What about closing costs?

This calculator covers monthly costs only. Closing costs (typically 2–5% of the loan) are paid up front. Use the refinance calculator for break-even analysis.

Are these rates current?

You set the rate. For today's average, see our live rate ticker on the homepage. Your actual rate depends on credit, LTV, and lender.

Why is my taxes line so high?

Property taxes vary 10× across the US — from 0.3% in Hawaii to over 2% in Illinois and New Jersey. The default we use is a national average.

Mortgages · Calculator

Mortgage payment calculator

See your full monthly cost of ownership — not just principal and interest. Adjust price, down payment, rate, taxes, insurance, PMI, and HOA to see how each lever affects your payment.

✓Editorially reviewedReviewed by Jordan Lee, CFP®, Senior mortgage analystUpdated April 1, 2026How we make money Methodology Advertiser disclosure

Home price

Down payment10% · $45,000

Interest rate

Term (years)

Property tax

$/yr

Home insurance

$/yr

HOA duesOptional

$/mo

LTV: 90.0% · PMI estimated at $185.63/mo until LTV ≤ 80%

Estimated monthly payment

$3,270.50

$2,559.88 principal & interest + $710.63 taxes, insurance, PMI

Principal & interest$2,559.88

Property tax$400.00

Insurance$125.00

PMI$185.63

Read your result

Reading your monthly payment

Your P&I is fixed for the loan's life — but your full PITI payment can shift as taxes, insurance, and PMI change. Use the breakdown to see what's actually moving the needle.

If PMI is showing up, raising your down payment to 20% removes it. If your tax line looks high, check your county's millage rate against the state average. And if the total feels out of reach, the affordability calculator will work backwards from your income.

How it works

What each input does

Home price drives loan size after the down payment is subtracted. The interest rate and term determine principal & interest using a standard amortization formula. Property taxes and homeowners insurance are escrowed monthly. PMI is automatically estimated when LTV exceeds 80%, and HOA dues are added if you enter them.

Answers

Frequently asked questions

Yes. PMI is auto-estimated at ~0.55% of the loan amount per year whenever your loan-to-value (LTV) ratio is above 80%. It drops off when you reach 20% equity.

Mortgage payment calculator

Reading your monthly payment

What each input does

Frequently asked questions

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