Work out your true monthly house payment — not just the loan, but taxes, insurance and HOA too. Enter your numbers and hit calculate.
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Estimates only, for planning. Your lender’s final figures may differ.
How the monthly mortgage payment is calculated
Your monthly payment has four parts, often called PITI: Principal (repaying what you borrowed), Interest (the lender’s charge, based on your rate), Taxes (property tax, usually collected monthly into escrow) and Insurance (homeowner’s insurance). If your building or community has an HOA, that is a fifth monthly cost.
The loan part uses the standard amortisation formula: M = P × r(1+r)n / ((1+r)n − 1), where P is the loan amount, r is the monthly interest rate and n is the number of monthly payments. Early payments are mostly interest; later payments are mostly principal — the year-by-year table above shows your balance falling faster as the loan ages.
Example
A $450,000 home with $90,000 down, a 6.5% rate and a 15-year term gives a loan of $360,000 and a principal-and-interest payment of about $3,136 a month. Add typical taxes and insurance and the real payment is roughly $3,736 a month — which is why looking at the loan payment alone under-budgets a home purchase.
Frequently asked questions
How much house can I afford?
A common guide is the 28/36 rule: keep housing costs under 28% of gross monthly income and all debts under 36%. Try different prices above until the total payment fits your budget.
Is a 15-year or 30-year mortgage better?
A 15-year loan has a higher monthly payment but a lower rate and far less total interest. A 30-year loan is easier to qualify for and keeps payments lower. Compare both in the calculator — the “total interest” line shows the real difference.
Does this include PMI?
Not automatically. If your down payment is under 20%, most lenders add private mortgage insurance (PMI), typically 0.2%–2% of the loan per year, until you reach 20% equity.