Mortgage payment calculator What will this house actually cost each month?
Estimate your monthly mortgage payment, including principal and interest, property taxes, homeowners insurance, and estimated PMI. Adjust the home price, down payment, interest rate, and loan term to compare monthly costs, lifetime interest, remaining balance, and estimated home equity.
Your mortgage details
Use a name like 1234 Main St.. It appears on charts and shared links.
PMI assumption
Private mortgage insurance (PMI) is a lender-required cost that commonly applies to conventional loans with less than 20% down.
With your current inputs, we do not estimate PMI.
Mortgage
Compare interest rates
The estimated monthly total ranges from $2,567 at 5.5% to $2,987 at 7.5%, a difference of $421 per month.
Explore mortgage payment tradeoffs
See how interest rates and loan terms change your monthly payment, lifetime interest, balance, and equity.
How interest rates affect lifetime mortgage interest
See how much interest the same loan accumulates at each displayed rate.
Over 30 years
Mortgage
Lifetime interest ranges from $334,093 at 5.5% to $485,495 at 7.5%, a difference of $151,402. Across this range, each 0.5 percentage point reduction saves around $38K in lifetime interest.
15-year vs. 30-year mortgage cost
Compare the monthly total and lifetime interest at your selected rate.
Mortgage
The 15-year option costs $765 more per month but saves $226,385 in interest.
| Term | Monthly total | Lifetime interest |
|---|---|---|
| 15 years | $3,538 | $181,758 |
| 30 years (selected) | $2,773 | $408,142 |
Mortgage balance and home equity over time
A 30-year view of your loan at 6.5%. Equity assumes the home value stays at $400,000.
Mortgage
Loan balance and estimated equity
Hover over the chart or use the year slider to explore the breakdown.
Estimated equity is the home price minus the remaining loan balance. This view does not assume appreciation or include selling costs.
| Year | Loan balance | Principal paid | Est. equity |
|---|---|---|---|
| Year 0 | $320K | $0 | $80K |
| Year 1 | $316K | $4K | $84K |
| Year 5 | $300K | $20K | $100K |
| Year 10 | $271K | $49K | $129K |
| Year 15 | $232K | $88K | $168K |
| Year 20 | $178K | $142K | $222K |
| Year 25 | $103K | $217K | $297K |
| Year 30 | $0 | $320K | $400K |
Understand your monthly mortgage payment
Learn what your result includes and what could make the real cost different.
What’s included in your estimated monthly mortgage payment?
Principal and interest repay the loan and cover the cost of borrowing. The estimate also includes monthly property taxes, homeowners insurance, and estimated PMI when it applies.
Taxes, insurance, and PMI are additional housing costs. They do not reduce your loan balance.
Can a fixed-rate mortgage payment change?
The scheduled principal-and-interest payment normally stays fixed. Your total monthly amount can change when property taxes or homeowners insurance premiums change.
Estimated PMI may also be removed later, depending on your loan and servicer requirements.
What costs aren’t included in this mortgage estimate?
This estimate does not currently include:
- HOA dues
- Utilities
- Maintenance and repairs
- Closing costs
- Moving expenses
- Flood insurance or other additional coverage
- Loan-specific lender fees
Mortgage payment terms, explained
Get a plain-language definition of each input and result used in this estimate.
Definitions of terms
- Home price
- The price you're paying for the house: the number on the purchase agreement, before any down payment is subtracted. This is the starting point every other number on this page is built from.
- Down payment
- The portion of the home price you pay upfront, in cash, rather than borrowing. You can enter it as a dollar amount or a percentage; they stay in sync. The rest becomes your loan amount. A bigger down payment means a smaller loan, which lowers both your monthly payment and the total interest you'll pay over time.
- Annual property tax
- The yearly tax your local government charges based on your home's assessed value. Lenders typically collect this monthly along with your mortgage payment and hold it in escrow, then pay the tax bill on your behalf. So even though the bill itself is annual, we divide it by 12 to show you the monthly share.
- Annual insurance
- Your homeowners insurance premium for the year, covering things like fire, theft, and storm damage. Like property tax, it's usually collected monthly through escrow, so we divide the annual premium by 12 here too.
- Loan term
- How many years you have to pay off the loan, 15 or 30 here. A 30-year term spreads payments out further, so each monthly payment is smaller, but you pay more in total interest because you're borrowing the money for longer. A 15-year term does the opposite: higher monthly payments, less total interest.
- Interest rate
- The annual cost of borrowing the loan amount, expressed as a percentage. This is set by your lender based on market conditions, your credit, and your loan details. This calculator lets you plug in a rate so you can see its effect, but it doesn't estimate what rate you'd actually qualify for.
- Principal + interest
- The core loan payment: the portion that pays down what you borrowed (principal) plus the cost of borrowing it (interest). This is calculated with the standard fixed-rate amortization formula and stays the same every month for the life of the loan. What changes month to month is how much of it goes to each piece.
- Private mortgage insurance (PMI)
- An added cost that commonly applies to conventional loans when you put less than 20% down. It protects the lender, not the borrower, if the loan goes into default. The amount shown here is an estimate based on the adjustable PMI rate. Your actual cost and cancellation timing depend on your loan and servicer.
- Estimated monthly total
- Also called: house payment, monthly mortgage payment
- Principal + interest, plus your monthly property tax and insurance shares and estimated PMI when it applies. This gives you a more complete estimate of what the house will cost each month, not just the loan payment alone.
More money questions
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About this mortgage payment estimate
Review what is included, what is excluded, and how this estimate is calculated.
What’s included
Principal and interest, monthly property tax, monthly homeowners insurance, and estimated PMI below 20% down.
What’s excluded
HOA fees, closing costs, maintenance, utilities, lender fees, and changing escrow amounts are not included.
How it works
Principal and interest use the standard fixed-rate amortization formula. Results are rounded for display, but calculations retain full precision.
Updated date and disclaimer
Updated August 11, 2026. This estimate is educational and is not a loan quote, approval, or financial advice. See the full disclaimer.