Mortgage Calculator
Estimate your monthly mortgage payment, including property tax and home insurance.
When to use this calculator
Use this calculator when you are comparing homes, deciding how much to put down, or checking whether a 15-year or 30-year loan fits your budget. It adds property tax and homeowners insurance to the principal and interest, so the result is closer to the payment you would really make each month than a rate-only quote.
How this calculator works
Your payment of principal and interest is found with the standard loan formula using the loan amount (price minus down payment), the monthly rate and the number of months. Property tax and insurance are added as monthly amounts.
Step-by-step example
Using these inputs: Home price: $400,000; Down payment: 20%; Interest rate: 6.5%; Term: 30 years; Property tax: 1.1% per year; Home insurance: $1,500 per year.
Over a 30-year term the interest ($408,142) is more than the amount borrowed ($320,000). Change the term to 15 years to see a higher monthly payment but a much smaller interest bill.
Tips for a better estimate
- Use your county's real property tax rate. It varies a lot between states and even between neighboring towns.
- Add PMI, HOA dues and maintenance separately. They are not in this estimate but they are part of what a home really costs each month.
- Compare at least two loan terms and two down payment amounts before you talk to a lender.
FAQ
What is included in a mortgage payment?
Usually principal, interest, property tax and homeowners insurance. Some loans also add PMI or HOA fees, which are not included here.
How much down payment do I need?
Many loans accept 3% to 20%. A down payment under 20% often means paying private mortgage insurance.
Are property tax rates the same everywhere?
No. They vary by state and county, so check your local rate and change the field above.
Is this exact?
It is an estimate. Your lender's quote will differ.
What is PMI and is it included?
Private mortgage insurance is usually charged when your down payment is under 20%. It is not included in this calculator, so add it to the result if it applies to you. The down payment calculator estimates it.
Does a lower rate matter that much?
Yes. On a long loan, even a quarter of a percentage point changes the monthly payment and adds up to thousands of dollars of interest over the life of the loan.
Should I pay extra toward the principal?
Extra principal payments shorten the loan and cut total interest. Check first that your lender applies the extra amount to principal and charges no prepayment penalty.
Rates and limits last updated: October 2026. This is an estimate for general information only, not financial, tax or legal advice.
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