Estimate your full monthly mortgage payment — not just principal and interest, but property tax, home insurance, PMI, HOA, and other recurring costs. Enter the home price, down payment, rate, and term, then add the cost details — and an optional extra monthly principal payment — for a realistic picture of your monthly housing cost, total interest, and payoff time.
What makes up the payment (PITI)
| Component | Entered as | Monthly portion |
|---|---|---|
| Principal & Interest | loan, rate, term | amortized payment |
| Property Tax | % of home price / year | annual ÷ 12 |
| Home Insurance | $ / year | annual ÷ 12 |
| PMI | % of loan / year | annual ÷ 12 |
| HOA Fee | $ / month | as entered |
| Other Costs | $ / year | annual ÷ 12 |
Examples
$400,000 home · 20% down · 30-year term
A $400,000 home with $80,000 down leaves a $320,000 loan. At 6.5% over 30 years, principal & interest is about $2,022/month. Adding $400 property tax, $125 insurance, and $333 other costs brings the full payment to about $2,881/month.
Less than 20% down adds PMI
Putting $40,000 (10%) down on the same home means a $360,000 loan. If a lender quotes a 0.5% annual PMI rate, entering it adds $150/month. The calculator keeps that amount constant until payoff, so its total-cost result overstates PMI if the policy ends earlier.
Formula
The loan amount is the home price minus the down payment. The principal & interest portion comes from the standard amortization formula, for a loan P, monthly rate r (annual rate ÷ 12), and n total monthly payments:
P&I = P · r(1 + r)^n / ((1 + r)^n − 1)
The full monthly payment adds the recurring costs:
Monthly payment = P&I + property tax/12 + insurance/12 + PMI/12 + HOA + other/12
Sources and limits
Taxes, insurance, HOA dues, maintenance, utilities, and PMI can change over time. This page holds every entered non-loan cost constant, does not model escrow adjustments or PMI cancellation, and does not quote a rate or determine eligibility.
Interest rate and total cash cost
Enter the annual note interest rate, not APR. APR includes certain borrowing fees and is intended for comparing loan costs; it is not the payment formula's interest rate. CFPB explains the distinction.
Total Out-of-Pocket includes the down payment, loan payments (including extra principal), and entered recurring costs until loan payoff. Closing costs are not included. Recurring costs after payoff are also excluded; taxes, insurance and maintenance can continue after the mortgage ends.