Mortgage Payment Calculator

Loan Details

Or enter as percentage below

Additional Monthly Costs

Required if down payment is less than 20%

About This Mortgage Payment Calculator

Our comprehensive mortgage payment calculator helps you estimate your total monthly mortgage payment. It includes all the key components:

  • Principal and interest payments
  • Property taxes
  • Home insurance
  • Private Mortgage Insurance (PMI)
  • Homeowners Association (HOA) fees

Use this calculator to understand your potential monthly housing costs and determine how much home you can comfortably afford.

Understanding Your Monthly Payment (PITI)

Principal & Interest

  • Principal reduces your loan balance
  • Interest is the cost of borrowing
  • Fixed monthly amount with fixed-rate loans
  • Typically the largest payment component

Taxes & Insurance

  • Property taxes vary by location
  • Insurance protects your investment
  • Often collected in escrow
  • May change annually

Down Payment Considerations

20% or More Down

  • No PMI required
  • Lower monthly payments
  • Better interest rates
  • More equity upfront

Less than 20% Down

  • PMI required
  • Higher monthly payments
  • Lower upfront costs
  • Can buy sooner

FHA Loans

  • Down payment as low as 3.5%
  • MIP required
  • More flexible requirements
  • Good for first-time buyers

Additional Costs to Consider

One-Time Costs

  • Down payment
  • Closing costs (2-5% of loan)
  • Home inspection
  • Moving expenses
  • Initial repairs or updates

Ongoing Costs

  • Utilities
  • Maintenance (1-2% of home value annually)
  • HOA dues (if applicable)
  • Home warranty
  • Emergency repairs

Tips for Lower Monthly Payments

  1. Larger Down Payment: Reduces loan amount and eliminates PMI
  2. Shop for Better Rates: Compare multiple lenders
  3. Improve Credit Score: Better credit means better rates
  4. Longer Loan Term: Spreads payments over more time
  5. Consider Location: Property taxes vary significantly by area

Important Notes:

  • Payment estimates are based on the information you provide
  • Actual payments may vary based on your specific loan terms
  • Property taxes and insurance costs may change over time
  • Consider getting quotes from multiple lenders
  • Consult with a mortgage professional for personalized advice