Mortgage Calculator
Estimate your monthly mortgage payment — principal, interest, taxes, insurance, and PMI — with a full cost breakdown.
How to Estimate a Mortgage Payment
- Enter the home price and your planned down payment (the percent of the home price updates automatically).
- Enter the loan term in years and the annual interest rate.
- Optionally enter annual property tax, annual home insurance, and monthly PMI if they apply to you.
- Read your full payment breakdown below — it recalculates live as you adjust any field.
Frequently Asked Questions
Does this include PMI automatically?
No — PMI isn't calculated automatically since eligibility and rates vary by lender. If your down payment is under 20% of the home price, enter your lender's quoted monthly PMI amount in the PMI field and it will be added to your total monthly payment.
Is property tax included in the estimate?
Only if you enter it. Property tax varies by county and assessed value, so this calculator doesn't guess a number for you — enter your annual property tax amount and it's divided by 12 and added to your monthly payment.
What formula does this calculator use for the monthly payment?
It uses the standard fixed-rate amortization formula for Principal & Interest: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments (loan term in years × 12).
What happens if I enter a 0% interest rate?
The calculator switches to a simple division of the loan amount by the number of months, since the standard amortization formula involves dividing by zero when the rate is zero.
Is this a guaranteed loan offer?
No — this tool gives a mathematical estimate based on the numbers you enter. Actual mortgage terms, fees, taxes, insurance premiums, and eligibility depend on your lender and location, so treat this as a planning estimate, not a loan offer.