How to use this mortgage calculator
- Enter the home price and down payment. The down payment percentage appears under the field.
- Add your rate and term. Use a lender's quote if you have one. Rates change daily, so treat any estimate as a starting point.
- Fill in taxes and insurance. These can add hundreds of dollars a month, and lenders usually collect them with your payment through an escrow account.
- Check PMI and HOA. PMI applies when you put less than 20% down on a conventional loan. HOA dues are common for condos and planned communities.
How your payment is split over time
Early in a mortgage, most of each payment goes to interest. As the balance falls, more goes to principal. Open the amortization schedule above to see exactly how much of each year's payments builds equity. Paying a little extra toward principal early on can cut years off the loan and save a large amount of interest.
Ways to lower your monthly payment
- Put 20% down to avoid PMI on a conventional loan.
- Improve your credit score before applying; it has a big effect on your rate.
- Shop lenders: compare loan estimates from several lenders on the same day.
- Shop insurance: quotes for the same home can vary widely.
Frequently asked questions
What is included in a monthly mortgage payment?
Usually four parts, often called PITI: principal, interest, property taxes, and homeowners insurance. If you put less than 20% down on a conventional loan you will typically also pay private mortgage insurance (PMI), and some homes have HOA dues paid separately.
How much should I put down on a house?
Putting 20% down avoids PMI on a conventional loan and lowers your payment, but many buyers put down less. Some loan programs allow as little as 3% to 3.5% down. Try different down payments above to see how the payment and PMI change.
When does PMI go away?
On a conventional loan you can usually ask to cancel PMI once your balance reaches 80% of the home's original value, and it ends automatically at 78%. This calculator shows when you would reach 80% by making regular payments. FHA loans have different mortgage insurance rules.
Is a 15-year or 30-year mortgage better?
A 15-year loan has a higher payment but usually a lower rate and far less total interest. A 30-year loan keeps the payment lower and more flexible. Compare the total interest for both terms above.
How do I estimate property tax and insurance?
Property tax rates vary widely by county; the listing or the county assessor's website usually shows the current annual tax. For insurance, get a quote from an insurer, since cost depends on the home, location, and coverage.
Last reviewed November 8, 2026. Estimates only; your lender's figures may differ.