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Mortgage Calculator

Estimate the monthly payment, cash needed, PMI exposure, and rate sensitivity for a home loan.

Loan Details

Results update as you edit the inputs.

$
$

$90,000 down, 20% of the home price.

%
years
Taxes, Insurance, HOAShow
$
$
$
Closing Costs and PMIShow
% of price
At or below 80% loan-to-value, PMI is usually not required.

Estimated monthly payment

$2,875.44

$2,275.44 principal and interest

At or below 80% loan-to-value, PMI is usually not required.

Payment Breakdown

Monthly payment composition.

Principal and interest
$2,275.44
Property tax
$450.00
Insurance
$150.00
HOA
$0.00
PMI
$0.00

Loan amount

$360,000.00

Cash needed

$103,500.00

Total loan interest

$459,160.16

Loan-to-value

80%

Rate Sensitivity

How a half-point rate move changes the monthly estimate.

Rate -0.50%

6% annual interest

$2,758.38

-$117.06 / mo

Current rate

6.5% annual interest

$2,875.44

Base

Rate +0.50%

7% annual interest

$2,995.09

+$119.64 / mo

How to Calculate a Mortgage Payment

Loan Amount
Start with the home price minus the down payment. That principal is the base used for the amortized mortgage payment.
Interest and Term
The interest rate and repayment term determine how much of each monthly payment goes to interest before principal.
Taxes, Insurance, and PMI
Ownership costs are added after principal and interest so the monthly estimate is closer to the real housing payment.

How to Read Your Mortgage Estimate

A mortgage calculator is most useful when you separate financing cost from ownership cost. Principal and interest reduce the loan balance, while tax, insurance, HOA, and PMI are planning inputs that can change by property and lender.

What Factors Affect a Mortgage Payment?

Home Price

A higher purchase price raises both the loan amount and many percentage-based closing costs.

Down Payment

More cash down reduces the loan balance and can lower or remove PMI when loan-to-value falls enough.

Mortgage Rate

Even small rate changes can move the payment meaningfully on long-term loans.

Loan Term

A longer term lowers the monthly payment but usually increases total interest paid.

Escrow Costs

Property tax and insurance vary by location, home value, coverage, and reassessment timing.

Loan-to-Value

Loan-to-value helps estimate PMI risk and how much equity you have at closing.

Ways to Use the Mortgage Calculator

Payment Planning

Compare monthly payment at different prices, rates, and down payments before touring homes.

Rate Sensitivity

Test a rate change to understand how preapproval and lock timing can affect the budget.

Cash Needed

Use down payment plus closing-cost assumptions to estimate the upfront cash requirement.

Frequently Asked Questions

Does the mortgage calculator include taxes and insurance?

Yes. The calculator separates principal and interest from property tax, homeowners insurance, HOA dues, and optional PMI so you can see what is financing cost and what is ownership cost.

Why is principal and interest different from my total monthly payment?

Principal and interest is the loan payment itself. The total payment can also include property tax, homeowners insurance, HOA dues, and PMI.

What is loan-to-value?

Loan-to-value is the loan amount divided by the home price. A lower LTV usually means more equity and may reduce PMI requirements.

Can this replace a lender quote?

No. It is a planning estimate. A lender quote can include exact rates, points, escrow rules, PMI pricing, and closing costs.

How should I estimate property tax and insurance?

Use local tax rates, recent property records, insurer quotes, or lender estimates when available. Defaults are only placeholders for planning.