Free US mortgage planning tool
The starting example uses a $450,000 home, 20% down and a $360,000 loan at 6.50%. Change any of the eight inputs. The monthly result, payment split and balance chart recalculate without an account.
Enter your mortgage details
Use property-specific numbers when possible. The starting values demonstrate the calculator; they are not current rate quotes or national averages. Taxes, insurance and association dues can change materially by location and property.
Review your estimated payment
- Principal and interest$0
- Property taxes$0
- Homeowners insurance$0
- Private mortgage insurance$0
- HOA dues$0
See how your balance changes
Move the timeline to inspect estimated remaining balance, principal paid and interest paid at any year of the loan.
How to use this mortgage calculator
- Enter the home price. For a specific property, use the agreed purchase price, not a listing estimate.
- Add your down payment. The calculator subtracts this percentage from the price to estimate the base loan amount.
- Enter an interest rate. Use a lender quote when available. Advertised averages may not represent the rate offered for your credit, loan type, property or closing period.
- Select the loan term. A longer term normally reduces the required principal-and-interest payment but can increase lifetime interest.
- Replace every additional cost. Use the local tax bill or assessor information, an insurance quote and the property’s HOA documents.
- Explore the chart. Move the year slider to see how slowly or quickly equity builds through scheduled principal payments.
What is included in the monthly estimate?
Principal and interest
Principal is the amount borrowed. Interest is the lender’s charge for providing the loan. For a standard fixed-rate, fully amortizing mortgage, the scheduled principal-and-interest payment remains level, while the share applied to principal generally rises each month.
Property taxes
Property taxes are imposed by local authorities and can vary by county, city, school district, assessed value and exemptions. This tool divides the annual number you enter by 12. It does not predict reassessment, special taxes or future increases.
Homeowners insurance
Insurance premiums depend on the property, coverage limits, deductible, insurer and location-specific risks. Enter an annual quote for a property-specific estimate. Flood, earthquake, wind or other separate policies are not included unless you add their cost to the annual insurance field.
Private mortgage insurance
Many conventional borrowers with less than 20% down may pay private mortgage insurance. This calculator applies the annual PMI percentage you enter to the original estimated loan amount when the down payment is below 20%. Actual premiums and cancellation rules depend on the loan and insurer. FHA mortgage insurance and USDA or VA program fees require different calculations.
HOA dues
Homeowners association or condominium dues are not mortgage debt, but they affect the monthly cost of owning the property. Special assessments, utilities and future dues increases are not included.
How to calculate mortgage payments: the formula behind the result
- M = monthly principal and interest
- P = starting loan principal
- r = monthly interest rate
- n = total monthly payments
When the interest rate is zero, the calculator uses P ÷ n.
The interactive chart also estimates the remaining scheduled balance after k payments:
At a zero interest rate, the balance falls by an equal amount each month. The chart assumes every scheduled payment is made on time and does not include extra payments, recasting, refinancing or payment changes.
| Input change | Likely effect on this estimate |
|---|---|
| Higher home price | Usually increases the loan amount and may also raise taxes, insurance and PMI. |
| Larger down payment | Reduces the amount financed and may remove this simplified PMI estimate at 20% down. |
| Higher interest rate | Increases monthly principal and interest plus lifetime interest cost. |
| Shorter loan term | Usually raises the required payment but reduces the period over which interest accrues. |
Why a lender’s payment can be different
This calculator is an educational planning estimate. A lender or loan servicer may use a different loan amount, rate, mortgage-insurance premium, escrow analysis or fee structure. Property taxes can change after a sale, insurance quotes can change before closing, and some costs may be paid outside the monthly mortgage payment. Compare this result with the projected-payment section of an official Loan Estimate.
Frequently asked questions
Does this show the complete cost of buying a home?
No. The monthly estimate does not include the down payment, lender charges, title services, appraisal, prepaid interest, initial escrow deposit, moving expenses, maintenance or repairs. Review both cash needed at closing and ongoing ownership costs.
Is the starting interest rate a current mortgage rate?
No. It is an example used to demonstrate the calculator. Replace it with a current quote reflecting your loan type, credit profile, points and expected closing period.
Is PMI always required below 20% down?
Not in every situation. Mortgage-insurance requirements differ by loan type, lender and program. The PMI estimate here is a simplified conventional-loan scenario and should not be used to model FHA, VA or USDA fees.
Can the result tell me whether I will qualify?
No. Approval can depend on income, debt, credit, assets, documentation, property eligibility and lender requirements. This calculator does not provide prequalification, preapproval or a lending decision.
Continue building your mortgage plan
A payment estimate is most useful when you also understand the cash needed upfront, the way your balance changes and the difference between lender qualification and a comfortable household budget.
Methodology and source
Principal and interest use the fixed-rate amortization formula shown above. Monthly property tax and insurance equal the annual amounts entered divided by 12. Estimated PMI equals the original loan amount multiplied by the annual PMI rate and divided by 12 when the down payment is below 20%. HOA dues are added as entered. Dollar results are rounded for display, while calculations retain unrounded values.
The formulas and the CFPB source below were checked on September 9, 2026. With the starting inputs, principal and interest is about $2,275 a month; property tax and insurance bring the displayed estimate to about $2,875.
The Consumer Financial Protection Bureau explains that a payment sent to a mortgage company is often higher than principal and interest because it can include homeowners insurance and property taxes. Read the CFPB’s explanation of how mortgage lenders calculate monthly payments.
Financial disclaimer: Mortgage Calculator provides educational estimates, not financial, legal, tax or lending advice. Results do not represent a loan offer, approval, rate commitment or guarantee. Verify figures with qualified professionals and the documents supplied by your lender, insurer and taxing authority.