Buying a home means one number matters more than the price: what leaves your account every month. This mortgage calculator turns price, down payment, interest rate and term into a full monthly payment, and it counts what lenders add on top: property tax, home insurance, HOA fees and mortgage insurance. You also see the total interest and the total cost over the whole term.
Estimate a mortgage payment in four steps
- Enter the home price and the down payment, as a percentage or as an amount.
- Add the interest rate per year and the term in years. A 30-year term is entered as 30.
- Fill in the yearly property tax as a percent of the price, the yearly insurance and any monthly HOA fee.
- Read the monthly payment, the breakdown and the payments by year below it. Every change updates the result at once.
What the monthly payment contains
- Principal and interest follow the standard annuity formula, so every payment is equal.
- Property tax is the yearly percentage of the price divided by twelve.
- Home insurance and HOA or other costs are added as entered.
- Mortgage insurance appears while the balance is above 80% of the price and drops out afterwards. The tool tells you after how many years and months that happens.
How the down payment changes the cost
A larger down payment shrinks the loan, the interest and the mortgage insurance. Try 5%, 10% and 20% on the same price: with 20% down the insurance disappears at the start, and the total interest falls by thousands. Raising the rate by one point has a similar size effect in the other direction, so compare lender offers with the same term and costs.
What this estimate leaves out
Closing costs, fees, rate changes on variable loans, taxes that rise over time and extra payments are not included. Local rules differ as well: in some countries insurance on the loan is not charged this way at all. Use the result to compare scenarios and set a budget, then ask a lender for an offer.
Your figures stay on your device
The calculation runs in your browser. Nothing you type, including the price of the home you are considering, is sent or stored anywhere.