Mortgage Payment Calculator
Estimate your monthly house payment, including principal, interest, property taxes, homeowners insurance, HOA dues, and mortgage insurance. Change the price, down payment, and rate to see how each one affects your payment.
How to Use the Mortgage Payment Calculator
Your monthly mortgage payment is more than principal and interest. Lenders qualify you on the full housing payment, which also includes property taxes, homeowners insurance, any HOA dues, and mortgage insurance if your down payment is under 20%. This calculator adds all of those together so the number you see is close to what you will actually pay.
Enter the home price, your down payment, the interest rate, and the loan term. Then adjust the tax rate and insurance to match the property. In California, property tax usually runs about 1.25% of the purchase price per year, and it can be higher in newer communities with Mello-Roos assessments.
Example: On a $700,000 home with 20% down, the loan is $560,000. At 6.5% for 30 years, principal and interest are about $3,540 a month. Property tax at 1.25% adds about $729, and insurance of $150 brings the total to roughly $4,419 before any HOA dues.
Common Questions
What is included in a monthly mortgage payment?
Principal, interest, property taxes, and homeowners insurance, often shortened to PITI. HOA dues and mortgage insurance are added when they apply.
How much does the interest rate change my payment?
On a $560,000 loan, each quarter of a percent in rate changes the payment by roughly $90 a month. Try a few rates in the calculator to see the effect on your own numbers.
Do I have to pay mortgage insurance?
On conventional loans, mortgage insurance is required when you put down less than 20%, and it can be removed later. FHA loans carry mortgage insurance regardless of down payment.