Mortgage payment · Taxes, insurance, PMI

Mortgage Payment Calculator

See the full monthly housing payment, not only principal and interest. Add local property tax, homeowners insurance, HOA dues, and an editable PMI estimate.

Fixed-rate amortizationFull payment breakdownInputs stay on this deviceLast reviewed Aug 14, 2026

Estimated total monthly payment

$3,178$2,528 of monthly principal and interest

Monthly payment composition

Principal + interest

$2,528

Property tax

$500

Insurance

$150

HOA + PMI

Loan amount$400,000

Total scheduled interest$510,178

Principal paid after 5 years$25,556

This fixed-rate planning estimate excludes closing costs, changing escrow bills, mortgage insurance cancellation rules, loan-specific fees, and adjustable-rate changes.

How this calculator works

The loan amount is the home price minus the down payment. For a fixed-rate fully amortizing loan, the monthly principal-and-interest payment is set so the balance reaches zero at the end of the selected term.

Fixed monthly principal and interestLoan × monthly rate ÷ [1 − (1 + monthly rate)^−months]

Mortgage terms are not limited to 15 and 30 years

Those are the two most widely quoted terms, but 10-year and 20-year fixed mortgages are also valid products. Some lenders can offer other negotiated terms. The calculator limits the menu to common 10-, 15-, 20-, and 30-year fixed terms so an arbitrary number is not mistaken for a readily available quote.

Principal and interest are not the full payment

The result adds one-twelfth of annual property tax and homeowners insurance, monthly HOA dues, and estimated private mortgage insurance when the entered loan-to-value ratio exceeds 80%. Escrow payments can change as tax and insurance bills change.

PMI is deliberately editable

Mortgage-insurance price and cancellation rules vary by loan, credit profile, occupancy, and servicer. The calculator uses an annual rate applied to the original loan only as a planning estimate and sets it to zero when the initial loan-to-value ratio is 80% or less.

Total interest assumes the scheduled loan survives for the full term

Extra principal, refinancing, sale, recasting, late payments, adjustable rates, and loan modifications change interest. The five-year principal figure helps show why early payments build equity more slowly on a long-term loan.

Worked example

A $500,000 home with $100,000 down creates a $400,000 loan. At 6.5% for 30 years, principal and interest is about $2,528 per month.

Loan$400,000

Principal + interest$2,528

Tax + insurance + HOA$750

With $6,000 annual property tax, $1,800 insurance, and $100 monthly HOA dues, the modeled total is about $3,278. Closing cash and repairs are separate.

Questions people ask

Are mortgage terms other than 15 and 30 years valid?

Yes. Ten- and 20-year fixed mortgages are also offered, and some lenders negotiate other terms. Availability and interest rates vary, so use the term and rate from an actual Loan Estimate.

What is included in a monthly mortgage payment?

Depending on the loan and escrow setup, it can include principal, interest, property tax, homeowners or flood insurance, mortgage insurance, and HOA dues. Utilities and maintenance are normally separate.

Why is my lender quote different?

Your quote may use a different rate, loan amount, term, mortgage-insurance premium, tax bill, insurance quote, points, or escrow estimate. Compare the calculator with the official Loan Estimate.

Does a 20% down payment eliminate PMI?

It often avoids borrower-paid PMI on a conventional loan, but loan programs and insurance structures differ. Mortgage insurance on some government-backed loans follows different rules.

Does this calculator include closing costs?

No. Upfront lender, title, government, prepaid, and escrow charges belong in a cash-to-close estimate.

What happens when property tax increases?

The total monthly amount can rise even on a fixed-rate mortgage because the principal-and-interest payment is fixed, not the tax or insurance portion.

Sources and model basis

Published rules and formulas are linked below. Values supplied by the visitor remain scenario inputs, not factual claims.

CFPB: Shopping for a mortgage15-, 30-, and lender-negotiated alternative loan terms
CFPB: Understand the Loan EstimateLoan terms, projected payments, and closing-cost disclosure
CFPB monthly payment worksheetPlanning for the full monthly responsibilities of ownership
CFPB: Decide how much to spendTaxes, insurance, HOA, maintenance, utilities, and budget context

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