Mortgage Calculator
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Estimate your monthly mortgage payment including principal, interest, property tax, and home insurance — fully itemized.
Mortgage Calculator
Total Monthly Payment
$0
About This Tool
How a Mortgage Calculator Works
A mortgage calculator estimates the total monthly payment you'll make on a home loan. Unlike a basic loan calculator, it factors in property tax and homeowner's insurance, giving you a more realistic picture of housing affordability.What's Included in Your Monthly Payment
- Principal & Interest (P&I): The repayment of the loan plus the cost of borrowing.
- Property Tax: Annual local tax divided into monthly installments.
- Home Insurance: Annual hazard insurance premium divided monthly.
Tips Before Buying
A common rule is that your total monthly housing cost should not exceed 28% of your gross monthly income. Lenders typically require a down payment of 10–20% to avoid private mortgage insurance (PMI). Use this calculator to test different home prices, down payments, and terms before applying.Frequently Asked Questions
Should I include PMI in my calculation?
If your down payment is below 20%, most US lenders charge Private Mortgage Insurance (PMI). It typically ranges from 0.3% to 1.5% of the original loan amount per year. Add this to the insurance field as an annual figure to include it.
How does property tax affect affordability?
Property tax is often the second-largest cost after principal & interest. In high-tax areas it can add hundreds per month, dramatically affecting how much house you can afford.
Can I trust this for an actual mortgage approval?
This is for estimation only. Lenders consider your credit score, debt-to-income ratio, employment history, and full application. Treat the result as a budgeting starting point, not a guarantee.