Estimate Your Monthly Mortgage In Seconds
Use this mortgage calculator to estimate your potential monthly housing payment based on home price, down payment, interest rate, loan term, property taxes, homeowners insurance, PMI and HOA dues.
Mortgage Calculator
Understanding Your Estimated Mortgage Payment
A mortgage payment can include more than principal and interest. Depending on your loan and property, your total monthly housing payment may also include property taxes, homeowners insurance, mortgage insurance and HOA dues. Understanding these costs can give you a more realistic picture of what homeownership may cost each month.
Principal
The portion of your payment that reduces the amount you borrowed.
Homeowners Insurance
Insurance coverage for the home that lenders generally require when a property is financed.
Interest
The cost charged by your lender for borrowing the money.
Mortgage Insurance (PMI)
Depending on your loan program and down payment, mortgage insurance or a similar charge may apply.
Property Taxes
Taxes assessed on the property, which may be collected monthly through an escrow account.
HOA Dues
If the property belongs to a homeowners association, monthly, quarterly or annual dues may be an additional housing expense.
When comparing homes, look beyond the purchase price. Two similarly priced properties can have different monthly costs because of taxes, insurance, HOA dues and financing. Use the calculator above to explore different scenarios, then speak with a mortgage lender for estimates based on your specific financial situation and loan options.
How to Use the Mortgage Calculator
Enter the home price, expected down payment, interest rate and loan term you're considering. For a more complete estimate, include anticipated property taxes, homeowners insurance, PMI when applicable and HOA dues.
Try several scenarios rather than relying on one calculation. Changing the home price, down payment or interest rate can help you see how each may affect your estimated monthly payment and overall loan cost.
Remember: This Is an Estimate
The calculator is designed for educational and planning purposes. Results are estimates and are not a loan quote, pre-approval or commitment to lend. Actual payments, interest rates, taxes, insurance, mortgage insurance, closing costs and other expenses may vary. A mortgage lender can provide estimates based on your specific finances, property and loan program.