Estimate the monthly payment for a fixed-rate mortgage, including optional property tax, homeowners insurance, mortgage insurance and HOA costs.
Enter your home loan details
Additional housing costsOptional — tax, insurance, PMI and HOA
Estimated monthly payment
| Year | Principal paid | Interest paid | Ending balance |
|---|
Estimates assume a fully amortizing fixed-rate loan with monthly payments. Property tax, insurance, mortgage insurance and HOA amounts are estimates and may change. Closing costs, maintenance and utilities are not included.
How this mortgage calculator works
The calculator subtracts your down payment from the home price to estimate the loan amount. It then applies the standard fixed-rate amortization calculation using the loan amount, annual interest rate and loan term. Each monthly payment first covers interest, while the remaining amount reduces principal.
What is included in the estimated monthly payment?
- Principal: the part of the payment that reduces the loan balance.
- Interest: the lender’s charge for lending the money.
- Property tax: your annual estimate divided by 12.
- Homeowners insurance: your annual premium estimate divided by 12.
- Mortgage insurance: an optional monthly input, often relevant with a down payment below 20%.
- HOA dues: optional community or condominium fees, usually paid separately.
The Consumer Financial Protection Bureau explains that the total monthly payment is commonly higher than principal and interest because taxes and insurance may also be included.
How to use the estimate
Try several home prices, down payments, loan terms and interest rates. A shorter loan term usually raises the monthly payment but can reduce total interest. Use realistic tax and insurance estimates from local sources, and compare the result with the Loan Estimate provided by a lender.
Frequently asked questions
Does this calculator include closing costs?
No. Origination charges, appraisal costs, title fees, discount points and other closing costs are not included.
Does the estimate guarantee a mortgage rate or approval?
No. The result is educational. Your available rate and loan terms depend on the lender, loan type, credit profile, down payment and other factors.
Why can the total monthly payment change?
Principal and interest on a fixed-rate loan generally remain stable, but taxes, insurance, mortgage insurance and HOA dues may change over time.
Money Basics Hub provides educational information, not personalized financial, mortgage, tax or legal advice. Confirm costs and loan terms with qualified professionals before making a decision.