Mortgage Calculator
Estimate your full monthly housing payment, not just principal and interest. Enter the home price, down payment, rate and term, then add property tax, insurance and HOA dues.
Last updated: October 2026How it works
What is in a mortgage payment (PITI)
Lenders often talk about PITI: Principal, Interest, Taxes and Insurance. Principal and interest are set by the loan. Property tax and homeowners insurance are usually collected monthly and held in escrow. HOA dues, if any, are paid separately.
Worked example
A $400,000 home with 20% down borrows $320,000. At 6.5% for 30 years, principal and interest are about $2,023 a month. Adding property tax of 1.1% a year ($367 a month) and $1,500 a year of insurance ($125 a month) brings the total to about $2,514 a month.
Frequently asked questions
How is a mortgage payment calculated?
Principal and interest use the standard amortization formula. The calculator then adds one-twelfth of your yearly property tax and home insurance, plus any monthly HOA dues, to give your total monthly payment.
Does this include PMI?
No. Private mortgage insurance is usually required on conventional loans with less than 20% down. If your down payment is below 20%, ask your lender for a PMI estimate and add it to the result.
What property tax rate should I enter?
Property tax rates vary by state, county and city. The default of 1.1% is only an example. Check the listing, your county assessor's website or a recent tax bill for the real figure.
How much house can I afford?
Many lenders use the 28/36 guideline: housing costs of about 28% of gross income and total debt payments of about 36%. It is a guideline, not a rule, and your lender will set its own limits.
Is a 15-year or 30-year mortgage better?
A 15-year loan has a higher monthly payment but a lower rate on average and far less total interest. A 30-year loan has a lower payment and more flexibility. Try both terms in the calculator to compare.