Mortgage Calculator
When buying a home, your monthly payment is more than just principal and interest. This mortgage calculator estimates your full monthly housing cost, including property taxes, insurance, PMI, HOA fees, and optional extra payments.
Estimated monthly housing payment
$0.00
Monthly payment breakdown
Based on your first monthly payment. Over time, the portion going to principal increases and interest decreases.
With extra monthly payment
No additional mortgage interest savings without extra payments.
Amortization Schedule
Compare your original mortgage repayment schedule with an accelerated payoff using extra monthly payments.
Standard schedule based on minimum required principal and interest payments.
| Month | Payment | Principal | Interest | Balance |
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How this mortgage calculator works
This mortgage calculator estimates your monthly payment using home price, down payment, interest rate, loan term, property taxes, homeowners insurance, PMI, HOA fees, and optional extra monthly payments.
It also shows your estimated payoff timeline, interest savings, and amortization schedule so you can compare a standard mortgage payment with an accelerated payoff strategy.
What is included in a monthly mortgage payment?
A monthly mortgage payment usually includes principal and interest. Depending on the loan and property, it may also include property taxes, homeowners insurance, private mortgage insurance (PMI), and HOA fees.
This calculator helps you estimate your total monthly housing cost by combining those amounts into one view.
Why down payment matters
A larger down payment reduces the size of your mortgage loan. That usually lowers your monthly principal and interest payment, reduces total interest costs over time, and may eliminate PMI if you reach a 20% down payment threshold.
What is a "good" monthly mortgage payment?
A common guideline is:
- Keep total housing costs below 25–30% of your gross income
But this depends on:
-location
-lifestyle
-other debt
The most important question is:
Can you comfortably afford the payment over time?
Use the calculator above to test different price points and see what fits your situation.
Frequently asked questions
Does this mortgage calculator include PMI?
Yes. PMI can be entered manually or automatically estimated based on your down payment.
Does this mortgage calculator include HOA fees?
Yes, if you enter a monthly HOA amount.
Do extra payments reduce taxes or insurance?
No. Extra payments only affect the loan principal and mortgage interest. Taxes, insurance, PMI, and HOA fees remain separate housing costs.
Are the state defaults exact?
No. State-based tax and insurance defaults are typical estimates and may not reflect your exact property, county, insurer, or coverage.