Mortgage payment calculator
Estimate the monthly payment on a $200,000 mortgage using a 30-year loan, an assumed interest rate, property taxes, homeowners insurance and a basic maintenance buffer. This page is a planning estimate, not a lender quote.
For a custom scenario with your own home price, down payment, loan term, tax rate and insurance assumptions, use the Mortgage Calculator or compare affordability with the Mortgage Affordability Calculator.
Mortgage amount: $200,000
Under the simplified assumptions on this page, a $200,000 mortgage may have an estimated monthly cost of $1,747.47 when principal, interest, estimated property tax, homeowners insurance and a maintenance buffer are included.
| Payment item | Monthly estimate | What it means |
|---|---|---|
| Principal and interest | $1,264.14 | Loan repayment based on rate and term. |
| Property tax | $183.33 | Estimated from an assumed annual property tax rate. |
| Homeowners insurance | $100.00 | Estimated insurance cost spread across 12 months. |
| PMI | $0.00 | Not included here unless your loan requires it. |
| HOA fees | $0.00 | Not included here unless the property has an HOA. |
| Maintenance buffer | $200.00 | A simple planning amount for repairs and upkeep. |
| Total estimated monthly cost | $1,747.47 | A broader estimate than principal and interest alone. |
Interest rate can change the principal and interest payment significantly. The examples below use the same $200,000mortgage amount with a 30-year term and show principal and interest only.
| Assumed rate | Term | Principal and interest |
|---|---|---|
| 5.50% | 30 years | $1,135.58 |
| 6.50% | 30 years | $1,264.14 |
| 7.50% | 30 years | $1,398.43 |
| 6.50% | 15 years | $1,742.21 |
Principal is the portion of the mortgage payment that reduces the loan balance. Interest is the cost of borrowing. Early in a long mortgage, a larger share of the payment typically goes toward interest. Later, more of the payment usually goes toward principal.
On this page, principal and interest are estimated using a 30-year loan and an assumed 6.50% interest rate. A different rate, loan term or loan type could change the result.
A realistic mortgage budget should include more than the loan payment. Property taxes, homeowners insurance, maintenance, repairs, utilities and HOA fees can all affect the true monthly cost of ownership.
| Cost | Why it matters |
|---|---|
| Property taxes | Can vary widely by county, city and assessed value. |
| Homeowners insurance | Depends on location, coverage, deductible, claims history and property risk. |
| PMI | May apply on some conventional loans when the down payment is below 20%. |
| HOA fees | Can add a separate monthly cost for condos or certain communities. |
| Maintenance | Helps plan for repairs, appliances, HVAC, roof, plumbing and other ownership costs. |
A common affordability check is to compare monthly housing cost with gross monthly income. The table below is only a planning shortcut. A lender may use a different debt-to-income calculation and will also consider credit, debts, assets and loan details.
| Housing cost target | Approx. gross monthly income | Approx. gross annual income |
|---|---|---|
| 28% of gross income | $6,240.96 | $74,892 |
| 33% of gross income | $5,295.36 | $63,544 |
Use this page as a starting point when comparing loan amounts. Then adjust the numbers with a full calculator and compare the payment with your take-home pay, emergency fund, debt payments and savings goals.
Yes, this page includes a simplified property tax estimate. Your real property tax bill may be higher or lower depending on location, assessed value, exemptions and local tax rules.
Yes, it includes a basic annual homeowners insurance assumption. Actual premiums can vary based on location, property type, coverage limits, deductible and insurer.
PMI is shown as zero in this simple template. Some borrowers may need PMI depending on loan type and down payment. Use the full mortgage calculator for more detailed scenarios.
A lender quote may include a different interest rate, loan term, escrow setup, property tax estimate, insurance quote, PMI, fees or discount points. This page is only a simplified educational estimate.
No. For home affordability, it is usually better to budget from the full housing cost, including taxes, insurance, maintenance and other recurring costs.
This page provides simplified educational estimates only. It is not mortgage, financial, tax, legal or investment advice. Actual mortgage payments can vary based on lender, credit score, loan program, property location, taxes, insurance, PMI, HOA fees, escrow setup and closing terms.
Before making a home purchase or refinance decision, verify numbers with a qualified mortgage lender, insurance provider, tax professional or financial advisor.
For a more detailed estimate, use the Mortgage Calculator. To test how much house may fit your income and debts, use the Mortgage Affordability Calculator. To compare renting with buying, use the Rent vs Buy Calculator.