Rent vs Buy Calculator
Compare estimated renting and buying cash costs using home price, financing, ownership expenses, and rent growth.
Open toolMortgage Payment Calculator
Estimate monthly housing cost from mortgage principal and interest, property tax, home insurance, and HOA fees. Enter your own financing assumptions.
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How Mortgage Payment Calculator works
Mortgage principal and interest are combined with selected monthly housing costs.
The loan amount is home price minus down payment. A fixed-rate amortizing payment is calculated over the term, then annual property tax and insurance divided by twelve and monthly HOA fees are added.
Excludes mortgage insurance, closing costs, maintenance, and rate changes. Actual escrow and HOA arrangements vary.
Reference: CFPB: What makes up a mortgage payment?.
How to use Mortgage Payment Calculator
Keep annual tax and insurance amounts separate from the monthly HOA amount.
Configure financing and housing costs
Enter home price, down payment, annual rate, and loan term. Add annual property tax and insurance plus monthly HOA fees. Keep the yearly and monthly periods distinct; a down payment cannot exceed the entered home price.
Home price
Estimate a mortgage payment with tax and insurance
Select Calculate and read the estimated monthly housing cost. It combines principal and interest with the entered tax, insurance, and HOA amounts. This is broader than a loan-only payment but still excludes several ownership costs.
$1,277.78
Check each monthly component
Review Principal and interest, Property tax, Home insurance, HOA, and Loan amount. Annual tax and insurance are divided by twelve. Mortgage insurance, closing costs, and maintenance are not included, so keep those exclusions with any comparison you record.
Principal & interest
Ways to compare a mortgage payment model
Use hypothetical inputs with the same cost basis when comparing totals.
Compare down payment assumptions
Hold the price, rate, term and added costs fixed while changing the down payment. Review the displayed loan amount and principal and interest line together. This isolates the borrowing assumption without modelling the other uses of the down payment money.
Separate a loan quote from housing costs
Enter the tax and insurance estimates explicitly when comparing a principal and interest quote with a broader monthly housing figure. The combined result shows why these amounts differ. It does not establish what a lender will collect in escrow.
Check period inputs
Compare a run with annual tax and insurance entered against one with those fields at zero. The difference represents the monthly share of those annual costs. This makes a misplaced monthly amount easier to spot before using the total elsewhere.
Mortgage principal, interest, tax, insurance, and HOA
Keep the loan component separate from tax, insurance, and HOA costs.
Estimated monthly housing cost includes the calculated loan payment and the entered tax, insurance and HOA amounts. The loan amount is price less down payment. The result does not infer any of those added costs from the property price.
Mortgage insurance, closing costs and maintenance are excluded. The main total therefore covers only the components represented in the form. A real housing budget or lender payment can contain further charges and different arrangements.
Check periods and excluded charges
Check input periods and review the ownership costs left outside the total.
Entering monthly tax in the annual field divides it by twelve again. Entering annual HOA in the monthly field repeats it each month. Recheck the printed periods whenever an estimate differs substantially from a quote.
The model assumes a fixed rate and equal monthly loan payments. It does not describe an adjustable rate schedule or payment changes over time. Compare the terms and charge basis of a real offer before treating a difference as an error.
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Open toolUse Mortgage Payment Calculator
Estimate monthly housing cost from mortgage principal and interest, property tax, home insurance, and HOA fees.
Mortgage Payment Calculator: common questions
Answers about using Mortgage Payment Calculator and understanding its results.
Why is the total higher than principal and interest?
Property tax, homeowners insurance, and any HOA fee add to the monthly housing cost.
Does this include mortgage insurance?
No. If required by your lender, add the quoted amount separately.
Can down payment exceed the home price?
No. The page asks you to correct those inputs before producing a result.
Are maintenance and closing costs included?
No. The estimate excludes maintenance, closing costs, mortgage insurance, and rate changes. Review those costs separately.