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🏠 Mortgage Payment Calculator

Estimate your full monthly mortgage payment — principal, interest, taxes, insurance, and PMI all included.

Home Price ($)

Down Payment ($)

Annual Interest Rate (%)

Loan Term

Annual Property Tax ($)

Annual Home Insurance ($)

PMI Rate (% of loan/yr) if down < 20%

Total Monthly Payment

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Principal & Interest

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Property Tax

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Home Insurance

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PMI

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Loan Amount

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Total Interest Paid

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Total Cost of Loan

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Down Payment %

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How this is calculated

Your monthly payment has four parts: Principal & Interest uses the standard amortization formula on your loan amount. Property Tax and Home Insurance are divided by 12 and added monthly. PMI (Private Mortgage Insurance) applies when your down payment is less than 20% and is calculated as a percentage of your loan amount per year. PMI drops off once you reach 20% equity.

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Quick tip

The 28% Rule

Most financial advisors suggest your total mortgage payment should not exceed 28% of your gross monthly income. Use this as your starting point when deciding how much home you can afford.

Try the Affordability Calculator →

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