Estimate your monthly mortgage payment including principal, interest, taxes, PMI, insurance, and HOA fees.
| Year | Principal Paid | Interest Paid | Total Paid | Remaining Balance |
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Our mortgage calculator makes it simple to estimate what you'll pay each month on a home loan. Enter your home value, down payment, interest rate, and loan term to get an instant estimate of your monthly principal and interest payment. You can also include property taxes, PMI, homeowner's insurance, and HOA fees for a complete picture of your total monthly housing cost.
Use the sliders to quickly adjust values and see how changes affect your payment in real time. Toggle between a 30-year and 15-year mortgage to compare the trade-offs. The amortization table shows exactly how much of each payment goes toward principal versus interest over the life of the loan.
The principal and interest portion of your mortgage uses the standard amortization formula:
Your total monthly payment adds property tax, homeowner's insurance, PMI (if applicable), and HOA fees on top of the P&I figure.
2025 Rate Note: Average 30-year fixed mortgage rates are currently in the 6.5%–7.5% range. Use our Refinance Calculator to see if refinancing makes sense for your situation.
Conventional loans are not backed by the government and typically require a minimum 3% down payment with a credit score of 620 or higher. With less than 20% down, you'll pay PMI.
FHA loans are backed by the Federal Housing Administration and require only 3.5% down with a 580+ credit score. They include mandatory mortgage insurance regardless of your down payment.
VA loans are available to veterans and active-duty service members. They typically require $0 down and no PMI, making them one of the best loan products available if you qualify.
USDA loans are designed for rural and suburban homebuyers who meet income limits. They also offer 0% down with no PMI requirement.
A mortgage payment is calculated using the amortization formula M = P[r(1+r)^n]/[(1+r)^n−1], where P is the principal, r is the monthly interest rate, and n is the total number of payments. Property taxes, PMI, insurance, and HOA fees are added on top of this principal and interest figure.
Private Mortgage Insurance (PMI) is required on conventional loans when your down payment is below 20%. It protects the lender — not you — if you default. PMI typically costs 0.5%–1.5% of your loan amount annually and can be canceled once you reach 20% equity.
Most lenders want your total debt-to-income (DTI) ratio at 43% or below. Your housing-only (front-end) DTI should ideally be 28% or less. The lower your DTI, the better your loan terms will be.
A 15-year mortgage has higher monthly payments but you pay roughly half the total interest and build equity much faster. A 30-year mortgage has lower payments and more cash-flow flexibility, but costs significantly more over time. Use our calculator to compare both — enter the same loan amount with different terms.
Minimum down payments by loan type: Conventional 3%, FHA 3.5%, VA 0%, USDA 0%. However, putting down 20% on a conventional loan eliminates PMI and reduces your monthly payment substantially. It also means less risk if home values decline.