Calculate your monthly mortgage payment and see a detailed breakdown of costs
Enter your home purchase information
20.0% of home price
Your monthly mortgage payment includes principal (loan amount), interest (based on your rate), property taxes, homeowners insurance, and PMI if your down payment is less than 20%. The calculator uses the standard mortgage formula: M = P[r(1+r)^n]/[(1+r)^n-1] where M is monthly payment, P is principal, r is monthly interest rate, and n is number of payments.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home price. It protects the lender if you default on the loan. PMI typically costs 0.5% to 1% of the loan amount annually and can be removed once you reach 20% equity in your home.
Property tax estimates are based on average rates for your area, but actual taxes vary by location, property value, and local tax policies. Always verify with your local tax assessor or real estate agent for precise figures.
A larger down payment reduces your monthly payment, eliminates PMI (if 20%+), and saves on interest over the loan term. However, it ties up capital you might use for other investments or emergencies. Consider your overall financial situation and goals.
30-year mortgages have lower monthly payments but higher total interest. 15-year mortgages build equity faster with lower interest but higher monthly payments. Choose based on your budget, financial goals, and how long you plan to own the home.
Have more questions? These calculators provide estimates for educational purposes only. For personalized financial advice, consult with a qualified financial professional. See our disclaimer for more information.