Free US Mortgage Calculator
Mortgage Calculator
Estimate your real-world monthly mortgage payment including principal, interest, property taxes, homeowners insurance, PMI, and HOA fees.
Enter your mortgage details
Estimate your monthly mortgage payment including principal, interest, property taxes, homeowners insurance, PMI, and HOA fees.
Enter your local annual property tax rate. Property tax rates vary widely by state and local jurisdiction.
PMI is not included when the down payment is 20% or more.
Estimated Monthly Payment
Estimated Total Monthly Payment
$2,547.62
Includes principal, interest, property tax, homeowners insurance, estimated PMI, and HOA fees entered above.
Monthly Payment Breakdown
Loan Amount
$320,000.00
Down Payment
20%
Total Interest
$408,142.36
Number of Payments
360
Estimate only
Actual mortgage payments can vary based on lender terms, taxes, insurance premiums, PMI pricing, HOA fees, escrow, and other costs.
What is included in a monthly mortgage payment?
A mortgage payment is often more than just principal and interest. Many U.S. homeowners also pay property taxes, homeowners insurance, and in some cases private mortgage insurance.
The term PITI commonly refers to principal, interest, taxes, and insurance. This calculator also allows you to include estimated PMI and HOA fees for a more complete monthly housing payment estimate.
Principal
The portion of your monthly payment that reduces your outstanding mortgage balance.
Interest
The cost charged by your lender for borrowing the mortgage principal.
Property Taxes
Property taxes vary significantly by location. Enter your local annual property tax rate for a more personalized estimate.
Homeowners Insurance
Homeowners insurance protects your home and is commonly required by mortgage lenders.
PMI
Private mortgage insurance may apply to some conventional mortgages when the down payment is less than 20%. The actual PMI rate depends on your loan and borrower profile.
HOA Fees
Homeowners association fees may apply to condos, townhomes, and some residential communities. Add the monthly fee if applicable.
Estimated Monthly Housing Payment
Principal & Interest + Property Tax + Homeowners Insurance + Estimated PMI + HOA Fees
Mortgage payment example
Suppose you buy a $400,000 home and make an $80,000 down payment. Your starting mortgage principal would be $320,000.
Home Price: $400,000
Down Payment: $80,000 (20%)
Loan Amount: $320,000
Interest Rate: 6.5%
Loan Term: 30 years
The calculator first determines the monthly principal and interest payment, then adds the property tax, insurance, PMI if applicable, and any HOA fee entered above.
How does the down payment affect your mortgage?
A larger down payment reduces the amount you need to borrow. This can reduce both your monthly principal and interest payment and the total interest paid over the life of the mortgage.
The calculator also displays your down payment as a percentage of the home price. If your down payment is below 20%, the PMI input is used to estimate an additional monthly insurance cost.
What is PMI?
PMI stands for Private Mortgage Insurance. It may be required on certain conventional mortgages when a borrower makes a relatively small down payment.
PMI pricing is not the same for every borrower. Your actual cost may depend on factors such as loan-to-value ratio, credit profile, mortgage type, and lender terms. For that reason, CalcForBiz lets you enter an estimated annual PMI rate instead of assuming one universal rate.
Why does property tax matter?
Property tax can add a meaningful amount to your monthly housing cost. Rates vary by state and local jurisdiction, so using your actual local tax rate will provide a more useful estimate than relying on a national average.
Want to see how your mortgage balance changes over time?
Our Mortgage Amortization Calculator will show how each payment is divided between principal and interest throughout your loan term.
Mortgage Amortization Calculator — Coming soonFrequently Asked Questions
What does PITI mean?
PITI stands for principal, interest, taxes, and insurance. These costs are commonly used when estimating a homeowner's monthly mortgage-related housing payment.
Does this mortgage calculator include property taxes?
Yes. Enter your annual property tax rate and the calculator converts it into an estimated monthly amount based on the home price.
Does this mortgage calculator include homeowners insurance?
Yes. Enter your estimated annual homeowners insurance premium and the calculator converts it into a monthly amount.
When is PMI included?
The calculator includes estimated PMI when the down payment is below 20%. Actual PMI requirements and rates vary by mortgage program, lender, and borrower.
Does the calculator include HOA fees?
Yes. If your property has a monthly homeowners association fee, enter it in the HOA field and it will be added to the estimated monthly payment.
How much would a $300,000 mortgage cost per month?
The answer depends on the interest rate, loan term, taxes, insurance, PMI, and other costs. Enter your values above to generate an estimate that better reflects your situation.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage usually requires a higher monthly principal and interest payment but can result in significantly less total interest. A 30-year mortgage generally offers a lower monthly payment but typically produces more total interest over the loan term.
This calculator provides estimates for general informational purposes only and is not a loan quote or financial advice. Actual mortgage payments and costs may vary based on lender terms, property taxes, insurance premiums, PMI, HOA fees, escrow requirements, closing costs, and other factors.