
Is this mortgage calculator exact?
No. This calculator provides an educational estimate based on the numbers you enter. Actual mortgage payments can vary because of lender fees, escrow setup, property taxes, insurance premiums, PMI, loan type, closing costs and local rules.
Does the payment include property taxes and insurance?
Yes, if you enter those values. The calculator estimates monthly property tax from the annual property tax percentage and divides the annual insurance amount by 12.
Does this calculator include closing costs?
No. Closing costs are not included in the monthly payment estimate. Buyers should separately estimate lender fees, title costs, escrow deposits, prepaid taxes, prepaid insurance and other closing costs.
Why is my lender estimate different?
Lender estimates may include exact loan terms, escrow rules, local taxes, insurance quotes, PMI pricing, discount points, lender fees and other costs this simplified calculator does not know.
Can I use this to decide how much house I can afford?
This calculator can help you compare monthly payment scenarios, but affordability depends on your full financial situation, including income, debt, emergency savings, credit profile, living expenses and risk tolerance. For affordability planning, also use the mortgage affordability calculator.
Important limitations
This calculator is for educational planning only. It is not mortgage, financial, tax, insurance, lending or legal advice. It does not determine loan approval, interest rate eligibility, underwriting outcome or home affordability.
Before buying a home or applying for a mortgage, review your numbers with a mortgage lender, tax professional, insurance provider or other qualified professional who can evaluate your specific situation.
You can also review our Methodology and Disclaimer pages for more information about how FinanceCalcHub estimates should be used.