About this tool
This US Mortgage Payment Calculator estimates a fixed-rate house payment. Enter the home price, down payment, interest rate, and a 15- or 30-year term. Principal and interest use the standard monthly mortgage formula. Property tax, homeowners insurance, and HOA are the yearly or monthly amounts you type, so the result is not a guessed state tax rate. Private mortgage insurance is added only when the down payment is under 20% of the price, using the yearly percent you enter, and it stays on for the full term in this estimate. A lender can cancel PMI earlier. The math runs in your browser. This is not a loan offer, and it does not include closing costs.
How to use
- 1
Enter the house and down payment
Type the price and how much you will put down, or tap 5%, 10%, or 20%.
- 2
Set the rate and term
Use the interest rate you were quoted and choose 15 or 30 years.
- 3
Add tax, insurance, and HOA
Use figures from a listing or your own quote. PMI appears automatically under 20% down.
Features
- Fixed-rate principal and interest for 15 or 30 years
- Down payment in dollars, with 5%, 10%, and 20% shortcuts
- Property tax, homeowners insurance, and HOA from the amounts you enter
- PMI only when the down payment is under 20%
- Runs in the browser — the home price is not uploaded
Limitations
- •Fixed rate only. It does not model adjustable-rate mortgages.
- •PMI stays on for the whole term here. Lenders often cancel it near 80% of the original value.
- •Does not include closing costs, discount points, or an FHA mortgage-insurance quote.
Tips & common mistakes
- •A $400,000 home with $80,000 down at 6.5% for 30 years is about $2,022.62 in principal and interest before tax and insurance.
- •At 20% down, this estimate adds no PMI. Drop the down payment under 20% and the PMI field appears.
- •Compare 15 and 30 years on the card. The 15-year payment is higher each month and the total interest is lower.
- •Property tax belongs to the county, not the loan. Change that yearly amount when you look at a different house.
How the monthly house payment is calculated
Principal and interest are the fixed payment that pays off the loan over the term. Tax, insurance, HOA, and PMI are added on top.
Monthly = principal & interest + (yearly tax ÷ 12) + (yearly insurance ÷ 12) + PMI + HOA- •Loan amount is the home price minus the down payment
- •Principal and interest use the standard monthly mortgage formula at the rate and term you choose
- •PMI is the yearly percent you enter, divided by 12, and only while the down payment is under 20%