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What this mortgage calculator does
Most quick calculators stop at principal and interest, which is the smallest part of what you will pay in many parts of the country. This one keeps the full bill on screen: the loan payment, the tax and insurance your lender collects in escrow, mortgage insurance while your down payment is thin, and association dues. The colored bar and the list beside it show which piece is doing the most damage, so you can decide whether a bigger down payment, a shorter term or a cheaper house is the better lever.
It also answers the questions people ask right after the first number: when will this be paid off, how much interest will I pay in total, and what does an extra $100 or $200 a month actually buy me?
How it works
Enter the price, down payment, rate and term. Everything else has a starting value you should replace with your own: the tax rate, the insurance premium, HOA dues and the PMI rate. The result updates as you type, and the address bar updates with your inputs, so the copy-link button gives you a URL that recreates your exact scenario for a partner, agent or lender.
Down payment works in both directions. Type a dollar amount and the percentage follows; type a percentage and the dollar amount follows. If the down payment is below 20%, the calculator adds PMI and tells you roughly when it would fall away at your payment pace.
How the payment is calculated
The loan payment uses the standard fixed-rate amortization formula:
M = L × r × (1 + r)n ÷ ((1 + r)n − 1)
where L is the loan amount (price minus down payment), r is the annual rate divided by 12, and n is the number of monthly payments. Property tax is the price times your tax rate, divided by 12. Insurance is the yearly premium divided by 12. PMI is the loan amount times the PMI rate, divided by 12, and only counts while the balance is above 80% of the home price.
Worked example
A $400,000 home with 20% down leaves a $320,000 loan. At 6.5% for 30 years, principal and interest is $2,022.62. Add property tax at 1.1% ($366.67 a month) and $1,800 a year of insurance ($150 a month) and the real monthly cost is $2,539.29, about 26% more than the number most people focus on.
Now add $200 a month toward principal. The loan is gone in 281 months instead of 360 (23 years 5 months), and total interest drops from about $408,142 to about $302,714, a saving near $105,400 for a $200 monthly habit.
Things that change the answer
Interest rate
Small rate changes matter more on long loans. Run the same loan at two rates a quarter-point apart and compare total interest, not just the monthly figure. If you are choosing between a lower rate with discount points and a higher rate with none, use the points calculator to find the break-even month.
Loan type
This page models a conventional fixed-rate loan. Government-backed loans have their own insurance and fee structures, so check the dedicated tools for FHA, VA and USDA loans if you plan to use one. For 2026 the baseline conforming loan limit is $832,750 in most counties; larger loans are priced as jumbo loans, which often need bigger down payments and stronger credit.
Taxes and insurance
These vary by county and by house. The 1.1% tax default is a placeholder. Property tax often resets to the new purchase price after a sale, so the seller's current bill can understate what you will owe. Look up the mill rate for your county and get a real insurance quote for the address before you rely on the total.
What is not included
Closing costs, moving costs, maintenance and utilities. A common planning habit is to set aside 1% of the home's value each year for repairs. If you are still working out what you can borrow, start with the home affordability calculator.
Estimates only. This tool does not offer credit and does not replace a Loan Estimate from a lender.
Frequently asked questions
What is included in the monthly payment this calculator shows?
Principal and interest on the loan, plus one-twelfth of your yearly property tax and home insurance, PMI if your down payment is under 20%, and any monthly HOA dues. Lenders call the first four items PITI. Closing costs and moving costs are one-time expenses and are not in the monthly figure.
How much do I need to put down to avoid PMI?
On a conventional loan, 20% of the purchase price removes the PMI requirement. With less, PMI usually stays until your balance reaches 80% of the original value, when you can ask the servicer to drop it, and it ends automatically at 78% based on the original amortization schedule under the federal Homeowners Protection Act. FHA loans work differently: they carry their own mortgage insurance premium, which can last for the life of the loan when you put down less than 10%.
Is a 15-year mortgage really that much cheaper than a 30-year?
The payment is higher and the total cost is far lower. On a $320,000 loan at 6.5%, the 30-year payment is $2,022.62 and total interest is about $408,142. The 15-year payment is $2,787.54 and total interest is about $181,758. The 15-year saves roughly $226,000 in interest but asks for $764.92 more every month. Change the term field above to see your own numbers.
Do extra payments go straight to principal?
Only if you tell your servicer to apply them that way. Some servicers hold an extra amount as an early payment on next month's bill unless you mark it "principal only." Put your extra amount in the calculator to see the effect, then check your servicer's payment page for the exact setting.
Why is my lender's quote different from this estimate?
The usual reasons are the rate you were actually offered, a property tax bill that resets after the sale, a homeowners policy priced for your specific house, and mortgage insurance that depends on your credit score. Treat this page as a planning tool and use the Loan Estimate from a lender as the final word.
What interest rate should I enter?
Enter the rate from a real quote or a current rate table for your loan type and credit range. The 6.5% shown by default is a round example, not a forecast or a current market rate. Try a few values a quarter-point apart to see how sensitive your payment is.