Mortgage Payment Calculator
Find your estimated monthly mortgage payment with taxes and insurance
Estimate your complete monthly payment—principal & interest, property taxes, homeowners insurance, HOA dues, and PMI. Interact with the charts to see how your balance and costs change over time.
Mortgage Payment Breakdown (Monthly)
Balance and costs over time (yearly)
Amortization (first 12 months)
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $275.51 | $1,800.00 | $319,724.49 |
| 2 | $277.06 | $1,798.45 | $319,447.42 |
| 3 | $278.62 | $1,796.89 | $319,168.80 |
| 4 | $280.19 | $1,795.32 | $318,888.61 |
| 5 | $281.77 | $1,793.75 | $318,606.85 |
| 6 | $283.35 | $1,792.16 | $318,323.49 |
| 7 | $284.94 | $1,790.57 | $318,038.55 |
| 8 | $286.55 | $1,788.97 | $317,752.00 |
| 9 | $288.16 | $1,787.36 | $317,463.84 |
| 10 | $289.78 | $1,785.73 | $317,174.06 |
| 11 | $291.41 | $1,784.10 | $316,882.66 |
| 12 | $293.05 | $1,782.46 | $316,589.61 |
Enter Details
Mortgage Repayment Results
Amortization (annual summary)
The Mortgage Payment Calculator
Use the calculator above to estimate your complete monthly mortgage payment. It includes principal & interest, property taxes, homeowners insurance, HOA dues, and—when applicable—PMI/MIP. Results update as you adjust the inputs.
How it works
- Enter the home price and choose a down payment as a % or $.
- Select the loan type (Conventional, FHA, VA, or USDA), rate (APR), and term (years).
- Add your local estimates for annual property tax and homeowners insurance, plus any monthly HOA dues.
- Review the charts: monthly breakdown (pie) and annual costs vs. declining balance (stacked bars + line).
- Browse the amortization tables to see where each payment goes over time.
Understanding your results
- Monthly Payment (all-in): Principal & interest plus taxes, insurance, HOA, and any PMI/MIP or program fees.
- P&I Only: The mortgage payment that reduces the loan (principal) and pays financing cost (interest).
- Payoff Date: Based on your selected start month/year and term, accounting for financed upfront fees (FHA/VA/USDA).
- LTV at Start: PMI is typically required if LTV > 80% on Conventional loans.
Calculations are estimates for planning and education. Actual payments, eligibility, and fees vary by lender and property. Always verify with your lender.
What Goes into Your Monthly Mortgage Payment?
Most homeowners pay a version of PITI—Principal, Interest, Taxes, and Insurance—plus any HOA dues and, when required, PMI/MIP.
Principal & Interest
Principal is the amount you borrow after your down payment. Interest is the finance charge set by your rate and compounding monthly. Together they form the standard mortgage payment calculated by the amortization formula.
Property Taxes
Your local government levies annual taxes, often collected monthly via escrow. Rates vary by location and assessed value. The calculator lets you enter your best estimate as a yearly total.
Homeowners Insurance
Required by lenders, homeowners insurance protects the structure and your belongings. Premiums are typically paid monthly via escrow.
PMI / MIP / Program Fees
- Conventional PMI: Typically required with < 20% down; cancels automatically near 78% LTV (or sooner at 80% with conditions).
- FHA MIP: Upfront MIP is often financed; annual MIP is paid monthly and may last the full term depending on LTV/case number date.
- VA Funding Fee: A one-time financed fee for eligible veterans; no monthly PMI and exemptions exist for some borrowers.
- USDA Guarantee Fee: Upfront fee (often financed) plus a small annual fee paid monthly.
HOA Dues
Condos and many planned communities charge monthly HOA dues for common area maintenance and amenities. Enter your expected dues to include them in the total payment.
How to Calculate Mortgage Payments Manually
The standard fixed-rate mortgage payment for principal & interest is:
Monthly P&I = P × ( r × (1 + r)^n ) / ( (1 + r)^n − 1 )
Where:
P = loan amount (price − down payment)
r = monthly interest rate (APR ÷ 12)
n = total number of payments (years × 12)Step-by-step example
Suppose a $250,000 home with 20% down ($50,000) → loan amount P = $200,000, APR = 6.75% (r = 0.0675/12), term = 30 years (n = 360).
- Monthly P&I ≈ $1,297.20.
- Add estimated escrow items (taxes, insurance) and any HOA and PMI/MIP to get your all-in monthly payment.
How to Lower Your Monthly Mortgage Payment
- Increase your down payment to reduce the loan amount and potentially remove PMI on Conventional loans.
- Choose a longer term (e.g., 30-year vs 15-year) to lower the monthly burden.
- Improve credit & DTI to qualify for better rates.
- Shop multiple lenders; small rate moves (e.g., 0.25%) can meaningfully change payments.
- Remove PMI once you hit the LTV threshold and meet program rules.
- Consider discount points and compare break-even vs. your time horizon.
Beyond the Standard Calculation
Amortization schedule
The schedule shows each payment, interest vs. principal, and your remaining balance. Early payments are interest-heavy; later payments are principal-heavy. See the tables above.
Impact of extra payments
Extra principal accelerates payoff and cuts total interest. For example, adding $100/month on a $200,000 loan at 6.75% trims years off the term and saves tens of thousands in interest. Try our Extra Payments Calculator.
Buying discount points
One point costs ~1% of the loan and often reduces the rate by ~0.25%. Whether it pays off depends on closing costs, the rate buydown, and how long you’ll keep the loan. See Refinance & Break-Even.
Refinancing vs. new mortgage
Refinancing resets the amortization clock and may lower your payment or rate, but includes closing costs. Compare total interest and time to break even vs. your expected time in the home.
Frequently Asked Questions
What is a mortgage?
A mortgage is a loan secured by real property. You promise to repay principal plus interest over time; the home serves as collateral.
How much house can I afford?
Lenders look at debt-to-income (DTI), credit, assets, and reserves. A common benchmark for total housing is ≤ 28% of gross income, with total DTI ≤ 36–45% depending on program. Try our Affordability Calculator.
What’s the difference between APR and interest rate?
The interest rate drives your monthly P&I. APR reflects the rate plus certain prepaid finance charges, expressed annually, to help compare loans with different fee structures.
Do I need a down payment?
Many programs allow < 20% down. Conventional loans with < 20% typically require PMI. FHA, VA, and USDA have program-specific fees and requirements.
How is escrow calculated?
Lenders estimate annual property taxes and insurance, divide by 12, and collect monthly with your payment. They may hold a cushion as allowed by law to cover increases.