Mortgage Calculator
Estimate your monthly mortgage payment including taxes, insurance and HOA.
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How to use the Mortgage Calculator
Enter your home price, down payment, interest rate and loan term. Add annual property tax, insurance and monthly HOA dues for a full PITI estimate. Results update live as you type.
The mortgage payment formula
Monthly payment M = P × r(1+r)n / ((1+r)n − 1), where P is the loan amount (price minus down payment), r the monthly interest rate, and n the number of payments (360 for a 30-year loan). For example, a $320,000 loan at 6.5% over 30 years gives about $2,023/month in principal and interest.
What PITI includes
Your real monthly housing cost is PITI: Principal, Interest, property Taxes and homeowners Insurance — plus HOA dues where applicable. Lenders also check the 28/36 rule: housing under 28% of gross income, all debts under 36%. Use our house affordability calculator to find your max price, and the amortization calculator to see how each payment splits over time.
15-year vs 30-year mortgage
A 15-year term typically carries a lower rate and dramatically less total interest, but monthly payments run ~40–50% higher. A 30-year term keeps payments affordable and preserves cash flow for investing. There is no universal winner — it depends on your budget and goals.