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Mortgage Calculator
Free calculator for your complete monthly mortgage payment — principal, interest, property taxes, homeowners insurance, PMI, and HOA — plus total interest, amortization, and long-term outlook.
to save named scenarios in the cloud (up to 5 free).
Build your scenario
Start with the purchase price and loan terms that matter most.
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Loan Term
Fine-tune your estimate
Property taxes, insurance, and other monthly costs beyond principal and interest.
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Closing Costs2.5% · $0 est.
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What will my mortgage payment be?
Enter your home price, down payment, interest rate, and loan term to estimate principal and interest. Add property taxes, homeowners insurance, PMI (when down payment is under 20%), and HOA fees to see a complete monthly housing payment — not P&I alone.
Adjust each input to match your scenario. The calculator updates your estimated payment, total interest, and amortization as you change home price, rate, term, or down payment.
More than a basic payment estimate
Alongside your monthly breakdown, MuneyWise shows total interest over the life of the loan, a full amortization schedule, and projected payoff date. Model extra monthly payments to see interest saved and a shorter term.
Home appreciation scenarios project future value and equity build over time — useful for long-term planning beyond the first payment. Sign in to save named scenarios and compare options side by side.
Free Mortgage Calculator with PMI, Taxes & Insurance
Use this free mortgage calculator to estimate your full monthly housing payment — not just principal and interest. Enter your home price, down payment, interest rate, and loan term, then add property taxes, insurance, PMI, and HOA fees for a realistic payment estimate. Compare 15-year vs 30-year terms, run interest rate scenarios, view a full amortization schedule, and estimate closing costs.
Common questions
- How is a monthly mortgage payment calculated?
- Principal and interest use standard amortization: loan amount, annual interest rate, and term in months determine the P&I portion. Add monthly property taxes, homeowners insurance, PMI (when down payment is under 20%), and HOA for the full housing payment.
- What is included in a monthly mortgage payment?
- A complete estimate includes principal, interest, property taxes, homeowners insurance, PMI when applicable, and HOA fees. P&I alone is not the full monthly cost — taxes and insurance are often escrowed by the lender.
- How do property taxes affect my monthly payment?
- Annual property taxes are divided by 12 and added to your payment when escrowed. Higher assessed value or tax rates increase the monthly total even if your loan amount stays the same.
- How does homeowners insurance affect my monthly payment?
- Annual insurance premium is spread across 12 months and included in most escrowed payments. Premiums vary by location, coverage, and deductible — enter your quote for an accurate total.
- When is PMI required on a mortgage?
- PMI is typically required on conventional loans with less than 20% down. It protects the lender, not the borrower, until you reach sufficient equity. FHA loans use MIP with different rules. See our PMI guide for cost ranges and removal.
- How does the interest rate change my mortgage payment?
- A higher rate increases principal and interest on the same loan amount; a lower rate reduces it. Even a quarter-point change can shift your monthly P&I by a meaningful amount over a 30-year term.
- How does a 15-year mortgage compare with a 30-year mortgage?
- A 15-year loan has higher monthly P&I but far less total interest. A 30-year loan lowers the required payment but costs more over time. Toggle both terms in this calculator or read our 15 vs 30 year guide for a worked example.
- What does paying extra on my mortgage do?
- Extra payments reduce principal faster, which lowers total interest and can shorten your payoff date. This calculator models optional extra monthly payments and shows interest saved.
- How much interest will I pay over the life of the loan?
- Total interest depends on loan amount, rate, term, and any extra payments. Results above show total interest for your inputs, plus a full amortization schedule breaking down each month’s principal and interest.
Learn
Related guides
How to Calculate Your Mortgage Payment
Learn how principal, interest, taxes, insurance, PMI, and HOA combine into your total monthly housing payment — with formulas and examples.
7 min read →15-Year vs 30-Year Mortgage: Payment & Interest Comparison
Compare 15-year vs 30-year mortgage payments, total interest, equity build, and flexibility — with a worked example on a $400,000 loan.
7 min read →What Is PMI? Cost, Rates & How PMI Is Calculated
What PMI is, how much it costs, how PMI rates are calculated, when it is required, and how down payment affects your monthly mortgage payment.
8 min read →Closing Costs Explained: What to Expect at Settlement
A breakdown of common closing costs when buying a home and how to estimate cash needed at closing.
5 min read →