Mortgage Payment Calculator

What goes into a mortgage payment?

The home price is only the starting point. This mortgage calculator subtracts your down payment, calculates principal and interest, then adds the monthly costs you enter. HOA dues may be paid separately, but they still belong in your budget.

How to use the calculator

Start with a purchase price and down payment in dollars. Enter an illustrative interest rate and choose a 15, 20, or 30 year fixed loan term. Use property specific monthly estimates for taxes and insurance. Enter mortgage insurance if applicable; zero assumes none.

Look beyond principal and interest

Principal repays the loan. Interest is the cost of borrowing. Taxes, homeowners insurance, and any mortgage insurance add to the amount you need each month. Remember to leave room for maintenance, utilities, and the rest of your life too.

Mortgage calculator questions

Is this a loan quote or preapproval?

No. These are planning estimates. The example interest rate is not a current offer or APR. Your actual costs depend on your loan, property, credit, and lender requirements. Closing costs and financed upfront fees are not included.

Does it calculate mortgage insurance automatically?

No. Enter a monthly estimate provided for your situation. Mortgage insurance varies by program and borrower, so the calculator does not assume a universal percentage.

Can my payment change with a fixed rate?

The scheduled principal and interest payment stays level under this model, but taxes, insurance, and HOA costs can change. The total shown uses today’s entered estimates.

How much house can I afford?

A payment estimate does not determine eligibility or comfort. Try the home affordability calculator to explore your income and debts. Considering a temporary subsidy? Compare options with the 2-1 buydown calculator.

Fixed rate, fully amortizing loan estimates only. No extra payments assumed. Lifetime interest excludes fees, taxes, insurance, and HOA costs. Rounding and lender calculations may differ. Not a commitment to lend. Kadyn Nannini · Phoenix Lending Group · NMLS #1998133.

Learn about payment components from the CFPB