Finance & Money
Mortgage Calculator
Estimate a mortgage payment with principal, interest, taxes, insurance, PMI, and HOA dues, or work backward from a monthly budget to an estimated home price.
Monthly payment
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- Loan amount
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- Total interest
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- Lifetime cash out
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Study path
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What this mortgage calculator can solve
| Mode | Use it when | Output |
|---|---|---|
| Monthly payment | You know the home price and loan terms | P&I, escrow, PMI, HOA, total interest, and first-month amortization |
| Home price from budget | You know your target monthly payment | Estimated home price and loan amount from your budget |
Mortgage payment formula
P is loan principal, r is monthly interest rate, and n is the number of monthly payments. Taxes, insurance, PMI, and HOA are added after the principal-and-interest payment.
What PITI means
PITI stands for principal, interest, taxes, and insurance. Many borrowers also pay PMI when the down payment is below 20%, plus HOA dues in some neighborhoods.
Worked examples
$400k home, 20% down, 30 years at 7%
Standard payment estimate
Monthly payment
$2,662.30
$2,800 monthly budget
Reverse-solve home price
Monthly payment
$2,800.00
$300k home, 10% down, 15 years at 6.5%
Includes PMI warning
Monthly payment
$3,009.49
Frequently asked questions
Does this include PMI?+
Yes, if the down payment is below 20% and you enter a PMI rate. PMI is estimated as an annual percent of the loan amount, divided by 12.
Why does affordability mode say tax and insurance are fixed?+
Because the calculator cannot know the exact property tax and insurance for a not-yet-chosen home. Enter realistic annual estimates for your market.
Does this include closing costs?+
No. Closing costs are separate cash expenses or can sometimes be rolled into the loan. Add them separately when planning your cash to close.
How much does a 15-year loan save?+
A 15-year mortgage usually has a higher monthly payment but much lower lifetime interest because the balance is paid down faster.
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Last updated: May 8, 2026