The calculator
Mortgage payment calculator
The loan is only part of what you pay each month. This works out the whole payment, taxes and insurance included.
- No credit check
- No documents
- Free
Illustrative breakdown
- Principal and interest
- Property tax
- Mortgage insurance
- Home insurance
At a glance
What it breaks out
The full monthly cost
Interest
Principal
The calculator
What would the payment be?
Set a price and see the whole payment, not just the loan part.
Includes taxes and insurance.
An estimate. Insurance is set at 0.35 percent of price a year. Mortgage insurance is set at 0.6 percent of the loan a year below 20 percent down. Your real figures depend on the property, the county and your program.
The parts
What makes up the payment
Lenders call the first four PITI. Most surprises come from the last two.
| Part | What it is | Can it change? |
|---|---|---|
| Principal | The part that reduces what you owe | Grows each month on a fixed loan |
| Interest | What the lender charges you | Shrinks each month on a fixed loan |
| Property tax | Collected into escrow and paid for you | Yes, when your county reassesses |
| Homeowners insurance | Also collected into escrow | Yes, at renewal each year |
| Mortgage insurance | Applies below 20% down on most programs | Cancellable on conventional, not usually on FHA |
| Association dues | Condo or community fees, paid separately | Yes, set by the association |
Scroll sideways to see all columns.
Find out what you qualify for
A payment estimate is useful. A verified letter is what a seller accepts.
Get pre-approvedWorth knowing
Things that move the number
Your payment can change on a fixed rate
The loan part stays the same. Taxes and insurance do not. Escrow adjusts, so your total moves each year.
15 years costs more per month, far less overall
Try it above. The monthly jump is big. The interest you save is usually bigger.
Reaching 20 percent removes mortgage insurance
On most conventional loans that is a monthly saving with nothing else changing.
Extra payments go to principal
Paying more than required shortens the loan and cuts interest. Tell your servicer to apply it to principal.
Tax rates vary a lot by county
The same price can mean a very different payment an hour away. Check the rate for that address.
Association dues are not in your loan
You pay them separately, but lenders count them in your ratio. So they cut what you can borrow.
Questions
Common questions
What is included in a monthly mortgage payment?
Four things, often called PITI: principal, interest, property taxes and homeowners insurance. Add mortgage insurance if you put down less than 20 percent, and association dues if the property has them.
How do you calculate a monthly mortgage payment?
The principal and interest part comes from the loan amount, the rate and the term. Taxes and insurance are added on top and usually collected into an escrow account alongside the payment.
What is escrow?
An account your lender uses to hold the tax and insurance portion of your payment, then pays those bills when they fall due. It is why your payment can change year to year even on a fixed rate.
Is a 15-year mortgage better than a 30-year?
A 15-year term has higher payments, usually a slightly better rate, and far less interest over the life of the loan. It also raises your debt-to-income ratio, which can reduce how much house you qualify for.
When does PMI stop?
On a conventional loan you can request cancellation at roughly 20 percent equity, and it ends automatically at 22 percent. FHA mortgage insurance usually lasts the life of the loan.
Why is my payment higher than the calculator said?
Usually taxes, insurance or association dues. The loan part is easy to calculate. The rest varies by county and property, and it is often the larger surprise.
Keep reading
Related guides
Affordability calculator
Work backward from income to a price you can support.
Loan programs
How the program changes your insurance and your payment.
Mortgage pre-approval
Get the number a seller will take seriously.
Independent sources
- Consumer Financial Protection Bureau — understanding your monthly payment
See what you actually qualify for
Verified income and assets, in about 90 seconds.
No credit check · No documents · Free