MORTGAGE PAYMENT CALCULATOR

Enter a home price to estimate the monthly payment — principal, interest, property taxes, homeowners insurance, estimated conventional PMI, and HOA fees included. You can also see how optional extra principal payments may change the payoff date and total interest.

Not sure of the home price? Use the Mortgage Budget Calculator. Already paying a mortgage? Use the Mortgage Payoff Calculator to test monthly, annual or one-time extra principal payments.

Scope: This is a planning estimate for a conventional fixed-rate mortgage. It is not a loan offer or approval. FHA, VA, USDA, jumbo and adjustable-rate loans use different insurance and pricing rules.

Home Price ($)

Down Payment

Your Credit Score Range (FICO)

Estimated Interest Rate (%)

Property State (optional — fills a statewide tax estimate)

Loan Term

Start Date

Taxes, Insurance & Fees

Property Tax Rate (Annual %)

Home Insurance Rate (Annual %)

Select a state to replace the 1.10% planning default with the latest available statewide effective property-tax estimate. You can edit the result.

HOA Fees (Monthly $)

Extra Payments (Optional Strategy)

Add to Monthly Payment ($)

Add as Annual Lump-Sum ($)

Your Estimated Monthly Payment Breakdown

Base Principal & Interest: $0.00

Property Taxes: $0.00

Home Insurance: $0.00

PMI (Private Mortgage Insurance): $0.00

HOA Fees: $0.00

Extra Principal Each Month: $0.00

Regular Monthly Out-of-Pocket: $0.00

📖 Understanding Your Mortgage

A mortgage is a loan secured by the home itself — if payments stop, the lender can foreclose. Your monthly payment usually bundles four things lenders call PITI: Principal, Interest, Taxes, and Insurance. This calculator breaks all four out separately above so you can see exactly where your money goes.

Key terms explained

Principal — the actual loan amount you're borrowing (home price minus down payment).
Interest rate — the annual cost of borrowing, expressed as a percentage. Credit profile is one of several major pricing factors, alongside the loan type, term, down payment, property and market conditions.
PMI (Private Mortgage Insurance) — commonly required on conventional loans with less than 20% down. It protects the lender, not you. For many eligible mortgages, borrowers can request cancellation when the scheduled balance reaches 80% of the home's original value; general automatic termination is at 78% when legal conditions are met.
Escrow — an account a lender may use to collect property tax and insurance with the monthly payment, then pay each bill when it becomes due.

Working backwards from a monthly budget

If you know the monthly housing payment you want to stay within but not the home price, use the separate Mortgage Budget Calculator. It estimates the home price supported by that payment after taxes, insurance, estimated conventional PMI and HOA fees.

How the property-tax and insurance estimates work

Selecting a state fills the latest available effective property-tax rate for owner-occupied housing. This statewide figure is a planning estimate, not the tax rate for a particular address; replace it with county or assessor information when you have a property. Homeowners insurance is also entered as an annual percentage of home value, but it is not auto-filled by state because a useful quote depends on the property, rebuild cost, coverage and hazards.

Recurring vs. non-recurring costs

Recurring costs are what this calculator estimates: your monthly PITI payment plus any HOA dues. Non-recurring costs hit once, at closing — often around 2% to 5% of the purchase price, depending on the loan, property and location. Budget for both before you make an offer.

Should you make extra payments?

✅ When it makes sense You have no higher-interest debt (credit cards, personal loans), a full emergency fund, and want to guarantee a return equal to your mortgage rate.

❌ When it doesn't You're carrying higher-interest debt elsewhere — paying that down first (see our personal loan calculator) usually saves more than extra mortgage payments.

If you are evaluating a new purchase, the Amortization Schedule above gives a quick extra-payment comparison. If you already have a loan and know its remaining principal and term, use the dedicated Mortgage Payoff Calculator for monthly, annual and one-time principal-payment scenarios. Confirm with your servicer that additional money will be applied to principal and whether any restrictions apply.

Already own a home and wondering if refinancing beats a fresh purchase? Use our refinance calculator to compare your current loan against today's rates.

💡 Practical Checks Before You Apply

🎯 Do All Your Rate-Shopping Inside 14 Days

FICO's newer models bundle mortgage inquiries within a 45-day window, but older models still used by many lenders use 14. Fit all your shopping into 14 days and you're safe on every model — the multiple pulls count as a single inquiry.

🛡️ Opt Out of "Trigger Leads" Before Your Credit Is Pulled

The moment a lender pulls your credit, the bureaus can sell that "trigger lead" to competitors — the reason applicants get flooded with calls and texts. The 2025 Homebuyers Privacy Protection Act (in effect March 2026) sharply limits this, but opt out at OptOutPrescreen.com a few weeks ahead to be safe. It's free and doesn't touch your score.

📉 Compare Discount Points at the Break-Even

One point costs 1% of the loan amount, but the rate reduction is not fixed; it varies by lender, loan and market. Divide the upfront point cost by the monthly savings and compare the result with how long you realistically expect to keep the loan.

🔁 Ask About a "Recast" After a Big Lump Sum

Most conventional loans let you make a large principal payment, then "recast" — the servicer re-amortizes your balance into a lower monthly payment for a small fee, keeping your existing rate. It's the quiet alternative to refinancing when rates have risen since you bought.

🏠 Test the Payment Against Your Full Budget

Traditional 28/36 ratios are useful reference points, not universal approval rules. Test the payment against existing debts, utilities, maintenance, emergency savings and other goals before deciding what is comfortable.

✍️ Label Extra Payments "Principal-Only"

Servicers often apply extra payments to next month's bill by default, not the balance. Note "principal-only" explicitly — otherwise the extra payment won't shorten your loan or cut total interest.