Estimate Your Monthly Payment

Use this free mortgage calculator to estimate your full monthly payment — including principal, interest, property taxes, home insurance, PMI, and HOA fees. Adjust your home price, down payment, interest rate, and loan term to see how they affect what you’ll pay each month, and when your loan will be paid off.

Free Tool

Mortgage Calculator

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PMI applies because your down payment is below 20%. It's estimated here and is typically removed automatically once your loan balance reaches 80% of the original home value.

Estimated Payment

$2,199

per month (principal, interest, taxes, insurance & PMI)

P&I Tax Insurance PMI HOA
Loan Amount$315,000
Principal & Interest$1,991
Property Tax$350
Insurance$102
PMI$144
HOA$0
Total Monthly Payment$2,588
Total Interest (life of loan)$401,760
Estimated Payoff DateMarch 2056

This calculator provides estimates for informational purposes only and does not constitute a loan offer. Actual rates, taxes, insurance, PMI, and payments vary by lender, location, and credit profile.

How to Use This Calculator

  1. Enter your home price — the purchase price of the home you’re considering, or an estimate if you’re still house-hunting.
  2. Enter your down payment — as a dollar amount or percentage; either field updates the other automatically.
  3. Enter your interest rate — check a lender quote, or try a few different rates to compare.
  4. Choose your loan term — 15, 20, or 30 years.
  5. Set your start date — this determines your estimated payoff date.
  6. Add property tax, home insurance, PMI, and HOA — home insurance is auto-estimated based on your home price, but you can edit it if you have a real quote. PMI only applies if your down payment is under 20%.
  7. Review your results — your total monthly payment, a full cost breakdown, total interest over the life of the loan, and your estimated payoff date all update instantly.

Tip: Putting at least 20% down eliminates PMI entirely, which can save you thousands over the life of the loan. If you’re below 20%, this calculator estimates roughly when PMI will drop off automatically once your loan balance reaches 80% of your original home value.