Mortgage Calculator
Estimate your monthly mortgage payment including taxes, insurance and HOA.
How to use the Mortgage Calculator
Enter the home price, your down payment, the interest rate and the loan term to see your full monthly housing cost — principal and interest plus property tax, homeowners insurance and HOA dues — along with the total interest you will pay over the life of the loan.
Formula
M = P × r(1 + r)ⁿ ÷ [(1 + r)ⁿ − 1] where P = loan amount, r = monthly rate, n = number of payments
Worked example
A $450,000 home with $90,000 down at 6.5% over 30 years gives a loan of $360,000 and a principal-and-interest payment of about $2,275 per month.
Frequently asked questions
How much down payment do I need?
Many conventional loans allow 3–5% down, but putting 20% down usually avoids private mortgage insurance (PMI) and lowers your monthly payment.
Does a 15-year mortgage save money?
Yes. The monthly payment is higher, but you pay interest for half as long and 15-year rates are typically lower, so total interest can fall by more than half.
What is included in PITI?
PITI stands for Principal, Interest, Taxes and Insurance — the four parts of a typical monthly mortgage payment. This calculator adds HOA dues too.
Results are estimates for educational and planning purposes. Always confirm important financial, health or legal decisions with a qualified professional. Last reviewed 2026-09-27.