Mortgage Calculator
Estimate your monthly payment including taxes, insurance, PMI, and HOA fees.
Total Monthly Payment
$2,450.51
Principal & Interest
$2,075.51
Property Tax
$250.00
Home Insurance
$125.00
Repayment Summary
Payment Breakdown
Balance Over Time
How the Calculator Works
Enter your home value, down payment, interest rate, and loan term to get an instant monthly payment estimate. The calculator adds property tax, homeowner's insurance, PMI (if applicable), and HOA fees to show your true all-in monthly cost.
Understanding PMI
Private mortgage insurance is required on conventional loans when your down payment is less than 20% of the home's value. PMI typically costs 0.3%–1.5% of the loan amount annually and can be removed once your loan-to-value ratio reaches 80%.
Fixed vs. Adjustable Rates
A fixed-rate mortgage locks in your interest rate for the life of the loan, giving you predictable payments. Adjustable-rate mortgages (ARMs) start lower but can reset higher over time — a risk to weigh carefully in a rising rate environment.
Loan Types Explained
Conventional loans are standard mortgages not backed by the government. FHA loans allow 3.5% down with flexible credit requirements. VA loans offer 0% down for eligible veterans. USDA loans serve rural buyers with no down payment required.