Mortgage Calculator

Monthly payment (principal + interest):

With property tax, insurance, and HOA:

Calculate the monthly payment for a $300,000 mortgage at 4$3,000 annual tax, $1,200 annual insurance, and$100 monthly HOA:

1. Principal + interest: $1,432.25
2. Tax: $3,000 ÷ 12 =$250
3. Insurance: $1,200 ÷ 12 =$100
4. HOA: $100
5. Total: $1,882.25

1. Enter the home price
2. Enter the down payment
3. Enter the annual interest rate
4. Enter the loan term
5. Enter annual property tax and insurance (optional)
6. Enter monthly HOA (optional)
7. Click "Calculate"

• Principal: Reduces the loan balance
• Interest: Cost of borrowing
• Property tax: Paid to local government
• Home insurance: Protects against damage
• PMI: Private mortgage insurance (if down payment < 20%)

Most lenders use a 28% front-end ratio (housing expenses ÷ income).

• Home buying budget planning
• Refinance analysis
• Rental property evaluation
• Mortgage comparison
• Early payoff planning

What is PMI? Private Mortgage Insurance, required when down payment is less than 20%.

How do I remove PMI? Once equity reaches 20%, request removal. Automatic cancellation at 22% equity.

Can I afford this mortgage? Use the 28/36 rule: housing costs ≤ 28% of income, total debt ≤ 36%.

What about adjustable-rate mortgages? This calculator is for fixed-rate mortgages. ARM payments can change after the initial fixed period.

How does the loan term affect total cost? Shorter terms have higher monthly payments but much less total interest.