Mortgage Calculator
Estimate your full monthly house payment — principal, interest, property tax, homeowners insurance and HOA dues — plus the total interest you'll pay over the life of the loan.
- Principal & interest
- $1,769.79
- Property tax
- $291.67
- Insurance
- $125.00
- HOA
- $0.00
- Loan amount
- $280,000
- Total interest over loan
- $357,125
Monthly payment by home price
With 20% down, a 6.5% rate, a 30-year loan, $3,500 a year in property tax and $1,500 in insurance:
| Home price | Principal & interest | Total monthly |
|---|---|---|
| $200,000 | $1,011.31 | $1,427.98 |
| $250,000 | $1,264.14 | $1,680.80 |
| $300,000 | $1,516.96 | $1,933.63 |
| $350,000 | $1,769.79 | $2,186.46 |
| $400,000 | $2,022.62 | $2,439.28 |
| $500,000 | $2,528.27 | $2,944.94 |
| $600,000 | $3,033.93 | $3,450.59 |
How it works
Principal and interest use the standard amortization formula: M = P × r / (1 − (1 + r)^−n), where P is the loan amount, r is the monthly rate and n is the number of monthly payments.
Property tax and insurance are divided by 12 and added to the payment, along with any monthly HOA dues.
Many lenders also add private mortgage insurance (PMI) when the down payment is under 20%. That cost isn't included here.
Tips
- Even a 0.5% lower rate can save tens of thousands of dollars over 30 years. Compare quotes from at least three lenders.
- Property tax varies a lot by county. Look up the real figure for the home you want instead of guessing.
- If you put less than 20% down, budget extra for PMI until you reach 20% equity.
Frequently asked questions
How much down payment do I need?
It depends on the loan type. Putting 20% down usually avoids PMI, but many loan programs allow much less. Try different down payments above to see how the monthly payment changes.
Should I pick a 15-year or 30-year mortgage?
A 15-year loan has a higher monthly payment but far less total interest. Switch the loan term above and compare the 'Total interest' line.
Results are estimates for planning only and are not financial advice.