Payments & Costs
Mortgage Payment Calculator
Estimated monthly payment
Ready to turn these numbers into a real loan?
Get my personalized quoteAbout the mortgage payment calculator
A mortgage payment calculator shows the true monthly cost of owning a home, not just the principal and interest most quotes advertise. Enter your home price, down payment, interest rate and loan term, and you'll see the full PITI payment — principal, interest, taxes and insurance — plus PMI and HOA dues where they apply. It's the number that actually hits your bank account each month.
This tool is built for first-time buyers comparing budgets and for anyone weighing a specific listing against their income. Lenders qualify you on total PITI, so knowing it before you shop keeps you from falling in love with a house you can't comfortably afford. A larger down payment lowers both your loan amount and your private mortgage insurance (PMI), which kicks in below 20% down and typically runs about 0.46% to 1.50% of the loan amount per year until you reach roughly 20% equity.
Use the result to set a realistic price ceiling, then stress-test it: nudge the rate up half a point to see how sensitive your payment is, and confirm the total still fits within roughly 28% of your gross monthly income. As of 2026, the baseline conforming loan limit for a one-unit home is $832,750 (up to $1,249,125 in high-cost areas); borrowing above your local limit pushes you into a jumbo loan with different pricing. When the numbers work, request a personalized quote to lock a real rate.
Frequently asked questions
- What does a mortgage payment calculator include?
- A complete mortgage payment calculator includes principal, interest, property taxes and homeowners insurance — together called PITI. It also adds private mortgage insurance (PMI) when your down payment is under 20%, and HOA dues if your property has them.
- How much should my mortgage payment be?
- A common guideline is that your total housing payment stay at or below 28% of your gross monthly income, and that all debts stay under 36%. These are starting points — your comfortable number depends on savings, other debts and lifestyle.
- Why is my estimated payment higher than the rate quote?
- Most advertised quotes show only principal and interest. Taxes and insurance are escrowed monthly and can add hundreds of dollars, and PMI — typically about 0.46% to 1.50% of the loan amount a year — applies below 20% down. A full payment calculator surfaces all of these so there are no surprises.
- Can I lower my monthly mortgage payment?
- Yes — a larger down payment, a longer term, a lower interest rate, or shopping homeowners insurance all reduce the monthly figure. Reaching 20% equity also lets you drop PMI. Refinancing later can lower the payment if rates fall.
Related calculators
Monthly Mortgage Calculator
See exactly what your home loan costs each month, with every line item that lenders factor into your budget.
Mortgage Affordability Calculator
Find out how much house you can afford based on your income, debts and down payment.
Closing Cost Calculator
Estimate the lender fees, title charges and prepaids that make up your total cash to close.