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Mortgage Calculator

Estimate a monthly home payment including property tax and insurance.

How it works

The loan is the home price minus your down payment. Principal and interest use the standard loan formula over the term in months. Property tax and insurance are yearly amounts divided by 12 and added on.

Worked example

A $300,000 home with 20% down is a $240,000 loan. At 6% over 30 years, principal and interest are about $1,438.92 a month. Add property tax at 1% ($250 a month) and insurance of $1,200 a year ($100 a month) for a total near $1,788.92.

Tips

• A 15-year loan has a higher payment but far less total interest.
• Budget for upkeep too, often 1% of the home value each year.
• Check local property tax rates, which vary a lot between areas.

Frequently asked questions

Does it include PMI or HOA fees?

No. If your down payment is under 20%, or your home has HOA dues, add those to the total yourself.

How much should I put down?

20% is common because it usually avoids private mortgage insurance, but many loans allow less.

What is a good down payment?

Many buyers put down 20% to avoid mortgage insurance, but smaller down payments are common.

Is a fixed rate better than adjustable?

A fixed rate keeps payments steady. Adjustable rates start lower but can rise, so it depends on how long you plan to stay.

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