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Mortgage Calculator

Estimate your monthly mortgage payment with principal, interest, taxes, insurance, PMI, and total housing cost.

Updated April 11, 2026
Free online tool
Planning and research use

Why this page exists

If you are trying to figure out how much a house will cost each month, principal and interest are only part of the picture. This calculator helps you estimate a fuller monthly mortgage payment by adding property taxes, homeowners insurance, and PMI when the down payment is small.

Interactive tool

Run the estimate

Enter your numbers and read the result first, then use the sections below to understand what affects the outcome.

Calculator

Mortgage calculator

Estimate monthly mortgage and housing costs.

Result

$2,724

Estimated monthly housing cost including principal, interest, taxes, insurance, and optional PMI.

Total monthly payment$2,724

Principal and interest$2,149

Taxes and insurance$575

Estimated PMI$0

Your estimated loan amount is $340,000.
Property taxes and insurance add roughly $575 per month.
If the down payment reaches 20%, PMI may drop out and materially lower the total monthly cost.

This is a planning estimate. Actual escrow, insurance, PMI, and lender costs may differ.

Planning note

Last updated April 11, 2026. Use this tool to compare scenarios and plan ahead, then confirm important details with the lender, employer, insurer, contractor, or other qualified provider involved in the final decision.

How it works

What the calculator is doing

Enter the home price, down payment, mortgage rate, and loan term to estimate the base principal-and-interest payment.

Add property tax rate, annual insurance, and optional PMI to build a monthly housing cost that is closer to what owners actually budget.

Review the total monthly payment alongside the loan amount so you can compare homes with a clearer target.

Understanding your result

The principal-and-interest payment shows the cost of financing, while taxes, insurance, and PMI explain the gap between a basic loan quote and the number buyers actually need to budget each month.

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Examples

Ways people use this tool

Example scenarios help turn a quick estimate into a more useful comparison or planning step.

Check the payment before touring homes

Estimate the monthly cost first so you know what price range feels realistic before emotions enter the decision.

Test a 10% versus 20% down payment

Increasing the down payment reduces the loan amount and may lower or eliminate PMI, which can make a large difference in monthly cost.

Compare tax-heavy areas

Changing the property tax rate helps you see why two similarly priced homes can have very different monthly payments.

Model a smaller down payment with PMI

Test a lower down payment to see how much PMI and a larger loan amount change the full monthly housing cost.

When to use it

Good times to run this calculator

Use this calculator before touring homes when you want a monthly payment estimate that includes more than just principal and interest.

Run it again when comparing down payments, tax rates, or PMI assumptions so you can see which part of the housing cost is really moving the number.

Assumptions and limitations

This is a planning estimate based on the purchase price, loan term, rate, taxes, insurance, and PMI assumptions you enter, so an official lender quote can still differ.

HOA dues, utilities, maintenance, and closing costs are not part of the core result, even though they still matter for the full cost of owning the home.

Common mistakes

Avoid the usual input mistakes

Focusing only on principal and interest can make a home feel affordable even when taxes, insurance, or PMI push the real monthly cost much higher.

Using a generic property tax or insurance assumption instead of a local estimate can make two similar home prices look more comparable than they really are.

Practical tips

Run one version with your target down payment and another with a smaller down payment so you can see how much PMI changes the monthly cost.

Use the total monthly payment as the budgeting number, not just the loan payment, when comparing what price range actually fits your household.

Worked example

Walk through a realistic scenario

A worked example shows how the estimate behaves when the inputs resemble a real planning decision.

Compare a 10% down payment against 20%

A buyer wants to know whether saving longer for a larger down payment changes the monthly cost enough to justify waiting.

1. Run the home price, mortgage rate, and term with a 10% down payment plus taxes, insurance, and PMI assumptions.

2. Keep the same home price and financing terms, then rerun the estimate with a 20% down payment and no PMI.

3. Compare the monthly totals to see how much the bigger down payment reduces the full housing cost, not just the loan amount.

Takeaway: The value of a larger down payment often comes from the combined effect of a smaller loan and lower PMI, not just one of those changes alone.

FAQ

Common questions

Does this calculator include property taxes and insurance?

Yes. You can include both so the total monthly estimate is closer to what homeowners actually pay.

What is PMI?

Private mortgage insurance is often added when the down payment is below 20%. This calculator lets you estimate that extra monthly cost with a simple annual rate input.

What down payment usually lowers the monthly payment the most?

A larger down payment lowers the loan amount directly and may also reduce or remove PMI. That combination often moves the monthly payment more than buyers expect.

Related tools

Keep comparing

Use affordability, property-tax, and refinance tools when you want to pressure-test the mortgage payment from different angles before house hunting.

Down-payment and budget tools are useful next steps when the payment estimate is close and the real question is whether the cash and monthly plan can support it.

Home ToolsUpdated April 11, 2026