Mortgage Payment Calculator
Want to estimate your monthly mortgage payment before buying a home? Use this free mortgage calculator to instantly calculate your monthly payment including principal, interest, taxes, insurance, and PMI. Just enter your home price and loan details, and we’ll break it all down clearly so you know exactly what to expect.
This tool helps you plan your budget, compare loan terms, and understand how interest affects your total cost over time — just like lenders do. Perfect for first-time buyers, refinancing, or planning ahead before speaking with a mortgage lender.
About This Mortgage Calculator
This mortgage calculator helps you estimate your monthly house payment based on the home price, down payment, interest rate, and loan term. It also includes real-world costs like property taxes, home insurance, HOA fees, and PMI so you get a more accurate estimate of what you'll actually pay each month — not just the base loan amount.
Unlike basic calculators that only show principal and interest, this version breaks down every cost that most buyers forget to include. This gives you a more realistic view of affordability before applying for a mortgage or getting pre-approved.
Planning ahead? Try our TDEE Calculator and Macro Split Calculator to optimize lifestyle and budget health side by side.
Frequently Asked Questions
What’s included in a mortgage payment?
A typical monthly mortgage payment includes principal (loan balance), interest (lender charges), and often escrow amounts for property taxes, homeowners insurance, and PMI. If you live in a community with HOA fees, those may also impact your total monthly housing cost.
When does PMI go away?
PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20%. Most lenders allow PMI to be removed once your LTV (Loan-to-Value ratio) reaches 80%. Some automatically drop it, others require a request or a refinance.
Is a 15-year mortgage better than a 30-year mortgage?
A 15-year mortgage has higher monthly payments but much lower total interest paid over time. A 30-year mortgage offers a lower monthly payment, which improves affordability but costs more in interest over the life of the loan. This calculator lets you compare both quickly by switching terms.
How much house can I afford?
A common guideline is that your total monthly housing payment should not exceed 28–30% of your gross income. However, personal lifestyle, debt, and loan type can change this number. Use this calculator to reverse-engineer payments that fit your budget before house hunting.
Does refinancing change my monthly payment?
Yes. If interest rates drop, refinancing can lower your monthly payment significantly. However, extending your term resets the amortization schedule and may increase total interest paid over time. This calculator can also be used as a refinance estimator.
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