Mortgage Calculator

Estimate monthly housing payment from home price, down payment, rate, term, taxes, insurance, and PMI.

What is a mortgage payment estimate?

A mortgage payment estimate combines principal and interest on the loan amount with monthly property tax, homeowners insurance, and optional PMI. The loan amount is the home price minus the down payment.

Formula

Loan amount = Home price − Down payment. For a nonzero monthly rate, principal and interest payment = Loan amount × rate ÷ (1 − (1 + rate) ^ −payment count). Monthly housing payment = principal and interest + property tax ÷ 12 + insurance ÷ 12 + PMI.

Worked example

A 400,000 home with an 80,000 down payment leaves a 320,000 loan. At 6% for 30 years with 4,800 annual tax and 1,200 annual insurance, monthly principal and interest is about 1,918.56 and the full housing payment is about 2,418.56.

Assumptions and limitations

This Calculator models a fixed-rate fully amortizing loan with constant tax, insurance, and PMI amounts. It excludes HOA fees, escrow cushions, changing rates, points, closing costs, and lender underwriting rules.

Common questions

How is this different from the Loan Payment Calculator?

This Tool starts from home price and down payment and adds tax, insurance, and PMI. Is currency converted? No. Currency is a display choice only. Can PMI be zero? Yes. Enter 0 when PMI does not apply.

Methodology

The Calculator uses shared amortizing payment helpers with exact decimal arithmetic and rounds currency values only for display.