Mortgage Calculator
See the full monthly mortgage payment on a home loan: principal and interest, property tax, insurance and any dues, the whole house payment. Start from a home price, from what you can spend each month, or from a loan you already have. Down payment and yearly property tax each take a percent or an amount.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
Principal and interest use the standard level-payment formula: M = L × r ÷ (1 − (1 + r)^−n), where L is the loan, r is the yearly rate divided by 12, and n is the number of monthly payments. At a zero rate it is L ÷ n. Tax, insurance and dues are added as monthly amounts.
It assumes a fixed rate and one payment a month, with interest charged on the balance each month. Lenders round to the cent, so the last payment can differ slightly. The total over the loan holds tax, insurance and dues flat.
The page opens near late-2026 US figures: a 7.18% average 30-year rate (Freddie Mac, November 5, 2026) and a median existing-home price a little over the opening price (National Association of Realtors, September 2026).
Worked example
A $400,000 home with $80,000 down leaves a loan of $320,000. At 7.2% over 30 years, principal and interest come to $2,172.12 a month. Add $333.33 of property tax and $166.67 of insurance and the full payment is $2,672.12. Over the whole loan you pay $461,964 in interest.
What is inside the monthly payment
Principal is the money you borrowed; interest is the charge for borrowing it. Lenders often collect tax and insurance with the payment and hold them in an escrow account, so the full payment can rise even when the rate never moves. A lender’s Loan Estimate, due within three business days of your application, shows their own figures on a standard form.
The state list under Property tax uses 2024 averages of tax paid against home value, from 0.29% in Hawaii to 1.88% in New Jersey and Illinois. A buyer’s first bill can run higher, because many places reassess a home when it sells.
| Part | Can it change? |
|---|---|
| Principal and interest | Not on a fixed rate |
| Property tax | Yes, with the rate or a new assessment |
| Home insurance | Yes, usually at renewal |
| Mortgage insurance | A yearly percent of the starting loan, charged when the loan is over 80% of the price. It ends under the rules below. |
| HOA dues | Yes, when the association votes |
Check any payment by hand
These are monthly payments per 1,000 borrowed, principal and interest only. Multiply by the loan in thousands. For the opening example at 7.2%, 320 × 6.78788 = $2,172.12.
| Rate | 15 years | 20 years | 30 years |
|---|---|---|---|
| 5% | 7.908 | 6.600 | 5.368 |
| 6% | 8.439 | 7.164 | 5.996 |
| 6.5% | 8.711 | 7.456 | 6.321 |
| 7% | 8.988 | 7.753 | 6.653 |
| 7.5% | 9.270 | 8.056 | 6.992 |
| 8% | 9.557 | 8.364 | 7.338 |
When mortgage insurance ends
For most conventional loans on a main home since July 1999, federal law sets three dates. This page treats the price as the original value and counts the insurance up to the automatic date or the halfway point, whichever comes first. FHA and VA loans have their own rules.
| Rule | When | What it takes |
|---|---|---|
| You ask | The balance reaches 80% of the original value, on schedule or sooner with extra payments | A written request, a good payment record, no second loan, and a value that has not fallen |
| Automatic | The balance is scheduled to reach 78% of the original value | Being current on payments |
| Halfway | The month after the midpoint of the loan, such as 15 years into 30 | Being current on payments |
Common mistakes
| Mistake | Why the number comes out wrong |
|---|---|
| Comparing only principal and interest | Rate ads quote that line alone. The bill also carries tax and insurance. |
| Entering the APR as the rate | APR adds points and fees, so the payment comes out too high. Use the interest rate from page 1 of a Loan Estimate. |
| Forgetting cash at closing | Closing costs often run 2% to 5% of the price, on top of the down payment. |
| Paying extra without saying so | Extra money cuts interest only when the servicer applies it to principal. Half a payment every two weeks comes to one extra payment a year. |
Questions
Does this mortgage calculator include taxes and insurance?
Yes. The large number is the full payment, with mortgage insurance and dues when they apply. Principal and interest has its own line.
How do I use it for a mortgage I already have?
Open Pay off early and enter what you still owe, the years left and your rate, then an extra amount.
Do I need 20% down?
No law requires it. On a conventional loan, less than 20% down usually adds mortgage insurance until the balance falls far enough.
How much do extra payments save?
On the opening example, one extra payment a year ends the loan about 6 years sooner and saves about $116,211.
How much income does this payment take?
A common rule of thumb keeps housing at 28% of income before tax. $2,672.12 a month is 28% of $114,520 a year. Lenders set their own limits.
Sources
- CFPB: when you can remove PMI
- CFPB: what a Loan Estimate is
- CFPB: interest rate and APR
- CFPB: escrow accounts
- Freddie Mac: this week’s average rates
- Freddie Mac: what PMI costs
- Freddie Mac: closing costs
- Tax Foundation: property taxes by state, from Census data
- National Association of Realtors: existing-home sales
- OpenStax, Contemporary Mathematics: the loan payment formula
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- Mortgage Points Break-Even CalculatorMonths of lower payments to earn back the points.