Mortgage Payment Calculator
A mortgage payment is more than principal and interest. Add tax, insurance and HOA to see the number that actually leaves your account each month.
How it works
Payment = P&I + (Tax/12) + (Insurance/12) + HOA, where P&I uses the amortization formula
- Lenders quote only principal and interest (P&I), but your real payment includes escrowed taxes, insurance and any HOA fees.
- A common rule of thumb: budget 1–2% of home value per year for taxes and insurance combined, though it varies a lot by location.
- Putting 20% down usually removes private mortgage insurance (PMI) from the equation.
FAQ
Does this include PMI? No — add PMI manually to the HOA field if your down payment is under 20%.
Is the tax figure accurate for my area? Property tax rates range from under 0.5% to over 2% of home value per year depending on the state. Check your local rate for precision.
Should I choose a 15-year or 30-year term? A 15-year term has a higher payment but far less total interest — run both through this calculator to see the difference.