Mortgage Payment Calculator Guide: Calculate Your Monthly Mortgage Payment

What the mortgage payment calculator does

It estimates your monthly mortgage payment by combining principal & interest with the common add-ons you enter: property taxes, homeowners insurance, PMI, and HOA dues. You get both the core P&I and an estimated all-in payment so you know what to budget each month.

Inputs you can control

• Home price and down payment (or loan amount)
• Interest rate (annual) and loan term (years)
• Property tax (annual or monthly)
• Homeowners insurance (annual or monthly)
• PMI (annual or monthly, if applicable)
• HOA dues (monthly)

How to use the calculator (step by step)

• Enter the home price and down payment; or enter the loan amount directly.
• Select the loan term (e.g., 30 years) and interest rate (e.g., 6.5%).
• Add property tax and homeowners insurance (toggle annual/monthly to match your statements).
• If you expect PMI, enter the annual PMI amount (toggle annual/monthly as needed).
• Add monthly HOA dues if your property has them.
• Review the outputs: core principal & interest and the estimated total monthly payment (P&I + taxes + insurance + PMI + HOA).

Examples (realistic scenarios)

Example 1: $300,000 home, 20% down ($60,000), 30-year term, 6.5% rate, taxes $3,600/yr, insurance $1,200/yr, no PMI, HOA $0.

• Loan amount: $240,000
• Principal & interest: ~$1,518/month
• Taxes: ~$300/month; Insurance: ~$100/month
• Estimated total payment: ~$1,918/month

Example 2: $450,000 home, 10% down ($45,000), 30-year term, 6.75% rate, taxes $5,400/yr, insurance $1,500/yr, PMI $1,800/yr, HOA $85/month.

• Loan amount: $405,000
• Principal & interest: ~$2,629/month
• Taxes: ~$450/month; Insurance: ~$125/month; PMI: ~$150/month; HOA: $85/month
• Estimated total payment: ~$3,439/month

These figures are illustrative; enter your own numbers for precise estimates.

Tips to sanity-check results

• Toggle annual vs monthly for taxes/insurance/PMI to match your statements.
• Raising the down payment often removes PMI and lowers both P&I and total payment.
• Longer terms lower the monthly payment but increase total interest paid.
• If HOA applies, include it—small dues add up across the year.