Mortgage calculator
Estimate the monthly payment on a home, with the down payment, interest, property tax, insurance and fees.
An estimate for a fixed-rate loan. Tax and insurance vary by place and change over time.
How it works
The loan is the price minus the down payment. Principal and interest use the annuity formula:
M = L × r ÷ (1 − (1 + r)^−n)with r the monthly rate and n the number of months. Tax, insurance, HOA and PMI are added on top; PMI only while the down payment is under 20%.
Worked example
$400,000 home, 20% down, 6.5% for 30 years:
- loan = 400,000 − 80,000 = 320,000
- principal and interest = $2,022.62
- + tax 366.67 + insurance 125 = $2,514.28 a month
Frequently asked questions
What does the monthly payment include?
Principal and interest, plus one twelfth of the yearly property tax and home insurance, any monthly HOA fee and PMI if the down payment is under 20%. Lenders call this PITI.
What is PMI?
Private mortgage insurance, which US lenders usually require when the down payment is below 20% of the price. It is often 0.3%–1.5% of the loan a year and stops once you reach about 20% equity. Leave it at 0 if it does not apply to you.
How much house can I afford?
A common rule is to keep the full monthly payment under 28% of your gross monthly income and all debt payments under 36%. Lenders look at your whole situation, so use this as a first check.