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How this mortgage calculator works

This mortgage calculator estimates your total monthly payment by combining principal and interest with additional housing costs such as property taxes, homeowners insurance, private mortgage insurance (PMI), and HOA dues. Adjust each input to see how your payment changes in real time.

What is included in your monthly payment?

Your estimated payment includes:
• Principal and interest on the loan
• Property taxes (based on yearly estimate)
• Homeowners insurance
• PMI (if your down payment is less than 20%)
• HOA dues (if applicable)

When does PMI apply?

Private mortgage insurance is typically required when your down payment is less than 20% of the home price. This calculator can estimate PMI automatically or allow you to enter your own value. Increasing your down payment may reduce or eliminate PMI.

Why taxes and insurance matter

Property taxes and insurance can significantly impact your total monthly payment. Even if your loan payment seems affordable, these additional costs can add hundreds of dollars per month, so it is important to include them in your estimate.

Mortgage rates and payment context

Your estimated payment depends heavily on current market rates. To understand how today’s rates impact affordability, compare your results with the 30-year mortgage rate , the 15-year mortgage rate , and the 10-year Treasury yield .

You can also return to the mortgage rates today homepage to view all key rate benchmarks and historical trends in one place.

For deeper analysis, review the mortgage spread , which shows how far mortgage rates are priced above Treasury yields.

Mortgage Calculator FAQ

How do you calculate a monthly mortgage payment?

A monthly mortgage payment is typically made up of principal and interest on the loan, plus other recurring housing costs such as property taxes, homeowners insurance, PMI, and HOA dues. This calculator combines those items to estimate your full monthly payment.

Does this mortgage calculator include taxes and insurance?

Yes. You can enter yearly property taxes and yearly homeowners insurance, and the calculator converts them into monthly amounts. This helps you estimate a more realistic total payment rather than principal and interest alone.

When is PMI required?

PMI is often required when your down payment is below 20% of the home price. This calculator can estimate PMI automatically when applicable, or you can enter a manual monthly PMI amount if you prefer.

Why is my total payment higher than principal and interest?

Principal and interest are only part of the total monthly housing cost. Property taxes, insurance, PMI, and HOA dues can increase the final payment significantly, which is why this calculator shows both the loan payment and the full monthly estimate.