Monthly payment estimate
Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, property taxes, homeowners insurance, and HOA dues.
Estimate inputs
Adjust the assumptions to compare monthly payment scenarios.
Estimated monthly payment
Payment breakdown
Principal & interest
$2,594
Property taxes
$417
Homeowners insurance
$150
HOA dues
$0
Loan amount
$400,000
How this mortgage calculator works
This mortgage calculator estimates a monthly housing payment by combining the principal and interest payment with property taxes, homeowners insurance, and HOA dues. The principal and interest amount is calculated from the loan amount, interest rate, and loan term using a standard amortization formula.
The result is a planning estimate, not a lender quote. Your actual payment can change based on loan program, interest rate lock, escrow setup, property taxes, insurance premiums, mortgage insurance, and final lender fees.
Step-by-step instructions
- Enter the expected home price.
- Enter your planned down payment.
- Adjust the interest rate and loan term.
- Add estimated annual property taxes and homeowners insurance.
- Add monthly HOA dues if the property has an association fee.
- Review the monthly payment and breakdown.
Example calculation
Example: A buyer purchases a $500,000 home with a $100,000 down payment. The loan amount is $400,000. At a 6.75% interest rate on a 30-year loan, principal and interest would be roughly $2,600 per month. Adding $5,000 per year in property taxes and $1,800 per year in homeowners insurance brings the estimated monthly payment to roughly $3,170 before any HOA dues.
What affects monthly mortgage payments?
The biggest payment drivers are loan amount, interest rate, and loan term. A larger down payment reduces the loan amount. A lower interest rate can reduce the monthly principal and interest payment. A shorter loan term usually raises the monthly payment but may reduce total interest over time.
Taxes, insurance, and HOA dues can also make a major difference. Property taxes vary by location, insurance premiums vary by property and coverage, and HOA dues depend on the neighborhood or building. Some loans may also include mortgage insurance, which is not included in this simple estimate.
Frequently asked questions
What is included in this mortgage payment estimate?
The estimate includes principal and interest, monthly property taxes, monthly homeowners insurance, and monthly HOA dues.
Does this include mortgage insurance?
No. Mortgage insurance is not included. Some buyers may need to add private mortgage insurance or loan-specific mortgage insurance depending on down payment and loan type.
Why are property taxes shown monthly?
Property taxes are often paid through escrow as part of the monthly mortgage payment, so this calculator divides annual taxes by 12.
Is homeowners insurance required?
Most mortgage lenders require homeowners insurance. The actual premium depends on the property, coverage, deductible, and insurer.
How does loan term affect the payment?
A longer term usually lowers the monthly payment but can increase total interest paid. A shorter term usually raises the monthly payment but can reduce total interest.
Is this calculator a lender quote?
No. It is a planning estimate only. Confirm final payment details with your lender and review your Loan Estimate and Closing Disclosure.