Mortgage Payment Calculator
Estimate your total monthly housing payment — principal, interest, taxes, insurance, HOA dues, and PMI — in seconds.
Calculate My Payment →Estimate Your Monthly Payment
Results update as you change any input.
Estimates are for educational purposes only · Actual payment varies by lender
What's Included in a Mortgage Payment?
Most homeowners think of their mortgage payment as just principal and interest — but the payment your lender actually collects each month usually bundles in several other costs, often summarized as PITI (Principal, Interest, Taxes, Insurance):
- Principal & Interest — pays down the loan and covers the lender's interest charge.
- Property Taxes — usually collected monthly and held in escrow to pay your annual tax bill.
- Homeowners Insurance — required by nearly every lender, also typically escrowed.
- HOA Dues — only applies if the property belongs to a homeowners association; usually paid separately, not escrowed by the lender.
- PMI — private mortgage insurance, typically required on conventional loans with less than 20% down, protecting the lender (not you) if you default.
This calculator does not include one-time closing costs, ongoing maintenance, utilities, or other homeownership expenses — only the recurring monthly payment.
The Formula This Calculator Uses
Principal & Interest is calculated with the standard mortgage amortization formula:
Where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (years × 12). Property taxes, insurance, HOA and PMI are then added on top of that P&I figure.
$450,000 home, 20% down ($90,000), 6.5% rate, 30-year term:
Loan amount = $450,000 − $90,000 = $360,000
Monthly rate r = 6.5% ÷ 12 = 0.5417%, n = 360 payments
P&I ≈ $2,275/mo — plus taxes, insurance and any HOA/PMI for the full payment.
Frequently Asked Questions
What is included in this mortgage payment estimate?
This calculator estimates principal & interest (P&I), property taxes, homeowners insurance, HOA dues (if any), and private mortgage insurance (PMI) if your down payment is below 20%. It does not include utilities, maintenance, or other homeownership costs.
Why is my payment higher than just principal and interest?
Most lenders collect property taxes and homeowners insurance monthly through an escrow account, and PMI is required on most conventional loans with less than 20% down. Together with HOA dues, these can add hundreds of dollars to your monthly payment beyond P&I alone.
When does PMI go away?
On most conventional loans, PMI can typically be removed once your loan balance reaches 80% of the home's original value, and lenders are generally required to automatically cancel it at 78%. Rules vary by loan type and lender — ask your lender directly about your specific PMI removal terms.
How accurate is this estimate?
This is an educational estimate based on the numbers you enter. Actual property tax rates, insurance premiums, PMI rates, and lender fees vary by location, lender, and borrower. Always verify final numbers with your lender's official Loan Estimate.
Should I put 20% down to avoid PMI?
It depends on your financial situation. Putting 20% down avoids PMI, but it also means a larger upfront cash requirement. Some buyers prefer a smaller down payment and accept PMI to preserve cash reserves. There is no universally correct answer — it depends on your goals and finances.
Does this calculator include closing costs?
No — this calculator estimates your recurring monthly payment. Closing costs are a separate, one-time expense due at settlement. Use a dedicated closing cost calculator to estimate cash needed at closing.
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Educational Use Only: Reaixo is not a lender, mortgage broker, financial advisor, or loan originator. Calculations are estimates for informational and educational purposes only and may not include every cost associated with a mortgage. Rates, APRs, fees, taxes, insurance, mortgage insurance, eligibility, and loan terms vary by borrower, property, lender, loan program, and market conditions. Verify all figures and loan terms with a qualified lender and review your official Loan Estimate before making a financial decision.